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This Week In Securities Litigation (March 12, 2010)

Capital Hill continued to debate market reform this week with the introduction of the Volker Rule bill in the Senate. SEC enforcement focused on resolving financial fraud and Ponzi scheme cases, while the appellate section at FINRA reversed a panel decision for a lack of evidence in a failure to...

The SEC and Consistency

Thomas O Gorman, Partner, Porter, Wright, Morris & Arthur Consistency is sometimes a virtue and, at other times, the "hobgoblin of small minds" to borrow an old phrase. In SEC v. Pentagon Capital Management PLC , Case No. 08 Civ. 3324 (S.D.N.Y. Filed April 3, 2008), the SEC learned in...

SEC Warns Firms on Muni Pay-to-Play Rules

While sources are wallowing in the exposure of a political figure in a "pay to play" scandal, I thought there might be some lessons for other investment managers as states and perhaps the SEC roll out limitations on political contributions. The original story seemed mildly interesting...

This Week in Securities Litigation (March 26, 2010)

Thomas O Gorman, Partner, Porter, Wright, Morris & Arthur The market crisis, past enforcement failures, insider trading and the FCPA dominated securities litigation this week. In the wake of the report on the collapse of Lehman, not surprisingly there are calls for a criminal investigation...

Galleon Management Pleadings and Briefs

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 LP with perpetrating a massive insider trading...

This Week in Securities Litigation (April 16, 2010)

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 New York state pension fund and another investment...

This Week in Securities Litigation (April 30, 2010)

This week, the Supreme Court handed down its decision in Merck on the statute of limitations in securities fraud damages actions. Nevertheless, the spotlight remains on Goldman and the SEC's case against the firm. Congressional hearings were held. The SEC received a letter requesting information...

This Week in Securities Litigation (June 25, 2010)

The Supreme Court handed down two significant rulings as the week came to a close. In one, it rejected constitutional challenges to the honest services fraud statute which is frequently used in white collar prosecutions. In a second, the High Court rejected the Second Circuit's so-called "foreign...