September 5, 2013
Topical Highlights for Securities provides summaries of significant federal and state judicial decisions and legislative and administrative activities affecting Securities law. A Westlaw subscription is required to access the documents linked from this page.
Fraud: Application of securities fraud prohibitions to sale of securities not listed on American exchange was not plain error. U.S. v. Vilar 2013 WL 4608948 (C.A.2 (N.Y.)) Although the securities sold were not listed on an American exchange, the application of securities fraud prohibitions of Section 10(b) and Rule 10b–5 to the defendants did not affect their substantial rights. The jury would have found that the defendants engaged in fraud in connection with a domestic purchase or sale of securities since one set of investors entered into and renewed their agreement in Puerto Rico, and another investor executed the documents necessary to invest in her own New York apartment and handed those documents to a New York messenger.
Class Actions: Court approved proposed settlement of securities fraud class action against CitiGroup. In re Citigroup Inc. Securities Litigation 2013 WL 3942951 (S.D.N.Y.)