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...

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...

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...