Posts from April 2017.

On April 18, the SCOTUS heard oral argument in Kokesh v. Securities and Exchange Commission, an action concerning whether the five year statute of limitations of 28 U.S.C Section 2462 applies to disgorgement. This was the first securities case involving Justice Gorsuch at the SCOTUS level.

The wait will not be long for Gorsuch's second securities case. SCOTUS has agreed to hear Leidos, Inc. v. Indiana Public Retirement System, which will resolve a circuit split over whether Item 303 of SEC Regulation S-K creates a duty to disclose under Section 10(b) of the Securities Exchange Act. The ...

Posted in: Supreme Court

The Department of Labor yesterday adopted a rule delaying the April 10 effective date of its "Fiduciary Rule" for 60 days. The delay gives Labor time to complete the re-study mandated by Trump's February executive order.

DOL could only delay the Rule through a formal rule making process. It did so, even though public comments ran 12:1 against delay. It will need further formal rule making for any other changes.

Thomas K. Potter, III ( is a partner in the Securities Litigation Practice Group at Burr & Forman, LLP. Tom is licensed in Tennessee, Texas and Louisiana. He has ...

Posted in: Fiduciary Rule
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