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Leidos And The Roberts Court's Improvident Securities Law Docket, Matthew C. Turk, Karen E. Woody
Leidos And The Roberts Court's Improvident Securities Law Docket, Matthew C. Turk, Karen E. Woody
Scholarly Articles
For its October 2017 term, the U.S. Supreme Court took up a noteworthy securities law case, Leidos, Inc. v. Indiana Public Retirement System. The legal question presented in Leidos was whether a failure to comply with a regulation issued by the Securities and Exchange Commission (SEC), Item 303 of Regulation S-K (Item 303), can be grounds for a securities fraud claim pursuant to Rule 10b-5 and the related Section 10(b) of the 1934 Securities Exchange Act. Leidos teed up a significant set of issues because Item 303 concerns one of the more controversial corporate disclosures mandated by the SEC—an …
Big Bank Boards: The Case For Heightened Administrative Enforcement, Heidi Mandanis Schooner
Big Bank Boards: The Case For Heightened Administrative Enforcement, Heidi Mandanis Schooner
Scholarly Articles
This article first considers the possible liability of the JP Morgan board in the London Whale matter. This discussion is not meant to assign liability in that case. Rather, the London Whale episode is considered as a springboard to a broader discussion of big bank officer and director liability. While it may be tempting to shrug off the regulatory implications of the London Whale episode because the losses did not threaten the solvency of JP Morgan, the significance of such management failures should not be ignored. Effective management of large banks is essential to financial stability. The type of poor …