securities-law

49 cases — ← All topics

Case Title Lower Court Docketed Status Flags Tags Question Presented
25-6287 Marcus Brent Fields v. Pfizer Inc., et al. Second Circuit 2025-12-04 Pending IFP corporate-ethics drug-development federal-violations pharmaceutical-liability regulatory-compliance securities-law a) Pfizer Defendands Knew there Courd ~ TO yotene Lot RA boy , Could ~ Cause more Sever and or Heard damage body orguns damage eS pecially Ceeapmet Am…
25-531 Xeriant, Inc. v. Auctus Fund, LLC Second Circuit 2025-10-31 Dismissed contract-rescission exempt-transaction private-right-of-action securities-exchange-act securities-law unregistered-dealer (a) Where a party has attained "unregistered dealer" status at the time of the contract, may that party enter a contract effecting the purchase of a c…
25-465 Timothy Barton v. Securities and Exchange Commission Fifth Circuit 2025-10-16 Pending Amici (10)Response RequestedResponse Waived asset-seizure constitutional-limits due-process equitable-relief fifth-circuit securities-law The United States Government brought parallel crim-inal and civil enforcement actions against Petitioner Tim-othy Barton, alleging violations of the s…
25-433 AST & Science LLC v. Delclaux Partners SA Eleventh Circuit 2025-10-09 Denied Response Waived exchange-act federal-jurisdiction grable-standard jurisdictional-test merrill-lynch-precedent securities-law Whether the Supreme Court's decision in Manning should be revisited to determine if the "arising under" jurisdictional test should continue to be used…
25A265 Timothy Barton v. Securities and Exchange Commission Fifth Circuit 2025-09-05 Presumed Complete asset-seizure due-process equitable-relief preliminary-injunction receivership securities-law Question not identified.
24-949 Navellier & Associates, Inc., et al. v. Securities and Exchange Commission First Circuit 2025-03-05 Denied anti-fraud-provisions disgorgement investor-protection materiality-standard sec-enforcement securities-law 1. Whether the Securities and Exchange Commission ("SEC") can seek, and the courts are authorized, under 15 U.S.C. §78u(d)(5) or §78u(d)(7) or Liu v.…
24A759 Roman Storm v. United States District Court for the Southern District of New York Second Circuit 2025-02-05 Presumed Complete blockchain criminal-charges cryptocurrency digital-assets financial-regulation securities-law Question not identified.
24A701 Karl Hansen v. Elon Musk, et al. Ninth Circuit 2025-01-16 Presumed Complete arbitration dean-witter-reynolds issue-preclusion protected-activity sarbanes-oxley securities-law Question not identified.
24A622 Navellier & Associates, Inc., et al. v. Securities and Exchange Commission First Circuit 2024-12-23 Presumed Complete circuit-split disgorgement equitable-remedy investor-protection sec-enforcement securities-law Question not identified.
24-336 Binance, et al. v. JD Anderson, et al. Second Circuit 2024-09-25 Denied Amici (1) comity-concerns extraterritoriality international-transactions judicial-test presumption-against-extraterritoriality securities-law In Morrison v. National Australia Bank Ltd., 561 U.S. 247, 267 (2010), this Court rejected the Second Circuit's multifactor "conduct and effects" test…
24-224 Plumbers Local 290 Pension Trust Fund v. Root, Inc., et al. Sixth Circuit 2024-08-29 Dismissed Relisted (2) circuit-split disclosure-standards materiality risk-factors sec-filing securities-law This petition presents a question nearly identical to that already before the Court in Facebook, Inc. v. Amalgamated Bank, No. 23-980. The circuits ha…
24-52 Gunes Biray v. Securities and Exchange Commission District of Columbia 2024-07-17 Denied Response Waived administrative-law administrative-procedure agency-deference agency-discretion appellate-review arbitrary-and-capricious due-process sec-enforcement securities-law securities-regulation whistleblower-protection Does the United States Securities and Exchange Commission (SEC) possess absolute immunity from appellate scrutiny when it arbitrarily or capriciously …
