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During 2006 and 2007, securities fraud class actions were driven by market wide events, such as the 2006 backdating scandal and the 2007 subprime crisis. Securities fraud lawsuits remained below historical averages. [35] Some manifestations of this white collar crime have become more frequent as the Internet gives criminals greater access to prey.
The Fraud Enforcement and Recovery Act of 2009, or FERA, Pub. L. 111–21 (text), S. 386, 123 Stat. 1617, enacted May 20, 2009, is a public law in the United States enacted in 2009. The law enhanced criminal enforcement of federal fraud laws, especially regarding financial institutions, mortgage fraud, and securities fraud or commodities fraud.
The Private Securities Litigation Reform Act of 1995, Pub. L. 104–67 (text), 109 Stat. 737 (codified as amended in scattered sections of 15 U.S.C.) ("PSLRA") implemented several substantive changes in the United States that have affected certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation, and awards fees ...
The company said in a statement that the U.S. SEC complaint "prays for an order directing the defendants to pay civil monetary penalties (but) it does not quantify the amount of penalty".
The justices ruled in a 6-3 vote that people accused of fraud by the SEC, which regulates securities markets, have the right to a jury trial in federal court. The in-house proceedings the SEC has ...
The Securities Fraud Deterrence and Investor Restitution Act was H.R. 2179 (2003-2004) and is a bill currently on the Union Calendar.. Its official titles as introduced, is To enhance the authority of the Securities and Exchange Commission to investigate, punish, and deter securities laws violations, and to improve its ability to return funds to defrauded investors, and for other purposes but ...
A securities class action (SCA), or securities fraud class action, is a lawsuit filed by investors who bought or sold a company's publicly traded securities within a specific period of time (known as a “class period”) and suffered economic injury as a result of violations of the securities laws.
Disgorgement is an equitable remedy designed to deter future violations of the securities laws and to deprive defendants of the proceeds of their wrongful conduct. Indeed, in the exercise of its equity powers, the district court may order disgorgement of profits acquired through securities fraud.