Federal Court Eschews Jurisdiction Over State Enforcement Proceeding: Enforcement Section of the Massachusetts Securities Division v. Scottrade, Inc.
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By Paul J. Dubow

*Under the federal ingredient doctrine, a well-pled complaint arises under the laws of the United States if a state law cause of action “requires resolution of a substantial question of federal law”

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Court Affirms SEC’s Rejection of Case That Court Previously Insisted Plaintiffs Bring to SEC: CBOE v. SEC
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By James L. Komie

The SEC’s decision that it does not have jurisdiction to hear a claim for damages filed by market makers against the CBOE and NASDAQ is not unreasonable and must be affirmed under the Chevron Deference Doctrine.

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Programmer Appropriates Inappropriately in a Tangible Transgression: People v. Aleynikov
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By Noah D. Sorkin

A defendant violates New York Penal Code §165.07 when he reproduces a company’s proprietary computer code in a tangible form with the intent to do so and without authorization,

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SCOTUS Scorns Appointments of SEC Administrative Law Judges in Enforcement Appeal: Lucia v. SEC
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By Ben Suter

The SEC’s administrative law judges are officers subject to the Appointments Clause.

Lucia vs.

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Court Keeps NFA Potentially Liable for Failing to Terminate Broker’s Registration: Troyer v. NFA
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By James L. Komie

Allegations that the NFA violated its membership rules in bad faith by failing to terminate the registration of an associated person of an expelled introducing broker are sufficient to state a claim for damages against the NFA under §25(b)(2) of the Commodity Exchange Act,

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Brokers’ Attorney Finds That He Still Has a Duty to a Former Client: USA v. DiScala
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By Noah D. Sorkin

An attorney who previously represented a broker in a prior proceeding with a substantial relationship to a pending criminal proceeding and who has information regarding the broker that is relevant to the criminal proceeding may not represent a co-defendant in the latter.

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