Lorenzo v. Securities and Exchange Commission, 587 U.S. —, 2019 WL 1369839 (Mar. 27, 2019)

In this case, we consider whether those who do not ‘make’ statements (as Janus defined ‘make’), but who disseminate false or misleading statements to potential investors with the intent to defraud, can be found to have violated the other parts of Rule 10b–5, subsections (a) and (c), as well as related provisions of the securities laws, §10(b) of the Securities Exchange Act of 1934, 48Stat. 891, as amended, 15 U.S.C. §78j(b), and §17(a)(1) of the Securities Act of 1933, 48Stat. 84–85, as amended, 15 U.S.C. §77q(a)(1). We believe that they can.

  • Kavanaugh裁判官は、下級審の判決に参加しているため不参加。6対2で、原審を維持。

via Lyle Roberts, Kevin M. LaCroix, Sheppard Mullin, SCOTUSblog, Oyez, Fried Frank, Reuters, Cleary Gottlieb, Ropes & Gray, WSJ, Skadden, Willkie Farr & Gallagher, S&C, GD&C



 原告がJackson County Employees’ Retirement Systemで、原告の代理人がRobbins Geller Rudman & Dowd LLPなので、真面目に対応しないといけない事案であるといえるでしょう。


  • 日産自動車株式会社
  • カルロス・ゴーン氏
  • グレッグ・ケリー氏
  • 西川廣人氏
  • 軽部博氏
  • ジョセフ・ピーター氏





 initial case management conferenceは、現状、2019年2月11日に設定されている模様。

via Kevin LaCroix, Justia, Robbins Geller Rudman & Dowd LLP

Leidos, Inc. v. Indiana Public Retirement System

Kevin LaCroix:

The U.S. Supreme Court has agreed to take up a case that will address a recurring issue that has arisen in the securities class action litigation arena – that is, whether or not the alleged failure to make a disclosure required by Item 303 of Reg. S-K is an actionable omission under Section 10(b) and Rule 10b-5.

Thomas O. Gorman:

The Supreme Court agreed to hear another securities case this week. Leidos, Inc. v. Indiana Public Retirement System, No. 16-581. … Leido , a securities class action based on Exchange Act Section 10(b) and Rule 10b-5 thereunder, presents the following question, according to the Petition for a Writ of Certiorari: “Whether the Second Circuit erred in holding – in direct conflict with the decisions of the Third and Ninth Circuits – that Item 303 of SEC Regulation S-K creates a duty to disclose that is actionable under the Section 10(b) . . .” of the Exchange Act.

米国のインサイダー取引規則の理解—SAC Capital編

Billionaire Steven Cohen Stumble Over Insider Trading Rulesと題されたPBSのサイトです。最近話題になっているSAC CapitalのSteven Cohen氏の証言録取の映像です。この事件で問題となった合衆国取引所法規則10b–5について,Cohen氏の認識や理解を尋ねています。PBSは,今冬にヘッジファンドを題材にした番組を制作するようで,楽しみです。

Retirement Gambleと題された番組が2013年4月23日に放映されているようですので,こちらもどうぞ。

via PBS

市場が非効率的な場合の損害因果関係—Nuveen Mun. High Income Opportunity Fund v. City of Alameda, Cal., 730 F.3d 1111 (9th Cir. Sept. 19, 2013)



米国証券取引委員会の地方公共団体への法執行(1)—In the Matter of The City of Harrisburg, 2013 SEC LEXIS 1366 (2013)

In the Matter of The City of Harrisburgでは,地方公共団体である,Harrisburg市に対して,取引所法10条(b)項および規則10b-5違反に関する排除命令(cease-and-desist order)が出されました。


According to the SEC, investors have $3.7 trillion in the muni bond market and 74% of that money came from retail investors.


At the SEC’s recent Fixed Income Roundtable, I pointed out that the combination of rising interest rates and municipality credit risk—essentially, the risk of municipal defaults or even bankruptcies, which is a real issue in California and several other states—could create disastrous conditions in this massive, retail-dominated portion of the securities markets. The risk of defaults on what have long been considered “safe” fixed income investments, positioned at the heart of many seniors’ retirement portfolios, are, though hopefully remote, higher than ever. An even greater risk is that rising interest rates will depress municipal bond prices for investors who must sell their bonds before they have matured. And I believe the average retail investor’s understanding of these twin risks—the risk to what they probably regard as the safest portion of their investment portfolios ― is low. (footnote omitted)

via Sidley Austin, The Economist, Reuters, Reuters, MarketWatch, SEC, Bloomberg