Legal Briefs

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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.

November 7, 2011

NASAA’s Brief to the Colorado Court of Appeals in support of a Final Cease and Desist Order in which the Colorado Securities Commissioner refused to apply a rigid presumption that interests in a general partnership are not securities, in favor of a fact-based “economic realities” approach.

August 31, 2011

NASAA’s Brief to the Oregon Supreme Court in Support of the State of Oregon’s Brief on the Merits in Oregon v. Marsh & McLennan Companies, Inc., arguing that the Oregon Court of Appeals erred by holding that: (1) antifraud claims under Blue Sky statutes prohibiting misrepresentations and omissions require proof of reliance; and (2) reliance cannot be presumed under the “fraud on the market” doctrine based on the general investment market’s reliance on the misstatements or omissions.

May 23, 2011

NASSA’s Brief in Support of the State of Oregon’s Petition for Review to the Oregon Supreme Court in opposition of the Oregon Court of Appeals’ holding that Oregon’s anti-fraud law requires proof of reliance.

March 15, 2011

NASAA Brief in Billitteri v. Securities America Opposing Plaintiffs’ Motion for Preliminary Approval of Partial Class Action Settlement

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.)