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The BD/IA Regulator Providing securities regulatory, enforcement and litigation trends for broker-dealers, investment advisers and investment funds

Tag Archives: litigation

SEC Chair Says Commission Is Prepared to Try More Cases on Heels of Change to Settlement Policy

Posted in Enforcement, SEC Enforcement

Last Thursday, SEC Chair Mary Jo White told a crowd of white collar lawyers and judges in Washington, D.C., that the Commission is prepared to try more cases in the wake of its recent policy change requiring certain respondents to admit wrongdoing as a condition of settling enforcement cases. This was another in a series… Read More

Federal Court Finds That Issuer Shares Purchased with Bitcoin Are Securities

Posted in SEC Enforcement

A federal district court has ruled that investors who pay for shares using Bitcoin have effectively invested money, at least for purposes of federal securities laws. The decision has implications for funds that seek to include Bitcoin among their investments or settle purchase orders for fund shares in Bitcoin. The court’s August 6, 2013 decision… Read More

Court of Appeals Upholds Dismissal of Case Alleging Disclosure Violations by Leveraged ETFs

Posted in Fund Regulation, Private Litigation

The U.S. Court of Appeals for the Second Circuit upheld the dismissal by a lower court of investors’ claims that certain ETF prospectuses failed to adequately disclose the risk of significant losses over an extended period of time. In a July 22, 2013 decision, the court dismissed claims against officers and directors of ProShares Trust… Read More