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Litigation

The Week in Securities Litigation: Galleon Defendants Sentenced; SEC Files, Settles Cases

 

This week three Galleon related defendants were sentenced to prison for insider trading, including Raji Rajaratnam. The Commission filed another significant market crisis case naming the senior officers of a failed bank as defendants. The Commission also filed a settled insider trading case, an action against two exchanges and two investment fraud actions.

The SEC also settled an FCPA administrative proceeding against a valve manufacturer who made improper payments in China. The payments were discovered by the company while implementing FCPA procedures and then investigated and reported to the staff. The company and its local manager were sanctioned.

Finally, the Commission continued to implement Dodd-Frank this week. Draft rules were issued for comment on the Volker Rule and securities-based swaps.

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For more cutting edge commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.

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