DOJ Reviews Massachusetts Ruling On Federal Gay Marriage Ban

BOSTON - (AP) A judge's rulings in Massachusetts that the federal law banning gay marriage is unconstitutional could have implications far beyond the state if they're upheld by a higher court after an appeal by the Obama administration, legal experts say. U.S. District Judge Joseph Tauro said...

DOJ Sues Rug Maker, Alleging Non-Citizen Authorized Workers Employment Discrimination

WASHINGTON - The U.S. Department of Justice on July 7 filed a lawsuit against Garland Sales Inc., a rug manufacturer and seller located in Dalton, Ga., alleging it engaged in a pattern or practice of discrimination by imposing unnecessary and discriminatory hurdles to employment for work authorized individuals...

Judge Block Contentious Wisconsin Union Law

MADISON, Wis. - (AP) A Wisconsin judge on Friday temporarily blocked the state's new and contentious collective bargaining law from taking effect, raising the possibility that the Legislature may have to vote again to pass the bill. Lawmakers had approved Gov. Scott Walker's measure last week...

DOJ Argues For Rehearing In Secret Service Lawsuit

DENVER - (AP) The U.S. Department of Justice has sided with attorneys for two Secret Service agents who were sued after arresting a man who confronted former Vice President Dick Cheney. The department argues that the law protects agents when they're making split-second decisions while protecting...

This Week in Securities Litigation: Gupta Action, FCPA Enforcement, SEC Enforcement

This week the SEC lost its bid to dismiss an action brought by former Goldman Sachs director Rajat Gupta arising out of its insider trading case brought as an administrative proceeding against him. The GAO issued reports on the revolving door at the Commission and the supervision of proprietary trading...

Insider Trading A Key Focus This Week For The SEC, DOJ And FSA

The Commission brought a significant market crisis case this week, centered on the sale of complex, high risk financial instruments to unsophisticated school districts which ended in millions of dollars in losses. Insider trading was a key focus for the SEC, DOJ and the FSA. The Commission brought...

The Week in Securities Litigation: Rogue Trader, SEC Expands Market Crisis Probe

As the week drew to a close reports surfaced of a rogue trader who had run up $2 billion in trading losses at UBS in London while the SEC reportedly is expanding its market crisis probe. At the same time Congress heard testimony from SEC Chairman Mary Schapiro regarding the Commission's efforts to...

The Week in Securities Litigation: Obama Announces New Financial Fraud Task Force, SEC Enforcement, Litigation Trends

The President announced a new financial fraud task force focused on the root causes of the financial crisis in his State of the Union Address to Congress. The new task force is composed of DOJ and state prosecutors. It is charged with investigating the securitization process which many believe is at...

The Week in Securities Litigation: Urban Clears Name, Charges Filed Against Credit Suisse

Former Farris Baker Watts General Counsel Ted Urban finally prevailed in his long running battle with the SEC to clear his name and reputation. The Commission, on an evenly divided vote, affirmed the initial decision of the Administrative Law Judge, dismissing the failure to supervise charge brought...

Federal Government, State AGs Reach $25 Billion Agreement With Banks Over Foreclosures

WASHINGTON, D.C. - (Mealey's) The U.S. Department of Justice (DOJ) announced Feb. 9 that the federal government, attorneys general from 49 states and five national banks have reached a $25 billion settlement to resolve issues stemming from the lenders' allegedly fraudulent foreclosure practices...

Well Investor Agrees To Pay $90 Million To Resolve Gulf Oil Spill Claims

NEW ORLEANS - (Mealey's) MOEX Offshore 2007 LLC has agreed to pay $90 million to resolve liability and pay civil penalties under the Clean Water Act (CWA) to settle claims asserted against it by the government and five states over the explosion of the Deepwater Horizon oil rig and ensuing oil spill...

The Week In Securities Litigation: SEC Files 4 Settled Market Crisis Actions

The Commission entered into another deferred prosecution agreement this week while filing four settled market crisis actions. The agency also brought an unusual insider trading case centered on selling shares in a secondary offering and an accounting action against a consulting firm that had to restate...

Capital One Settles Service Member Credit Violations For $12 Million

ALEXANDRIA, Va. - (Mealey's) Capital One Financial Corp. has agreed to pay $12 million to settle a suit brought by the U.S. Department of Justice alleging that it violated credit protections granted to U.S. military members by the Servicemembers Civil Relief Act (SCRA) via improper home foreclosures...

The Week In Securities Litigation: A New Direction For Securities Enforcement Actions?

Changes at the top of the SEC and the DOJ's criminal division may signal a new direction for securities enforcement actions. Former U.S. Attorney Mary Jo White was nominated by the President to be SEC Chairman. At the same time Lanny Breuer, Assistant Attorney General in charge of DOJ's Criminal...

The Week In Securities Litigation: DOJ Files Significant Market Crisis Case Against Rating Agency

The Department of Justice filed one of the most significant market crisis cases this week against a major rating agency as a defendant. The case centers on years of false statements about ratings given to RMBS and CDOs, according to the complaint, as the market crisis evolved and the market for those...

The Week In Securities Litigation: SEC Files Another Insider Trading Case, Fraud Action

The Commission filed another "suspicious trading" insider trading case this week. The action centers on the highly publicized acquisition of H.J. Heinz Co . In recently filed court papers the Commission has identified the unknown trader as a private wealth client of the Zurich, Switzerland...

The Week In Securities Litigation: $600 Million Insider Trading Settlement Reached

The Second Circuit's pending decision in the Commission's Citigroup market crisis case continues to loom as Judge Marreno approved the over $600 million insider trading settlement involving SAC Capital - conditioned on the outcome of Citigroup. New Chairman Mary Jo White's former partner...

The Week In Securities Litigation: Record Payments, Potentially Significant MOU

Record payments and a potentially significant MOU were the focus in securities enforcement litigation this week. French oil and gas giant Total paid the DOJ and the SEC $398 million to settle FCPA charges, the fourth largest sum paid in settlement of corruption charges. NASDAQ paid $10 million, the largest...