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Supreme Court rules SEC can recoup money in fraud cases
Top Court Watch |
2020/06/23 16:44
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The Supreme Court on Monday preserved an important tool used by securities regulators to recoup ill-gotten gains in fraud cases.
By an 8-1 vote, the justices ruled that the Securities and Exchange Commission can seek to recover the money through a process called disgorgement. Last year, the SEC obtained $3.2 billion in repayment of profits from people who have been found to violate securities law.
“The Court holds today that a disgorgement award that does not exceed a wrongdoer’s net profits and is awarded for victims is equitable relief permissible" under federal law, Justice Sonia Sotomayor wrote for the court.
Justice Clarence Thomas dissented. The Supreme Court in 2017 unanimously limited the SEC’s ability to go after profits where alleged fraud has been going on for years before authorities file charges. That case left open the question the high court answered Monday, that courts have the authority to order disgorgement of profits. The SEC has continued to aggressively pursue defendants’ profits in fraud cases.
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New Mexico high court rules on privacy for banking records
Top Court Watch |
2020/06/20 10:08
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Prosecutors can obtain a person’s banking records using a warrantless grand jury subpoena without violating the individual’s right to privacy under New Mexico’s Constitution, the state Supreme Court has ruled.
In a unanimous decision Thursday, the justices concluded that a district court properly allowed the use of five years of personal financial records as evidence in a pending criminal case against a Taos couple facing charges of tax evasion and other finance-related offenses.
The high court rejected the married couple’s argument that the state’s Constitution provided greater privacy protections for their financial records than offered under the U.S. Constitution’s Fourth Amendment, which prohibits unreasonable searches and seizures. The couple contended that a court-authorized warrant should have been required to obtain bank records.
The justices adhered to a decadesold legal doctrine established by the U.S. Supreme Court that people have no constitutionally protected privacy interest in the financial account records they voluntarily share with third parties. |
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Court to hear arguments on Dayton gunman's school records
Top Court Watch |
2020/06/02 09:51
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The Ohio Supreme Court is set to hear oral arguments Wednesday in a case filed by news media groups seeking school records about the man who gunned down nine people in Dayton last August.
The media groups, including The Associated Press, argue the student records could provide information on whether authorities properly handled early warning signs from slain gunman Connor Betts.
The Bellbrook-Sugarcreek Local Schools district argues Betts’ records are protected by state and federal privacy laws. Ohio GOP Attorney General Dave Yost will argue they should be released.
Betts was killed by police 32 seconds after he opened fire Aug. 4, 2019, in Dayton’s crowded Oregon District entertainment area. Armed with an AR-15-style gun with an extended ammunition magazine, Betts killed nine, including his sister, and injured dozens more.
The Supreme Court took the case after an appeals court ruled in favor of the district and its denial of access to Betts’ high school files.
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Supreme Court rules in FOIA case long delayed by lawmaker
Top Court Watch |
2020/05/27 11:29
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A group of elected officials in southwest Virginia violated the state's open government law during meetings about dissolving a public library system, the Virginia Supreme Court ruled on Thursday in a case long delayed by a lawmaker's use of a privilege of his office.
State Del. Jeff Campbell, who is also an attorney in private practice, represented the Smyth County Board of Supervisors in the lawsuit brought by the head of a nonprofit that promotes the library.
The court ruled that the board had improperly entered into closed sessions and exceeded the scope of subjects it was allowed to discuss in closed meetings. The justices also found that the circuit court had erred by not awarding attorneys fees and costs to the group suing the board.
Paul Morrison, attorney for the president of the Friends of the Smyth-Bland Regional Library, said while he was pleased with the decision, the fact that the case took so long to come to a resolution means the board now has many new members. The ones who made the error won't have to face the fallout, he said.
“It sounds so cliche to say justice delayed is justice denied, but it’s really true,” he said.
Attorneys who serve in Virginia’s General Assembly or work there have broad discretion to obtain continuances in their cases “as a matter of right” under certain conditions. The Associated Press, citing court records obtained through a public records request, has previously reported that Campbell routinely uses that privilege to delay court proceedings, and has done so at least nine times in a domestic violence case against a former NASCAR driver. |
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Louisiana Senate targets lawyer ads promising big payouts
Top Court Watch |
2020/05/17 13:11
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A proposal striking at the proliferation of TV, radio and billboard ads blanketing Louisiana is headed to the state House for debate after winning support from senators Thursday.
Sen. Heather Cloud’s bill would declare as false or misleading those lawyer ads in which a person claims to have received the full amount of a settlement or judgment. Instead, the ads would have to disclose how much was deducted for attorney fees, expert witness fees, court costs and any other expenses related to the litigation.
Advertisements deemed to be deceptive could be prosecuted as an unfair trade practice violation.
Cloud, a Republican from Turkey Creek, said lawyers are making false promises of big payouts, encouraging people to file lawsuits against businesses. But she said people who file the lawsuits only get a small slice of the money from the judgments and settlements in most instances. |
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