Home > Policy > Legal Briefs

Legal Briefs

NASAA plays an important role in representing the membership’s position, including as amicus curiae, in significant legal proceedings that may have a widespread impact upon securities regulators and the rights of investors.

An index of all NASAA legal briefs is below.

March 1, 2011

NASAA and AARP amicus brief arguing that the Fifth Circuit’s requirement that a plaintiff prove loss causation by a preponderance of the evidence prior to class certification creates an insurmountable hurdle that will close the door to the private securities actions that Congress embraced under Section 10(b) of the Securities and Exchange Act of 1934 and the SEC implemented through Rule 10b-5. (Erica p. John Fund, Inc. v. Halliburton Co., et al)

February 8, 2011

NASAA amicus brief filed in the Oregon State Court of Appeals in opposition of the Circuit Court’s ruling that life settlements were not securities under an investment contract analysis.

November 12, 2010

NASAA files an amicus brief in the United States Supreme Court in support of an investor’s right to state a claim under § 10(b) of the Securities Exchange Act and SEC Rule 10b-5 based on a company’s nondisclosure of “adverse event” reports even though the reports are not alleged to be statistically significant. (Matrixx v. Siracusano)

November 2, 2010

NASAA brief filed in U.S. Supreme Court in support of respondents (First Derivative Traders) in determining the extent to which a person or entity must be involved in drafting false statements to trigger §10(b) liability. (Janus Capital Group, et al., v. First Derivative Traders)

July 2, 2010

NASAA amicus brief filed in support of the State of North Dakota regarding North Dakota’s authority to license/register individuals who offer Reg D securities

June 21, 2010

NASAA amicus brief filed in the Colorado Court of Appeals arguing that choice of law provisions in securities agreements are void. (Mathers Family Trust, et al. v Cagle, et al.)

June 18, 2009

NASAA amicus brief filed in the U.S. Supreme Court in Jones v. Harris Associates, supporting the right of mutual fund shareholders to pursue claims against the fund’s investment adviser for charging excessive fees in breach of the fiduciary duty under Section 36(b) of the Investment Company Act.

April 10, 2009

NASAA’s amicus brief filed jointly with AARP and MetLife on April 10, 2009, in the D.C. Circuit, arguing that the SEC’s new rule regulating equity-indexed annuities under federal securities law should be upheld on legal and policy grounds. (American Equity v. SEC)

March 19, 2009

NASAA’s amicus brief filed on March 19, 2009, in the Tennessee Supreme Court, arguing that a criminal conviction under state law for willful failure to register as a broker or agent does not require a showing of specific intent. (Tennessee v. Casper) Part 2

March 19, 2009

NASAA’s amicus brief filed on March 19, 2009, in the Tennessee Supreme Court, arguing that a criminal conviction under state law for willful failure to register as a broker or agent does not require a showing of specific intent. (Tennessee v. Casper) Part 1