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Securities Law

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S.E.C. v. Tackaberry (W.D.N.Y.)

COMPLAINT – The S.E.C. claims that Tackaberry was under a 2007 S.E.C. order not to associate with any registered broker or dealer, but continued to act as an unregistered broker-dealer through 2009. Tackaberry discussed, negotiated and documented securities offerings with potential investors in violation of section 15(b) of the Exchange Act.

In re Manulife Fin. Corp. Sec. Litig. (S.D.N.Y.)

OPINION – Plaintiffs brought claims under Exchange Act section 10(b), but the alleged misleading statements conveyed only generalized confidence about the company’s long-term prospects. A Fitch ratings downgrade was not a corrective disclosure for purposes of loss causation, because it did not reveal the falsity of an alleged misstatement.

Belmont Holdings Corp. v. SunTrust Banks Inc. (N.D. Ga.)

OPINION – Plaintiffs’ claims, that an executive of SunTrust subjectively knew the risk involved with certain SunTrust securities was far greater than stated, survived a motion to dismiss. But on motion for reconsideration, the executive provided proof that he no longer worked for SunTrust at the time alleged. This was new evidence; reconsideration granted, claims dismissed.

COURT WIRE: JUST FILED

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Morgan Stanley REUTERS Shannon Stapleton

Morgan Stanley must pay Fidelity in recruiting flap - panel

9/24/2012

Fidelity had alleged that broker Brian Wilder took confidential customer information when he left the firm last year to join Morgan Stanley.

Galleon hedge fund founder Raj Rajaratnam (L) arrives with his lawyer John Dowd at Manhattan Federal Court in New York May 10, 2011 REUTERS Brendan McDermid

Rajaratnam's ex-friend avoids prison for insider trading proof

9/24/2012

Rajiv Goel is the third person who testified in the insider trading trial to be handed a sentence of probation.

Citigroup, file. REUTERS Mike Segar

Citi to pay penalty for position limits violation: CFTC

9/21/2012

The $525,000 penalty is just the second imposed by the commission for position-limit violations this year, and comes weeks before a new set of trading curbs kicks in.

FINRA Merrill RUTERS Andrew Winning

Merrill fined $500,000 for not filing reports

9/24/2012

FINRA had charged the Bank of America unit with failing to report about its brokers, including details of customer complaints.


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