Baseball season is here. That means businesses will be opening their boxes and seats for entertaining clients and potential clients. Of course those tickets are gifts. How do you treat them under your company's gifts policy or a government's ethics...
About a year ago, Lloyd Blankfein
tried to burnish Goldman Sachs' post-financial crisis image by arguing in an interview
with the Times of London that Goldman was performing God's work by bringing
buyers and sellers together to do deals and...
Derivatives and Structured Products Practice
With the battle over healthcare finally behind it, Congress
is moving forward with its plan to implement financial reform legislation,
including regulation of the derivatives industry. Sen. Chris Dodd (D...
The SEC's blockbuster announcement
last Friday of its civil
enforcement action against Goldman Sachs and one of its investment bankers
rocked the securities markets and made
headlines in the financial press around the world. Undoubtedly because...
Commission's action against Goldman Sachs is the most significant case it
has brought in years. SEC v. Goldman Sachs & Co. , Case No. 3229
(S.D.N.Y. Filed Apr. 16, 2010). The case pits the once revered securities
markets regulator struggling...
At its April 7,
2010 meeting the United States Sentencing Commission approved amendments to its
Sentencing Guidelines . The next
day on April 8, 2010, the UK Bribery
Bill received Royal Assent. These two events follow the December 9, 2009
On Capital Hill, the debate
continues regarding financial reform, as CFTC Chairman Gary Gensler continued
to champion new regulation for OTC derivatives. The SEC brought another case in
its on-going investigation regarding kickbacks relating to the...
A complaint brought by closed end
fund Gabelli Global Multimedia Trust, Inc. alleging violations of the
anti-pyramiding provisions of the Investment Company Act was dismissed for a
lack of standing. The defendants were Arthur Lipson and a group of...
We know that Sarbanes-Oxley offers
protections to employees at public companies, but does it also protect
employees at mutual fund companies?
Yes. At least according to Judge
Woodcock of the Massachusetts U.S. District Court.
The line between civil and criminal
violations of the securities laws is, at best, difficult to discern. That
difficulty is compounded by the increasing criminalization of the federal
securities laws. In some instances, this had led to overreaching...
The National Australia Bank case now
awaiting decision before the United States Supreme Court raises what the
Second Circuit in that same case called "the vexing question of the
extraterritorial application of the [U.S.] securities laws."...
In a 2008
speech to the Texas General Counsel Forum, former United States Deputy Attorney
General Paul McNulty provided his perspective on Foreign Corrupt Practices Act (FCPA)
compliance investigations and the Department of Justice (DOJ) enforcement...
From time to time, the SEC
reiterates its view of the critical role companies' outside directors play in
safeguarding investors' interests. Nevertheless, it has been relatively rare
for SEC to pursue enforcement actions against outside directors...
This week the SEC proposed new rules regarding asset backed
securities while Chairman Mary Schapiro, in an op-ed article in the Washington
Post, called for the Senate financial reform bill to be strengthened. SEC
enforcement saw another of its proposed...
Will FINRA step in to prevent a ban
on placement agents working with government investors?
You may remember that last August,
the SEC published a proposed rule that would create a prohibition on paying a
third party, such as a placement agent, to...
It appears that
the UK Bribery Bill, introduced in March 2009, made it out of Parliament before
the upcoming general election. The Bribery Bill is a significant departure for
the UK in the area of foreign anti-corruption. It is significantly stronger...
On October 16, 2009, the
Securities and Exchange Commission (SEC) instituted a civil injunctive action
in the United States District Court for the Southern District of New York
charging Raj Rajaratnam and his hedge fund advisory firm Galleon Management...
The Commission filed a settled
registration fraud action yesterday against Daniel O'Riordan, the president of
Paradigm Tactical Products. According to the complaint, the founder of the
company sold millions of shares of unregistered stock into...
I was only away from the office for
a few days last week, but while I was away, an absolute cascade of dismissal
motion rulings in subprime and credit crisis-related securities cases arrived.
A number of the rulings were sufficiently favorable to the...
enforcement of the Foreign Corrupt Practices Act (FCPA) be suspended for those
US companies now working in Haiti? This topic has been in discussion for a few
weeks. It began with a statement by Wall Street Journal editorial board member
In Jones v. Harris
Associates, L.P. , the U.S. Supreme Court last week decided an issue
involving the fiduciary duty of investment advisors. Many legal
scholars have already started to comment on this decision, e.g. here ,
John Armour, Bernie Black, and Brian
Cheffins have a new paper, Is Delaware Losing
its Cases? that argues Delaware may well be losing its competitive edge
with respect to corporate litigation. They focus their research on what
Wachtell's Ted Mirvis...
The SEC has named its first chief
compliance officer: Kathleen Griffin.
She will be tasked with oversight of
employee securities transactions and financial disclosure reporting. The
creation of a compliance program to prevent insider trading came...
Thomas O Gorman, Partner, Porter, Wright, Morris & Arthur
The Commission filed its second settled insider trading case arising out of the financial difficulties of Blueknight Energy Partners, LP, previously known as SemGroup Energy Partners LP...
Professor Brian JM Quinn, Boston College School of Law
A Reuters piece
cites FactSet SharkRepellent data to note that the number of shareholder rights
plans in effect is at the lowest since 1990.
The number of U.S. incorporated