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Full-Text Articles in Litigation
The Cyan Decision And Its Impact On State-Level Securities Class Actions, B. John Torabi
The Cyan Decision And Its Impact On State-Level Securities Class Actions, B. John Torabi
Fordham Journal of Corporate & Financial Law
The Supreme Court’s decision in Cyan, Inc. v. Beaver County Employees Retirement Fund† preserved the Securities Act of 1933’s bar on removing securities class actions brought in state court to federal court. The unanimous ruling cut against a nearly quarter-century long trend of pushing securities class action litigation to the federal courts. Cyan was resolved purely through statutory interpretation, leaving many of the underlying policy questions to be resolved by state courts and in future rulings.
This Note examines the intention of the drafters of the Securities Act of 1933 in designing a disclosure-focused regulatory scheme with a private …
The Insider Trading Prohibition Act: A Small Step Towards A Codified Insider Trading Law, Kayla Quigley
The Insider Trading Prohibition Act: A Small Step Towards A Codified Insider Trading Law, Kayla Quigley
Fordham Journal of Corporate & Financial Law
Many have called for reform to insider trading law, as the current judge-made doctrine is ambiguous, complicated, and ultimately permissive of many instances of trading on nonpublic information. Indeed, Congress has attempted several times to pass a uniform insider trading statute. Most recently, in December 2019, the House of Representatives passed the Insider Trading Prohibition Act (“ITPA”). The legislation codifies many current principles of insider trading jurisprudence while also expanding potential insider trading liability. Moreover, it attempts to fix gaps in the law that various cases, such as United States v. Newman, have declined to address.
Among other flaws, …