Punitives kept ebbing in second post-'BMW' year; nearly half the cases applying the 'BMW' guideposts reduced punitive damages awards
Article Abstract:
Punitive damages awards contined their downwards road in the two years after the landmark 1996 ruling BMW of North America, Inc. v. Gore. The second year after that ruling included almost 50 published cases. According to BMW there were three guideposts for deciding whether a punitive damages award was constitutionally excessive, the ratio of punitive to compensatory damages, sanctions for comparable misconduct, and the degree of reprehensibility. Nearly half of the second year cases reduced punitive damages awards.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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The SEC has issued an interpretative release delineating the instances when an offshore offering of securities made on the Internet must be registered
Article Abstract:
SEC Interpretive Release 33-7516, issued Mar 23, 1998, deals with when an offshore offering on the World Wide Web must have SEC registration and covers companies, mutual funds, broker-dealers, investment advisers and exchanges. Although accessible in the US, the SEC will not view the Web site as needing to meet SEC registration requirements unless used to target the US or US citizens. The release clarifies when mere Internet posting is not "activity in the US" and will not have to be registered.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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D.C. Circuit overturns SEC sanctions as punitive; a deficient supervisor should not necessarily be barred from all securities industry jobs
Article Abstract:
The US Court of Appeals for the District of Columbia Circuit ruled in Johnson v. SEC that an order censuring Patricia Johnson, a broker-dealer firm branch manager and barring her from all securities industry positions was a civil penalty within the meaning of 28 USC 2462 and thus subject to the five-year limitations period for such penalties. The court criticized the SEC for not focusing on Johnson's current risk to the public.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
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