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Faruqi Law Blog

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The Sec’s Proposed “Regulation Best Interest” Won’t Protect Investors Says Sec Commissioner

April 25th, 2018

On April 18, the Securities and Exchange Commission proposed a package of reforms intended to protect investors from broker-dealer conflicts of interest.  But the reforms won’t protect investors lamented SEC Commissioner Kara Stein at the SEC’s most recent open meeting: “one might say, the Emperor has no clothes.”  Among the reforms, proposed Regulation Best Interest disappointed her...

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California Class Action Arbitration Agreement Found Unconscionable

April 24th, 2018

California workers obtain a substantial victory as the California Second Appellate District found arbitration agreements, signed by over one hundred employees in the wake of a coworker initiating a wage-and-hour class action, to be procedurally and substantially unconscionable.  The Court held that “the language of the provision and the circumstances under which it was presented to putative...

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Drugmakers’ “Shenanigans” Stifle Generic Competition

April 16th, 2018

The Trump administration and Congress are focusing their attention on brand-name drugmakers that prevent generic competitors from accessing branded drug samples, thereby inhibiting bioequivalence testing that is needed to gain FDA approval of a generic drug. In November of last year, FDA Commissioner Scott Gottlieb criticized branded drug companies for these types of “shenanigans” aimed at...

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SCOTUS Rules State Courts Can Continue to Hear Certain Securities Class Actions

April 16th, 2018

In a decision published on March 20, 2018, the U.S. Supreme Court unanimously ruled that state courts have jurisdiction over securities class action lawsuits alleging breaches of law solely under the Securities Act of 1933 (“the ’33 Act”). In the case, investors brought suit in California state court against a corporation that made an initial public offering as to disclosures made in a...

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The SEC Awards More Than $2.2 Million to Whistleblower Under Safe-Harbor Rule

April 9th, 2018

On April 5, 2018, the SEC issued a news release announcing that it had awarded more than $2.2 million to a whistleblower whose tips helped the Commission open an investigation which led to an enforcement action.  The whistleblower initially reported the information to another federal agency and subsequently provided the same information to the SEC. The award was the first award paid by the...

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