Litigation

Recent Posts

SEC Prevails In Lawsuit Challenging Conflict Mineral Rules
Posted on 22 Aug 2013 by Thomas O. Gorman

The Commission prevailed in a dispute challenging its conflict minerals rules brought by business groups, a seemingly rare event in view of recent rulings against the agency by the D.C. Circuit on such issues. The rules were those enacted under Section... Read More

The Week In Securities Litigation: SEC Brings Another Insider Trading Action
Posted on 27 Jul 2012 by Thomas O. Gorman

SEC enforcement brought another insider trading action this week in addition to a case alleging a manipulation, one claiming violations of Regulation M, Rule 105 and one alleging a failure to supervise. The Manhattan U.S. Attorney's Office secured... Read More

The Week In Securities Litigation: Insider Trading, Dodd-Frank Asset Valuations, Old Scandals Dominate
Posted on 20 Jan 2012 by Thomas O. Gorman

Insider trading, implementing Dodd-Frank, asset valuations and old scandals dominated the securities enforcement litigation this week. The U.S. Attorney's Office in Manhattan and the SEC brought more high profile insider trading cases focused on the... Read More

2nd Circuit Rules FINRA Cannot File Lawsuit In Federal Court To Collect Fines
Posted on 18 Oct 2011 by Thomas O. Gorman

FINRA has no authority to bring an action in federal court to collect fines it imposes on members according to the Second Circuit Court of Appeals. Likewise, a rule the SRO issued over two decades ago under which it claimed such authority is invalid.... Read More

The Week In Securities Litigation: Insider Trading Continues To Be The Focus
Posted on 3 Apr 2013 by Thomas O. Gorman

Insider trading continues to be the focus as the first quarter of the year came to a close. The SEC and the Manhattan U.S. Attorney's Office brought another insider trading case against an SAC Capital official. More unidentified traders were identified... Read More

Thomas O. Gorman On This Week In Securities Litigation - April 29
Posted on 29 Apr 2011 by Thomas O. Gorman

As the jury considers the fate of Raja Rajaratnam in the largest insider trading case brought in years, the Commission continued to implement Dodd-Frank, issuing more proposed rules. The Supreme Court heard oral argument this week in a case which may... Read More

This Week In Securities Litigation (December 17, 2010)
Posted on 17 Dec 2010 by Thomas O. Gorman

The insider trading investigation being conducted by the Manhattan U.S. Attorney's Office again dominated events as the week ended. The inquiry spawned more charges and more guilty pleas and promises additional cases in the future. The Commission... Read More

The Week In Securities Litigation: Canellos, Burger Appointed; Peregrine Founder Sentenced
Posted on 3 Feb 2013 by Thomas O. Gorman

George Canellos and David Burger were appointed, respectively, the Acting Director and Acting Deputy Director of the SEC's Division of Enforcement this week. The Division brought two insider trading cases this week as well as a case alleging fraudulent... Read More

The Week In Securities Litigation: 2 High Profile Enforcement Insider Trading Cases In The News
Posted on 9 Mar 2013 by Thomas O. Gorman

In Congress this week, a bipartisan bill was introduced to roll back part of the Dodd-Frank legislation related to swaps. It would expanded the swaps trading permitted by federally insured banks. Two high profile enforcement insider trading actions were... Read More

The Week In Securities Litigation: Securities Enforcement Focus Continues To Be SAC Capital
Posted on 24 May 2013 by Thomas O. Gorman

The focus this week in securities enforcement continues to be SAC Capital. The firm's owner received a grand jury subpoena in the on-going criminal and civil insider trading investigations being conducted by the Manhattan U.S. Attorney's Office... Read More

The Week in Securities Litigation: Criminal Charges Filed For Financial Fraud, SEC Actions
Posted on 1 Oct 2011 by Thomas O. Gorman

Current market volatility was addressed this week when the Commission announced that the exchanges and FINRA would be filing updated circuit breaker rules. In addition, the staff issued an Alert regarding the use of sub-accounts in market manipulations... Read More

The Week In Securities Litigation: SEC Begins Trial In Action Against Former Goldman Sachs Employee
Posted on 19 Jul 2013 by Thomas O. Gorman

The Commission began trial in its action against former Goldman Sachs employee Fabrice Tourre. The case centers on the market crisis action the SEC previously resolved with his former employer. The stakes are high in this case with significant media coverage... Read More

The Week in Securities Litigation: SAC Capital, Insider Trading And Facebook Dominate
Posted on 6 Apr 2013 by LexisNexis Litigation Resource Community Staff

Speculation about SAC Capital and Steve Cohen, insider trading and Facebook dominated securities enforcement litigation this week. Although SAC Capital has tentatively resolved matters for the moment with enforcement officials, a ruling in private litigation... Read More

Cornerstone Research Report Highlights Trends In Securities Class Actions
Posted on 2 Aug 2011 by Thomas O. Gorman

The number federal securities class action suits filed in the first half of 2011 decreased compared to the second half of 2010. At the same time however the number of cases filed increased compared to the first half of 2010, according to a new report... Read More

The Week in Securities Litigation: SEC Makes 3 Unusual Moves
Posted on 17 Dec 2011 by Thomas O. Gorman

The SEC took three unusual steps this week. First, in a high stakes move, the agency appealed the refusal of Judge Rakoff to approve its proposed settlement in a market crisis case with Citigroup. A loss in the Second Circuit could substantially injure... Read More