23-1175 Malcolm H. Sage, Individually and in His Capacity as Partner or Joint Venturer of Sage Associates and Sage Realty v. Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC Second Circuit 2024-05-01 Denied Response Waived article-iii article-iii-court-power brokerage-account clawback-funds customer-net-equity madoff-fraud net-equity net-investment-method securities-law sipa sipc-trustee statutory-interpretation 1. Does an Article III Court have the power to reject the statutory definition of "net equity" as set forth in 15 U.S.C. Section 78aaa et seq. by empl…
23-670 Marc S. Kirschner, Solely in His Capacity as Trustee of the Millennium Lender Claim Trust v. JPMorgan Chase Bank, N.A., et al. Second Circuit 2023-12-21 Denied Amici (2)Response Waived financial-regulation investment-instrument junk-bonds reves-standard reves-v-ernst-young secondary-markets securities-law statutory-interpretation syndicated-loans 1. Whether notes issued as part of a syndicated loan are "securities" under the securities laws. 2. Whether the Court should revisit the Reves standa…
23A431 Marc S. Kirschner, Solely in His Capacity as Trustee of the Millennium Lender Claim Trust v. JP Morgan Chase Bank, N.A., et al. Second Circuit 2023-11-14 Presumed Complete family-resemblance investment-vehicle secondary-market securities-definition securities-law syndicated-loans 1. This case presents the important question whether syndicated loans are "securities" within the meaning of the securities laws, and what legal stand…
23-225 Keith M. Krupka, et al. v. Stifel Nicolaus & Co., Inc. Eighth Circuit 2023-09-11 Denied civil-procedure class-action class-action-fairness-act federal-jurisdiction negligence securities securities-exception securities-law statutory-construction underwriter underwriter-liability Whether a state law negligence claim based solely on an underwriter's acts and omissions with respect to a securities offering document "relates to th…
23-98 Gregory Lemelson, aka Father Emmanuel Lemelson, et al. v. Securities and Exchange Commission First Circuit 2023-08-02 Denied first-amendment fraud free-speech market-speech material-misstatement rule-10b-5 sec-rule-10b-5 securities-exchange-act securities-exchange-act-of-1934 securities-law securities-regulation Section 10(b) of the Securities Exchange Act of 1934 prohibits any "manipulative or deceptive device or contrivance," as defined by Securities and Exc…
22-1241 Jocelyn M. Murphy, et al. v. Securities and Exchange Commission Ninth Circuit 2023-06-27 Denied Amici (2) broker-registration due-process eighth-amendment fair-notice securities-exchange-act-1934 securities-law securities-laws securities-violations seventh-amendment statutory-penalty statutory-penalty-caps The Securities Exchange Act of 1934 empowers Respondent Securities and Exchange Commission ("SEC") to seek, and district courts to impose, putatively …
22-1073 Team Resources Incorporated, et al. v. Securities and Exchange Commission Fifth Circuit 2023-05-04 Denied Response Waived civil-penalty disgorgement due-process eighth-amendment evidentiary-hearing federal-court securities-and-exchange-commission securities-law Whether a federal court may grant a disgorgement request from the Securities and Exchange Commission without granting a defendant's request for a live…
22-991 George R. Jarkesy, Jr., et al. v. Securities and Exchange Commission Fifth Circuit 2023-04-12 Denied Relisted (2) administrative-law agency-adjudication circuit-court-jurisdiction due-process judicial-review jurisdiction securities-law securities-regulation statutory-interpretation Whether, under special review statute 15 U.S.C. § 78y, circuit courts on a petition for review of a Securities and Exchange Commission final order res…
22-924 John M. Fife v. Financial Industry Regulatory Authority, Inc. Second Circuit 2023-03-22 Denied Response Waived administrative-law declaratory-judgment due-process exchange-act federal-jurisdiction finra-discipline securities-exchange-act securities-law standing subject-matter-jurisdiction Whether Congress impliedly stripped federal district courts of their "exclusive jurisdiction" to determine whether FINRA violates the Exchange Act whe…
22-368 Victor Hong v. Securities and Exchange Commission, et al. Second Circuit 2022-10-19 Denied Response Waived dodd-frank dodd-frank-act enforcement-action exchange-act monetary-sanctions sec securities-exchange-act securities-law securities-law-violation whistleblower whistleblower-incentive What is an "action" within the Exchange Act's securities whistleblower incentive program, 15 U.S.C. §78u-6(a)(1)?
