New York Court of Appeals

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New York Court of Appeals upholds expansion of state Attorney General’s powers

June 02, 2016

The New York Court of Appeals concluded that issues of fact exist that prevent it from deciding as a matter of law that disgorgement is unwarranted. The court held that the Attorney General’s claims should proceed to trial and affirmed the order of the Appellate Division.

U.S. Chamber files amicus brief

March 18, 2016

The U.S. Chamber filed a joint amicus brief with the Securities Industry and Financial Markets Association in a case involving efforts by the New York Attorney General to seek disgorgement, a nationwide director and officer ban, and a ban from participating in the securities industry under the Martin Act and Executive Law § 63(12).

The Chamber’s amicus brief argues that the repayment remedy that the Attorney General seeks is contrary to New York law and that the lifetime and nationwide ban is barred by federal statutory and constitutional law. The brief also explains that the Attorney General’s novel and overbroad interpretation of the laws could undermine New York’s status as the center of our nation’s and the world’s capital markets by diverting capital market activities—and the large number of associated jobs—to financial centers in other nations.

Andrew Pincus of Mayer Brown LLP served as counsel for the amici.

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