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    U.S. urges review of investment cases

    With the support of the Justice Department, two new cases on investment law are more likely to be reviewed by the Supreme Court: one on the right of investors to sue for false stock registration statements, and one on the duty of employee benefit plan managers to get rid of questionable items in plan portfolios. Asked by the Court for the government’s views, the Solicitor General urged the Court to rule on both. he Court’s docket indicates that the Justices will consider whether to grant the petitions in Moores v. Hildes, the registration statement case, and Tibble v. Edison International, the benefit plan case, at their September 29 Conference. The government’s brief in Moores is here, while its brief in Tibble is here. More on SCOTUSBlog here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Landrieu: Stanford Ponzi Scheme Victims Deserve Justice

    WASHINGTON – Last week, U.S. Senator Mary Landrieu, D-La., wrote to U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White about her disappointment in the SEC’s decision to not appeal the Stanford Ponzi Scheme Victim’s case. Click here for the Senator’s Press Release and to read the letter on-line.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    SEC Targets Timing of Insiders’ Trade Notices

    The Securities and Exchange Commission is stepping up its scrutiny of corporate executives who sell shares in their own companies, announcing a raft of cases Wednesday against insiders for allegedly breaking rules on disclosing stockholdings and trades. The action, on an unprecedented scale for such offenses, is part of the “broken windows” strategy SEC Chairman Mary Jo White announced almost a year ago. She said the strategy—named for policing tactics used in New York that sought to reduce serious crime by not tolerating minor violations—will mean “even the smallest infractions” are pursued. More in the Wall Street Journal here.

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    SEC Drops Stanford Suit Against Brokerage Insurance Fund

    WASHINGTON—The Securities and Exchange Commission plans to abandon its legal battle to require a brokerage industry insurance fund to pay investors in R. Allen Stanford’s $7 billion Ponzi scheme, two months after an appellate court rejected the SEC’s arguments in the case. The U.S. Court of Appeals for the District of Columbia Circuit in July ruled the SEC failed to prove victims of the Ponzi scheme were “customers” eligible for compensation by the Securities Investor Protection Corp. under the narrow definition of the law. The ruling upheld a district-court decision from 2012. “After very careful deliberation, the commission determined not to seek further review” of the decision, said SEC spokesman John Nester, in a brief statement Friday. “We remain committed to the victims of the Stanford fraud and will continue to work with the Stanford Receiver, Justice Department, and other interested parties to maximize recovery to harmed investors.” More in the Wall Street Journal here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    U.S. SEC will not appeal ruling against Stanford’s Ponzi victims

    The U.S. Securities and Exchange Commission will not appeal a recent court decision that thousands of victims of financier Allen Stanford’s Ponzi scheme were ineligible under federal law to file claims to recoup their losses, a SEC spokesman said on Friday. On July 18, a federal appeals court in Washington rejected the SEC’s bid to force the Securities Investor Protection Corp to start paying an estimated 7,800 former customers of Stanford Group Co. More on Reuters here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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