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David Felderman

Expansion of additional avenue to prosecute Wall Street insider trading

Posted by David Felderman on 01/27/2020

A recent Second Circuit ruling provides additional ammunition to prosecutors in insider trading cases. In the decision in U.S. v. Blaszczak, a three-judge panel rejected the idea that thirty-five years of rulings in insider trading cases brought under section 10(b) of the Securities and Exchange Act should apply to cases brought under a newer ...

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Innessa M. Huot

House Votes to Lower Bar for Age Discrimination Suits

Posted by Innessa M. Huot on 01/23/2020

On January 15, 2020, The House of Representatives approved the Protecting Older Workers Against Discrimination Act ("POWADA"), by way of a 261-155 vote, lowering the bar for employees to allege age discrimination. As it stands, employees must demonstrate that age was the decisive factor that led to an adverse employment decision, or in other ...

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Christopher M. Lash

Commissioner Jackson to Leave the SEC

Posted by Christopher M. Lash on 01/22/2020

Commissioner Robert Jackson Jr. announced that he intends to resign from his Democratic seat at the SEC on February 14, 2020. Upon his departure, the agency will be composed of two Republican commissioners, one Democratic commissioner, and Independent Chairman Jay Clayton. The vacancy will persist until Jackson's replacement is nominated by ...

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Robert W. Killorin

In What Appears To Be A Nationwide Trend Of Attacking Class Certifications, Snapchat Seeks 9th Circuit Review

Posted by Robert W. Killorin on 01/17/2020

Last month, Snapchat ("Snap") petitioned the 9th Circuit to review U.S. District Judge Stephen Wilson's certification of a class of investors suing Snap over alleged misrepresentations and omissions from its 2017 IPO. Snap argued that, among other reasons, the U.S. Supreme Court's China Agritech v. Resh, 138 S.Ct. 1800 (2018) decision precluded ...

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Alex Hartzband

New York State Salary History Ban Takes Effect

Posted by Alex Hartzband on 01/15/2020

As of January 6, 2020, New York State's so-called "salary history ban" is now in effect. The new law, codified under New York Labor Law ("NYLL") § 194-A, prohibits all employers throughout the State of New York from: 1. Relying on an applicant's wage or salary to determine whether to offer employment or a particular salary (unless that information ...

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Alex B. Heller

CFPB Forms a Taskforce to Review Federal Consumer Financial Laws

Posted by Alex B. Heller on 01/15/2020

The Consumer Financial Protection Bureau (CFPB) formed a four-member taskforce to review U.S. consumer financial laws. The taskforce will examine the current legal and regulatory framework and provide its recommendations for ways to improve the federal consumer financial laws and regulations. The taskforce members are Dr. J. Howard Beales, ...

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Michael Van Gorder

House Passes Bill Prohibiting Insider Trading Before Reporting Major Corporate Events

Posted by Michael Van Gorder on 01/14/2020

On January 13, 2020, the United States House of Representatives approved the 8-K Trading Gap Act, H.R. 4335, 116th Cong. (2019-20), (the "Bill") by a vote of 384-7. The Bill is designed to close a "loophole" to the current laws that prohibit corporate insiders from trading company stock using material nonpublic information. More specifically, ...

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Maxwell Michael

SEC Proposes Amending the Definition of an "Accredited Investor"

Posted by Maxwell Michael on 01/13/2020

On December 18, 2019, the Securities and Exchange Commission ("SEC") proposed amendments to the definitions of an accredited investor under Rule 501(a) of Regulation D and of a qualified institutional buyer under Rule 144A(a)(1). An "accredited investor" is an investor who may deal in securities that are not registered with financial regulatory ...

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Cassandra Rohme

The MTA’s failure to make public transportation accessible to people with disabilities is not just a violation of the ADA, it is an ongoing cause of serious injury to disabled New Yorkers

Posted by Cassandra Rohme on 01/03/2020

As the late Mitch Hedberg, one of the greatest comedic minds of his generation once joked: "An escalator can never break: it can only become stairs. You should never see an 'Escalator Temporarily Out-Of-Order' sign, just: 'Escalator Temporarily Stairs. Sorry for the convenience.'" It is not difficult to imagine that Hedberg's joke might have ...

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