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On November 19, 2008, as part of the 2009 Medicare Physician Fee Schedule regulations, the U.S. Department of Health and Human Services, Centers for Medicare and Medicaid Services (“CMS”), published final rules regarding payment limitations on diagnostic testing and the application of the “anti-markup” rules for diagnostic imaging services (the “2009 Rules”). …
Read More Revisions to Anti-Markup Rule for Purchased Diagnostic Tests: What You Don’t Know Can Hurt You

New York’s First Department recently issued a decision refusing to revive a stock-option backdating shareholder derivative lawsuit against Bed Bath & Beyond (“BB&B”) based upon the immediate remedial action taken by the directors of the home décor company. …
Read More New York Court Issues Decision Insulating Bed Bath & Beyond from Backdating Stock Blame

The Third Circuit Federal Court of Appeals recently reversed a lower court dismissal of a shareholder class action, finding that the plaintiffs’ suit was not barred by the statute of limitations in the absence of “storm warnings of possible fraud.” …
Read More Third Circuit Addresses Inquiry Notice Standard: Requires “Storm Warnings of Possible Fraud”

Without making specific findings of fact, a FINRA arbitration panel ordered that broker-dealer Credit Suisse (USA) LLC must payclaimant STMicroelectronics more than $400 million in compensatory damages and $6.5 million in fees and costs to resolve a claim by the semiconductor maker that it violated Section 10(b) of the 1934 Securities Exchange Act and SEC Rule 10b-5. 

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Read More Credit Suisse Ordered to Pay $400 million in Auction Rate Securities Case

As previously reported here, the U.S. Supreme Court heard oral arguments in Wyeth v. Levine on November 3, 2008.  The case involves the question of whether the Food and Drug Administration’s (“FDA”) regulation of prescription drug labeling pursuant to Federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 301 et seq. (“FDCA”) preempts state common law tort claims. To date, the Supreme Court has not released its decision. 

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Read More UPDATE: Recusal Issue Arises in U.S. Supreme Court’s Consideration of Wyeth v. Levine Drug Labeling Preemption Case

On November 24, 2008, Duke University and its affiliate, Duke University Health Systems, Inc. (“DUHS”; collectively with Duke University, “Duke”) filed a federal action alleging that Duke’s insurer had acted in bad faith and breached its contractual duty to advance and pay Duke’s defense costs, to indemnify Duke, and to pay settlements agreed to by Duke in connection with various claims and lawsuits arising from the indictment of three members of the Duke University 2005-2006 men’s lacrosse team (the “Duke Three”) on charges of sexual assault. …
Read More Duke University and Its Insurer Dispute Whether Insurer is Liable for Defense Costs and Indemnification Relating to Duke Lacrosse Rape Case and Settlements

On February 11, 2009, the Massachusetts Office of Consumer Affairs and Business Regulation (“OCABR”) announced that the effective compliance date of the security regulation, 201 CMR 17.00 (the “Regulation”), has been extended a second time from May 1, 2009 to January 1, 2010. …
Read More Client Advisory – Second Extension of Robust New Extraterritorial Massachusetts Security Rules

The United States Court of Appeals for the Third Circuit (“Third Circuit”) recently vacated the dismissal of a securities fraud class action alleging that a pharmaceutical company, Pharmacia, Inc., made materially false statements about a clinical study of a popular anti-inflammatory medication. …
Read More Third Circuit Vacates Dismissal of Celebrex Securities Fraud Class Action

This updates our January 28, 2009 and December 22, 2008 blog postings.  On February 10, 2009, the National Association of Insurance Commissioners (“NAIC”) and the National Conference of Insurance Legislators (“NCOIL”) filed suit in the U.S. Court of Appeals for the District of Columbia Circuit seeking to overturn Rule 151A adopted by the Securities and Exchange Commission (“SEC”) which classifies certain indexed annuities, previously regulated as insurance, as securities, and thus subjects them to federal, rather than state, regulation. …
Read More NAIC and NCOIL File Suit to Overturn SEC Rule Classifying Indexed Annuities as Securities