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Prosecutors concluded their case-in-chief in the Galleon insider trading trial this week. SEC enforcement, in conjunction with the U.S. Attorney's Office in New Jersey, brought an insider trading case against an attorney, a former associate of three prominent law firms, and a professional trader. The Commission also brought actions based on financial fraud and misrepresentations in connection with the sale of CDOs. The Department of Justice brought an FCPA action against another member of in the TSKJ consortium and, along with the SEC, against Comverse Technology. Finally, the number of securities class actions filed last year increased but the average settlement value decreased according to a new PWC report.
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