by Kristy T. Harlan and Vincent J. Pisano
On July 21, President Obama signed the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). A change to the definition of "accredited investor" under the Securities Act of 1933...
The recent post on charitable donations under the Foreign
Corrupt Practices Act (FCPA) and Opinion Release 10-02 brought an interesting dialogue with
fellow blogger, the FCPA
Professor . The FCPA Professor raised the issue of " compelled giving...
You know, I can't understand why people risk so much (career,
reputation, family) for so little. How many times have you heard about
the lawyer who gave in to the temptation to trade on client confidence only to
reap $5,000 profit and an indictment...
Though 268 banks have failed since January 1, 2008, there
has been relatively little litigation related to the failed banks, as least so
far. For example, the FDIC only recently filed its first action against former
directors and officers of a failed...
The SEC settled a 2007 financial fraud action brought
against Thomas Fisher, former Chairman, CEO and President of Nicor, Inc., after
dropping its primary claims against the executive. SEC v. Fisher , Case
No. 07-cv-4483 (N.D. Ill. Filed Aug. 9, 2007...
The Supreme Court's decision last month in the Morrison v. National Australia Bank precludes
so-called "f-cubed" claims (claims brought by foreign plaintiffs who
bought foreign stock on a foreign exchange). An unanswered question is whether...
Cooperation can have a significant impact on the outcome
of an enforcement action for the company and its executives. The Seaboard
Release in 2001, regarding corporate charging and cooperation principles, for
example offers the prospect of no charges...
Health, Inc. v. Squid Soap, L.P., C.A. No. 4410-VCL (Del. Ch. July 20,
2010), read opinion here . Prior Delaware
Court of Chancery decisions in this case were highlighted here.
involves a claim against the purchaser...
It turns out that failing to adhere to your
investment guidelines can not only get you sued by your investor, it can get
you sent to jail.
Mark D. Lay ran a hedge fund whose sole investor
was the Ohio Bureau of Worker's Compensation. The fund...
Vault has released the "Best Law Firms in Each Practice Area" rankings for 2011, including the firms considered top of class for Corporate & Securities law. We've included links to firm profile information for firms in the top ten for...
When the SEC filed its enforcement action against Goldman
Sachs, it sparked a wave of criticism. Politicians on Capitol Hill argued there
were news leaks and the suit was timed to suit the Administration which was
seeking to pass what is now Dodd-Frank...
My primary objective on this blog is to address important developments
in with world of directors' and officers' liability as they occur. From time to
time, however, readers contact me with more fundamental questions about
by Michele Rose, Christian Word, Jessica Phillips
and Kamil Redmond
The United States Supreme Court recently rejected years of
federal jurisprudence on the extraterritorial application of §10(b) of the
Securities Exchange Act. In Morrison v. National...
Both the US Sentencing Guidelines and the Organization for
Economic Co-operation and Development (OECD) Good Practice Guidance on
Internal Controls, Ethics, and Compliance consider one of the key items for
a best practices compliance program to be...
16, 2010, the Department of Labor (DOL) published "interim" final regulations , proposed
in December 2007 , imposing new disclosure and related requirements under
ERISA for certain service providers to retirement plans. The key elements...
The commentary, speculation and second guessing about the
SEC's settlement in Goldman may be drawing to a close, or at least
diminishing. There is no doubt that Goldman is the most significant
market crisis case to come from the numerous investigations...
The U.S. Supreme Court's decision last
month in the Morrison v. National Australia Bank case made it clear
U.S. securities laws do not allow so-called "f-cubed"
cases -- securities claims against foreign domiciled companies and brought...
At the recent Corporate Counsel Institute - Europe put on by
Georgetown University Law , participant Matthew King, Group
Head of Internal Audit at HSBC was interviewed by Project Counsel
Founder Gregory P. Bufithis on his opinion regarding one of...
When Ohio Attorney General Richard Cordray announced this past Friday that he had entered a massive
$725 million settlement on behalf of three Ohio pension funds in the long
standing securities class action lawsuit against AIG, he definitely
As SEC Enforcement savors its settlement in Goldman and
continues to retool into a new and more aggressive program, Congress is giving
it new tools. The Dodd-Frank Wall Street Reform and Consumer Protection Act has
a number of provisions which enhance...
This article concludes our series on what we believe to be
the Top 3 Foreign Corrupt Practices Act (FCPA) cases in the first half of 2010.
We have reviewed the facts surrounding each matter to come up with lessons that
the FCPA compliance professional...
The recent FCPA
enforcement actions brought against Veraz Networks, Inc. shows that it does not take huge piles
of money to get in trouble. Veraz admitted to making improper payments of only $40,000 .
Not that $40,000 is an insignificant amount....
The SEC settled its landmark action against Goldman Sachs .
The bank will pay $550 million, made an unusual admission of having faulty
marketing materials, consented to the entry of a fraud injunction and agreed to
a series of procedures designed to...
This is the second installment of our three part series on
the Top 3 Foreign Corrupt Practices Act (FCPA) matters of 2010 to date and
their significance for the FCPA compliance professional. In Part I we focused
on the Gun
Sting matter . Now we turn...
On July 12, 2010, in one of the more high-profile investor
actions filed as part of the subprime securities litigation wave, Southern
District of New York Judge Sidney
Stein substantially denied in part the defendants' motions to dismiss in