21-642 Jehu Hand v. United States First Circuit 2021-11-02 Denied Response Waived criminal-liability disclosure-requirements hype regulatory-interpretation resale-of-shares rule-10b-5 securities-exchange-act securities-law stock-fraud stock-price-crash total-mix-of-information Can criminal liability under Securities Exchange Act Rule 10b-5 lie when the "total mix" of information includes a warning that the public disclosure …
20-1652 Meghan Belaski, et al. v. Securities and Exchange Commission District of Columbia 2021-05-26 Denied Response Waived confidential-information double-jeopardy fifth-amendment intellectual-property related-action securities-exchange-commission securities-law takings-clause whistleblower whistleblower-award Do the statutory rules of the Securities and Exchange Commission, in order to qualify for whistleblower award, violate the Double Jeopardy Clause in t…
20-866 Francesca Allen, et al. v. Wells Fargo & Company, et al. Eighth Circuit 2020-12-30 Denied Relisted (4) duty-of-loyalty duty-of-prudence employee-stock-ownership-plan erisa fiduciary-duty fifth-third-v-dudenhoeffer insider-trading prudence-standard securities-law securities-laws stock-ownership 1. Whether, under Dudenhoeffer, ESOP fiduciaries are effectively immune from duty-of-prudence liability for the failure to publicly disclose inside in…
20-868 Foxfield Villa Associates, LLC, et al. v. Paul Robben, et al. Tenth Circuit 2020-12-30 Denied Response Waived circuit-split general-partnership howey-test investment-contract investment-contracts limited-liability-company limited-partnership promoter-control securities-law Paul Robben fraudulently induced Rich Bartlett and his wife Dena along with Ernie Straub ("Straub") to invest in Robben's real estate venture called F…
20-404 In Re John Masiz 2020-09-28 Denied 5th-amendment article-ii article-iii civil-rights consent-decree due-process fifth-amendment securities-law sua-sponte This matter concerns the constitutional limits on the authority of the federal court to exercise, sua sponte, in the absence of a case or controversy …
20-306 Robert Olan and Theodore Huber v. United States Second Circuit 2020-09-09 GVR Amici (2) conversion criminal-procedure dirks-v-sec fraud fraud-statute government-regulation insider-trading personal-benefit property-rights securities-law 1. Whether information about a proposed government regulation is "property" or a "thing of value" belonging to a federal, state, or local regulator su…
20-289 Retirement Plans Committee of IBM, et al. v. Larry W. Jander, et al. Second Circuit 2020-09-04 Denied corporate-disclosure disclosure employee-stock-ownership-plan erisa fiduciary-duty fraud fraud-disclosure insider-information securities-law 1. Whether Dudenhoeffer's "more harm than good" standard can be satisfied by generalized allegations that the harm of an inevitable disclosure of an a…
20-5141 Daniel Harold Williford v. United States Fourth Circuit 2020-07-22 Denied Response WaivedIFP equitable-tolling family-resemblance-test federal-securities fraud iou-agreement private-transaction private-transactions securities-law state-statutes The Securities Act of 1934, 15 U.S.C. § 78, et seq., provides a broad but not all-inclusive definition of "security". This Court has previously recogn…
19-1096 Multiventas y Servicios, Inc., et al. v. Oriental Bank Puerto Rico 2020-03-06 Denied credit-default-swap due-process foreclosure foreclosure-standing jurisdiction mortgage-securitization note-ownership promissory-note securities-law securitization standing standing-to-sue ucc-section-3 ucc-section-8 uniform-commercial-code 1. In an action for collection of monies and foreclosure where the plaintiff is neither owner, nor holder, nor possessor of the promissory note, if th…
19-7714 Angelique de Maison v. Securities and Exchange Commission Second Circuit 2020-02-20 GVR Relisted (3)IFP disgorgement enforcement-action equitable-relief liu-v-sec penalty securities-law standing supreme-court Whether, as this Court will be deciding in the petition now before the Court in Liu v. Securities & Exchange Commission, 754 F. App'x 505 (9th Cir. 20…
