WilmerHale Attorneys File Amicus Brief to Affirm Ruling for Securities Investor Protection Corp. in Case of First Impression

Download IconDownload Print IconPrint

WilmerHale Attorneys File Amicus Brief to Affirm Ruling for Securities Investor Protection Corp. in Case of First Impression

Attorney News

Related Solutions

A global team handling highly complex and sensitive matters in all aspects of litigation.
Combining our trial and appellate strengths allows us to shape litigation strategy from the outset to maximize the likelihood of ultimate success.
Drawing on years of experience in the public and private sectors, our lawyers handle a range of litigation involving the federal government, state and foreign governments, and complex regulatory regimes.
Battle-tested. Globally Respected.
A team of WilmerHale attorneys recently filed an amicus brief in the DC Circuit requesting that the court affirm a district court decision in favor of the Securities Investor Protection Corp. (SIPC). WilmerHale Partner Noah Levine, former Counsel Steven P. Lehotsky, Senior Associate Joshua S. Press and Associate Albinas J. Prizgintas filed the brief on behalf of former Securities and Exchange Commission (SEC) officials and professors of law in SEC v. SIPC, a case of first impression under the Securities Investor Protection Act (SIPA) arising out of Robert Allen Stanford’s Ponzi scheme.

Law360 published news about the amicus brief in an April 23, 2013, article titled, “Stanford Victims Aren’t Owed SIPC Aid, Ex-SEC Chiefs Say.”

The article highlights excerpts from the brief stating, “[t]he SEC’s proposed expansion of SIPC protection, absent even the most rudimentary consideration of any financial consequences, would radically transform SIPA and threaten SIPC’s ability to function as Congress intended.”

The brief argues, among other things, that SIPC does not have authority to provide financial relief to investors who deposited funds with and received certificates of deposit from a foreign bank that was neither subject to SIPA nor a SIPC member.

Notice

Unless you are an existing client, before communicating with WilmerHale by e-mail (or otherwise), please read the Disclaimer referenced by this link.(The Disclaimer is also accessible from the opening of this website). As noted therein, until you have received from us a written statement that we represent you in a particular manner (an "engagement letter") you should not send to us any confidential information about any such matter. After we have undertaken representation of you concerning a matter, you will be our client, and we may thereafter exchange confidential information freely.

Thank you for your interest in WilmerHale.

I Accept Cancel