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Faruqi Law Blog

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District Court Finds That Paid-Access Medical Journal Study Results Are Not Public Disclosure

August 24th, 2016

On June 1, 2016, Judge Lonny R. Suko of the United States District Court for the Eastern District of Washington sustained investors’ securities fraud claims against IsoRay, Inc. and certain of its officers, finding, inter alia, that the plaintiffs had sufficiently alleged that an IsoRay press release materially misrepresented the findings of a medical journal study (the “Study”)...

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SEC In-House Court Ruled Constitutional

August 23rd, 2016

Earlier this week, the U.S. Securities and Exchange Commission (“SEC”) scored a significant victory when a panel at the U.S. Court of Appeals Court for the D.C. Circuit (“D.C. Court of Appeals”) ruled that the appointment process of the SEC’s in-house judges is consistent with the U.S. Constitution.  The victory is especially significant in light of the dozens of similar cases...

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Big Win for Tax Whistleblowers

August 22nd, 2016

In a recent decision, the U.S. Tax Court ruled for the first time that whistleblowers are entitled to a portion of criminal fines and civil forfeitures in addition to a portion of the taxes collected by the Government.  The Court awarded $17.8 million to two whistleblowers who came forward with information that lead to a guilty plea and payment of over $74 million in tax restitution, criminal...

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LIBOR Antitrust Litigation: 2nd Circuit Answers One Question, but Poses Another

August 22nd, 2016

Until 2014, the British Bankers’ Association (the “BBA”) published the London InterBank Offered Rate (“LIBOR”).  The BBA’s LIBOR served as an interest rate benchmark for financial instruments and loan products around the world.  Under the BBA’s direction, a LIBOR quote was generated every business day using a two-step process.  First, BBA member banks submitted a daily quote...

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Financial Advisors Owe Fiduciary Duty to Retirement Savers Under New DOL Rule

August 22nd, 2016

The rule issued in early April 2016 by the U.S. Department of Labor (“DOL”) will require financial advisors and financial firms that handle retirement accounts to act in their clients’ best interests and to disclose conflicts of interest.  This is a higher bar than the current standard, which requires financial advisors to make investment recommendations that are suitable for the...

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