Cozen O'Connor’s Post

Read the latest Milbank Insight discussing the New York Appellate Division, First Department’s recent decision, which holds for the first time that New York state courts hearing claims under the Securities Act of 1933 are required to stay discovery pending resolution of a motion to dismiss under the Private Securities Litigation Reform Act of 1995, lowering the risk of defendants in New York state securities fraud actions incurring burdensome discovery costs before motions to dismiss are resolved. While the First Department’s decision is binding on state trial courts in Bronx and New York counties and will likely be treated as persuasive authority by courts in the Second, Third, and Fourth Departments, the applicability of the PSLRA discovery stay to state court filings remains an open question in some other states.

Explainer-What is the US SEC's in-house court under Supreme Court review?   The U.S. Supreme Court is due to rule in coming days on whether to curtail the Securities and Exchange Commission's use of in-house judges to adjudicate enforcement actions, with potentially big implications for other agencies.   The court last year decided to take up the Biden administration's appeal of a lower court's ruling that deemed the SEC's in-house tribunal proceedings unconstitutional.   https://lnkd.in/e-QweZXP   #CroneLawGroup #InternationalLawFirm #SecuritiesLaw #CorporateFinance #LegalExpertise #CapitalMarkets #MergersAndAcquisitions The Crone Law Group, P.C.

Financial service providers should read our latest Maryland Legal Alert which includes an article by my colleague Abba David Poliakoff. #financialservices #legalalert

Here's our review of a significant U.S. Supreme Court decision, SEC v. Jarkesy, prohibiting the SEC's use of its in-house administrative proceedings for civil penalty cases. The Court says the Seventh Amendment requires these cases be decided by a jury in federal court. Combined with the Court's decision in another case the same day overturning 40-year old precedent that required federal courts to defer to the statutory interpretation of federal administrative agencies, it appears there has been a sea change in the reach and authority of federal administrative agencies in the U.S. #constitutionallaw #securitieslaw #administrativeprocedure

👀 "Looming circuit court rulings on the constitutionality of #FINRA and other Wall Street self-regulatory groups have attorneys and law professors concerned about a potential shock to the American #securities #trading system if the bodies that police the market are rendered powerless. The clashes over those self-regulatory organizations, some little known outside the financial industry, are playing out in the shadow of US Supreme Court cases over the power of government agencies. A ruling is expected soon in one of the agency cases, SEC v. Jarkesy, on the U.S. Securities and Exchange Commission's use of in-house judges, known as administrative law judges." - Bloomberg News #markets #compliance #sros https://lnkd.in/eimNa9M5

"Uncover the intricacies of Derivative Cases with the unparalleled legal expertise of Howard G. Smith. Our seasoned team meticulously navigates complexities, ensuring financial fairness and justice prevail. Elevate your understanding of legal intricacies with us. Discover more at 🔗 https://lnkd.in/ddyzF99z . . . ⚖️💼 #DerivativeCases #LegalExpertise #FinancialFairness #LegalInsights #JusticePrevails #LitigationMatters #LegalNavigators #LawFirmExcellence #EmpowerYourKnowledge"

🇺🇸 𝗡𝗲𝘄𝘀 𝘀𝘁𝗼𝗿𝘆: 𝗨𝗦 𝗦𝘂𝗽𝗿𝗲𝗺𝗲 𝗖𝗼𝘂𝗿𝘁 𝗹𝗶𝗺𝗶𝘁𝘀 𝗦𝗘𝗖 𝗲𝗻𝗳𝗼𝗿𝗰𝗲𝗺𝗲𝗻𝘁 𝗽𝗼𝘄𝗲𝗿 | 𝗔𝗿𝗴𝘂𝘀 𝗠𝗲𝗱𝗶𝗮 The US Supreme Court has thrown out the US Securities and Exchange Commission's (SEC) ability to use in-house proceedings to seek civil penalties for securities fraud, finding those cases must instead be brought before a jury trial in federal court. The Supreme Court, in a 6-3 ruling in the case SEC v Jarkesy, said continuing to adjudicate those cases internally would be a violation of the the Seventh Amendment of the US Constitution, which protects the right to a jury trial in some cases. The court's ruling marks a win for conservatives that have pushed to curtail the powers at the SEC and other federal agencies, which often rely on in-house administrative law judges (ALJs) to adjudicate enforcement cases that can be complicated and highly technical. By Chris Knight: https://okt.to/KzUHst #ArgusMedia #ArgusOil #OOTT

Hot off the press: DE Supreme Court issues long-awaited Match.com decision clarifying reach of MFW framework in controlling conflicted shareholder transactions. Check out our overview of the opinion linked here.

Recent Delaware Chancery decision provides helpful primer on the fiduciary duty of disclosure in the context of a proxy statement. I provide brief highlights at the below link.