19-978 Team Resources Incorporated, et al. v. Securities and Exchange Commission Fifth Circuit 2020-02-04 GVR Relisted (3) disgorgement equitable-remedy federal-court penalty penalty-analysis sec sec-enforcement securities-law securities-violations Whether the Securities and Exchange Commission may obtain disgorgement from a federal court as an equitable remedy for securities violations despite t…
19-909 Dennis J. Malouf v. Securities and Exchange Commission Tenth Circuit 2020-01-22 Denied Response Waived administrative-exhaustion appointments-clause claim-processing-rule equitable-exceptions investment-advisers-act jurisdictional-condition securities-exchange-act securities-law Numerous federal statutes require administrative exhaustion to preserve an issue for review by an Article III court. The Securities Exchange Act ("SEA…
19-878 Guy Gentile v. Securities and Exchange Commission Third Circuit 2020-01-15 Denied administrative-enforcement administrative-law circuit-split civil-penalties civil-procedure injunctions injunctive-relief penalty-bar securities-law statute-of-limitations Does the five-year statute of limitations in 28 U.S.C. § 2462 apply to "obey the law" injunctions and penny stock industry bars pursuant to 15 U.S.C. …
19-595 Eric O'Day, et al., Individually and on Behalf of the SunEdison, Inc. Retirement Savings Plan v. Ahmad Chatila, et al. Second Circuit 2019-11-06 Denied Relisted (2) asset-management context-sensitive-scrutiny erisa erisa-fiduciary-duty fiduciary-duty heightened-pleading-standard inside-information pleading-requirements prudence prudence-standard publicly-traded publicly-traded-assets securities-law Whether Dudenhoeffer's "context-sensitive scrutiny of a complaint's allegations" can be met where a court presumes an asset must be prudent if it is p…
19-408 Garey R. Nehrke v. Wells Fargo Bank, N.A. Florida 2019-09-26 Denied Response Waived constitutional-rights federal-jurisdiction federal-jurisdiction-banking foreclosure-fraud gse-state-actors gses mortgage-securitization national-bank-act national-banks securities-law state-actors state-preemption takings-clause whistleblower-retaliation 1. Whether Wells Fargo and others under National Bank Act, 12 U.S.C. 1 et seq. exclusive federal regulation and pre-emption, along with restrictions o…
19-244 Isaacson/Weaver Family Trust v. Fresno County Employees' Retirement Association, et al. Second Circuit 2019-08-23 Denied Response Waived attorney-fees civil-procedure class-action common-fund common-fund-settlement fee-shifting lodestar lodestar-method securities securities-law 1. Do this Court's decisions defining "a reasonable attorney's fee" in fee-shifting cases also constrain a district court's discretion in awarding "re…
19-5397 Charles Donelson v. Q. Tanner, et al. Seventh Circuit 2019-07-30 Denied IFP audit-standard circuit-split civil-rights class-action criminal-procedure discovery due-process evidence fraud fraud-on-the-market free-speech securities-law standing supreme-court-precedent takings Whether The Seventh circuit prisoner lawsuit forms for District court create a fraudulent Execution or Information Whether the seventh circuit applic…
19-5113 Sameer P. Sethi v. Securities and Exchange Commission Fifth Circuit 2019-07-09 Denied Response WaivedIFP 7th-amendment civil-procedure civil-rights corporate-liability due-process fraud investor-protection sec-regulation securities securities-law standing summary-judgment Did the District Court err in concluding on the record —and did the Appellate Court err in affirming —that the Defendant and his company lacked a busi…
18-1566 Charles D. Scoville v. Securities and Exchange Commission Tenth Circuit 2019-06-21 Denied Amici (1) civil-procedure criminal-prosecution dodd-frank-act due-process extraterritorial-jurisdiction extraterritorial-reach extraterritoriality federal-jurisdiction sec-enforcement securities-exchange-act securities-exchange-act-of-1934 securities-law securities-regulation statutory-interpretation subject-matter-jurisdiction Whether Section 929P(b)'s jurisdictional amendments conferred substantive extraterritorial reach upon Sections 10(b) and 17(a) in SEC enforcement acti…
