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This week the Commission announced three victories in court and filed four new civil injunctive actions. At the same time long simmering matters moved forward. Reuters reports that the new DOJ task force, created in the wake of the President's state of the union address, is "casting a wide net" focused on the much investigated market crisis. Subpoenas issued to large banks supposedly overlap and expand on earlier ones issued by the SEC and the DOJ.
Two long running FCPA matters also inched forward. The Second Circuit Court of Appeals directed the government to respond to the petition of handbag maker Frederic Bourke requesting that his appeal be reheard by the full Court. The Court's order suggests Mr. Bourke may win an opportunity for rehearing since the order is the first step.
Similarly, corruption issues involving Aluminum Bahrain BSC and Alcoa continued to percolate. A long running suit by BSC asserting RICO claims but tied to alleged FCPA violations centered on allegations that the company was victimized by bribery and fraud is moving forward. Until recently it was stayed at the request of the DOJ which is investigating possible FCPA violations. Now BCS faces a motion to dismiss its claims. Regardless, of the ruling the DOJ and the U.K.'s SFO are interested. The DOJ is reportedly evaluating the possible FCPA violations. The SFO has brought charges against a former official of each company.
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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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