Similar State FCA Allegations Yield Mixed Results
Client Alert | 1 min read | 03.03.05
In two California Civil False Claims Act (FCA) cases recently decided by different districts of the California Court of Appeal, California ex rel. Harris v. PricewaterhouseCoopers LLP (Jan. 20, 2005) and California ex rel. Bowen v. Bank of America (Jan. 31, 2005), qui tam relators got mixed results on their novel “reverse false claims”allegations that the defendants failed to report and turn over to the State unclaimed property as required by California law. In Harris, applying case law under the federal FCA, the court upheld liability against an escrow title company and reversed summary judgment in favor of its accountants; but in Bowen, the Court, also applying federal case law, upheld the dismissal of the consolidated complaint against several banks on the ground that the plaintiffs had failed to allege facts that would make the subject property “certain and liquidated,” such that no reverse false claim could arise from the failure to report and turn over the property.
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Client Alert | 6 min read | 06.09.26
Is Stock-a-palooza Over? Supreme Court allows SEC to Pursue Disgorgement
On June 4, 2026, the U.S. Supreme Court unanimously held that the U.S. Securities and Exchange Commission (SEC) can continue to pursue disgorgement as an equitable remedy in securities fraud cases without showing pecuniary loss by investors. The Court’s ruling in Sripetch v. SEC resolves a split between the U.S. Court of Appeals for the Second Circuit, which concluded that the SEC must demonstrate pecuniary loss, and the U.S. Courts of Appeals for the First and Ninth Circuits, which declined to require such a showing.
Client Alert | 2 min read | 06.09.26
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