18-1501 Charles C. Liu, et al. v. Securities and Exchange Commission Ninth Circuit 2019-06-03 Judgment Issued Amici (19)Response RequestedResponse WaivedRelisted (4) agency-enforcement disgorgement equitable-relief judicial-review kokesh-v-sec lower-court-precedent penalty sec-enforcement securities-law statutory-interpretation Whether the Securities and Exchange Commission may seek and obtain disgorgement from a court as "equitable relief" for a securities law violation even…
18-1392 John M. Barone v. Wells Fargo Bank, N.A. Eleventh Circuit 2019-05-06 Denied Response Waived civil-rights constitutional-property-rights constitutional-rights due-process fannie-mae federal-jurisdiction foreclosure foreclosure-fraud nemo-dat-quod-non-habet pro-se-litigation securities securities-law standing state-actor takings takings-clause Whether U.S. Government's unconstitutional involvement in millions of foreclosures through FHFA and de facto and entwined State-actor Fannie Mae subje…
18-1050 Michael H. Wu, et ux. v. Prudential Financial, Inc., et al. Seventh Circuit 2019-02-11 Denied Response WaivedRelisted (2) fraud investment-company investment-company-act-1940 investment-company-act-of-1940 material-misstatement registration-requirement rule-10b-5 sales-literature securities-act-1933 securities-act-of-1933 securities-exchange-act-1934 securities-exchange-act-of-1934 securities-law securities-registration unit-investment-trust (i) Whether the Variable Separate Account(s) of Pruco Life Insurance Company is registered with the Commission under the 1940 Act as a unit investment…
18-1010 Joseph P. Hagan, et al. v. Karim Khoja Ninth Circuit 2019-02-04 Denied Relisted (2) circuit-split corporate-disclosure corporate-issuer disclosure duty-to-update historical-fact material-misstatement materiality reliance rule-10b-5 sec-rule-10b-5 securities-law The U.S. Courts of Appeals are currently split on whether the federal securities laws impose a duty on corporate issuers to update a statement that wa…
18-972 Mathew Martoma v. United States Second Circuit 2019-01-28 Denied Amici (2) corporate-disclosure dirks-v-sec fiduciary-duty insider-trading personal-benefit securities-law securities-regulation tippee tippee-liability tipper Whether, in an insider trading prosecution, the government must demonstrate that the tipper received a personal benefit in exchange for providing insi…
18-7154 John Visconti v. United States Ninth Circuit 2018-12-20 Denied Response WaivedIFP boulware-precedent boulware-v-united-states corporate-fraud corporate-governance corporate-stock criminal-law criminal-procedure distribution-interpretation legal-classification return-of-capital securities-law shareholder-rights statutory-interpretation stock-distribution tax-evasion unlawful-diversion Whether an unlawful diversion may be deemed a "distribution . . . with respect to [a corporation's] stock," the question expressly left open in Boulwa…
18-459 Emulex Corporation, et al. v. Gary Varjabedian, et al. Ninth Circuit 2018-10-11 Judgment Issued Amici (11) circuit-split misstatement-omission negligent-misstatement ninth-circuit private-right-of-action section-14(e) securities-exchange-act securities-exchange-act-1934 securities-law tender-offer Whether the Ninth Circuit correctly held, in express disagreement with five other courts of appeals, that Section 14(e) of the Securities Exchange Act…
18-65 David Aronstein, et al. v. Thompson Creek Metals Company, Inc., et al. Tenth Circuit 2018-07-12 Denied Response Waived administrative-law civil-procedure corporate-misrepresentation disclosure disclosure-requirements due-process investor-communications material-omission materiality sec sec-disclosure securities-law securities-regulation securities-regulation-sec united-states-v-ohagan The United States Securities and Exchange Commission ("SEC"), through its regulatory releases under Item 303, has defined the circumstances under whic…