SECURITIES AND CORPORATE
REPRESENTATIVE Securities and Corporate Litigation MATTERS
Kohn Swift represented institutional investors in litigation that successfully recovered damages for mortgaged backed securities that were falsely promoted as being investment grade securities when in fact they were much riskier than stated in public filings. The securities were based on mortgages containing errors and falsifications that made them extremely risky and vulnerable to foreclosure unbeknownst to the investors who subsequently lost millions when the housing market crashed.
Additional Representative Matters
- In re KLA-Tencor Corporation Securities Litigation (N.D. Cal.)
- In re Marvell Technology Group, Ltd. Securities Litigation (N.D. Cal.)
- In re Calpine Corporation Securities Litigation (N.D. Cal.)
- In re Bear Stearns Mortgage Pass-Through Certificates Litigation (S.D.N.Y.)
- In re Bear Stearns Litigation (Supreme, N.Y. County)
- Police and Fire Retirement System of the City of Detroit Goldman, Sachs & Co., et al. (S.D.N.Y.)
- Greene v. New York Mercantile Exchange, Inc. et al. (Ch.)
- Trustees of the Police and Fire Retirement System of the City of Detroit Clapp, et al. (S.D.N.Y.)
FEDERAL SECURITIES LAWS
Federal securities laws exert principal control over the buying and selling of securities. After the stock market crash of 1929, Congress enacted securities laws to ensure fair dealing and to outlaw deceptive and inequitable practices by buyers and sellers of securities. The laws replace the philosophy of caveat emptor (let the buyer beware) with a policy of full and accurate disclosure.
The Securities Act of 1933 was the first major federal law related to the issuing of new public securities. Congress enacted the 1933 Act to:
- enable investors to make more informed decisions about securities transactions by increasing the transparency of financial information significant to public sales of new securities
- prohibit misrepresentations of material facts, omissions of material facts, and other deceptive or manipulative conduct in connection with the issuance of public securities
The Securities Exchange Act of 1934 created the Securities and Exchange Commission (SEC), the primary enforcement agency of federal securities laws. The 1934 Act contains rules governing national security exchanges and broker-dealer regulations and registration. In contrast to the Securities Act of 1933, which controls issuances of new public securities, the 1934 Act controls secondary security sales and purchases.
The Private Securities Litigation Reform Act (PSLRA) of 1995 was designed to encourage institutional investors to be active in securities class action litigation. Under the PSLRA, the court appoints, as lead plaintiff in a securities class action, the class member most capable of representing the class’s interests.
KOHN SWIFT SECURITIES LITIGATION SERVICES
Services provided by our securities litigation attorneys include representation of plaintiffs in:
- Securities Fraud Lawsuits
- Shareholder Derivative Lawsuits
- Private Placements / Limited Partnerships
- Mergers & Acquisitions Lawsuits
- Partnership Disputes
Kohn Swift also provides Portfolio Monitoring services to institutional investors.