Litigation

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The Week In Securities Litigation: JP Morgan Settles London Whale Trading Charges
Posted on 20 Sep 2013 by Thomas O. Gorman

The Commission obtained its second settlement under its new policy which requires admissions in select, settling enforcement actions. This time JPMorgan settled books, records and internal control charges stemming from the so-called London Whale trading... Read More

Defendants In Ponzi Scheme To Defraud Investment Clubs To Pay $55 Million
Posted on 25 Apr 2013 by Michael J. Lello

WEST PALM BEACH, Fla. - (Mealey's) A federal judge in Florida on April 24 signed consent orders in which defendants agreed to pay nearly $55 million to end a suit in which the U.S. Commodity Futures Trading Commission (CFTC) alleged that they orchestrated... Read More

The Week In Securities Litigation: SEC, CFTC Chairmen Testify; 2 Sentenced To Long Prison Terms
Posted on 16 Feb 2013 by Thomas O. Gorman

SEC Chairman Elise Walter and CFTC Chairman Gary Gensler testified before a Senate Committee this week, focusing on the implementation of Dodd-Frank. The SEC also approved the budget for the PCAOB. Two former senior executive in the organization of... Read More

The Week In Securities Litigation: SEC Settles 'Suspicious Trading' Insider Trading Action
Posted on 19 Oct 2012 by Thomas O. Gorman

Significant events this week included the proposal by the SEC of additional swaps rules regarding security-based swap dealers and major participants. Enforcement settled a "suspicious trading" insider trading action with a Hong Kong based entity... Read More

The Week In Securities Litigation: Market Crisis Action Goes To Trial
Posted on 13 Oct 2012 by Thomas O. Gorman

Events surrounding the collapse of the first money fund to "break the buck" are being played out in a New York City courtroom on SEC charges that the principles of the fund misrepresented its financial condition in the wake of massive redemption... Read More

The Week In Securities Litigation: SAC Capital, Steven Cohen Focus Of Enforcement Litigation
Posted on 26 Jul 2013 by Thomas O. Gorman

SAC Capital and Steven Cohen were the focus of securities enforcement litigation this week. Criminal wire and securities fraud charges were brought against the four primary entities that make up SAC Capital. Civil failure to supervise charges were brought... Read More

The Week in Securities Litigation: Martoma Enters Not Guilty Plea In Insider Trading Case
Posted on 8 Jan 2013 by Thomas O. Gorman

In this holiday shortened first week of the year, one of the most significant current cases moved forward with the entry of a not guilty plea by Mathew Martoma to insider trading charges. Mr. Martoma is the latest person charged in the on-going insider... Read More

The Week in Securities Litigation: SEC Says Enforcement Program Remains Vibrant
Posted on 16 Nov 2012 by Thomas O. Gorman

The Commission announced that its enforcement program remains vibrant, having filed just one less action last year that its record setting 735 actions in the prior fiscal year. The enforcement program is being bolstered by over 3,000 whistleblower complaints... Read More

The Week In Securities Litigation: Focus On White Collar Criminal Securities Cases
Posted on 27 Oct 2012 by Thomas O. Gorman

The focus this week was on white collar criminal securities cases. First, Rajat Gjupta, the former Goldman Sachs director convicted of passing confidential information to former hedge fund mogul Raja Rajartnam was sentenced. Second, Mr. Rajartnam's... Read More

The Week in Securities Litigation: SEC Files Another Reg FD Action
Posted on 15 Sep 2013 by Thomas O. Gorman

The recent NASDAQ outage was a key focus this week. The SEC held a meeting attended by the leaders of the securities and options exchanges, FINRA, DTCC and the Options Clearing Corporation. At its conclusion the SEC Chair gave the participants a homework... Read More

JPMorgan Settles Lawsuit Over Alleged Misuse Of Lehman Funds For $20 Million
Posted on 5 Apr 2012 by LexisNexis Litigation Resource Community Staff

By Michael J. Lello WASHINGTON, D.C. - (Mealey's) JPMorgan Chase Bank NA on April 3 agreed to pay $20 million to settle a U.S. Commodity Futures Trading Commission (CFTC) suit alleging that it mishandled Lehman Brothers Inc. customers' funds... Read More

The Week In Securities Litigation: SEC Files Several Significant Actions, 2 Against Goldman Sachs
Posted on 28 Sep 2012 by Thomas O. Gorman

As the end of the government fiscal year approaches, the Commission filed several significant actions. Two involved Goldman Sachs and a former employee in a pay-to-play scheme centered on political contributions and business in the municipal markets.... Read More

The Week In Securities Litigation: Money Market Funds The SEC Focus
Posted on 8 Jun 2013 by Thomas O. Gorman

Money market funds were the focus this week at the Commission. The agency issued proposed regulations for comment which may revise the operations of the widely used investment vehicles. The action follows a failed effort last year to propose new regulations... Read More

Federal Regulators: Corzine Misused Funds, ‘Responsible’ For MF Global’s Collapse
Posted on 28 Jun 2013 by James Cordrey

NEW YORK — (Mealey’s) The U.S. Commodities Futures Trading Commission (CFTC) on June 27 filed a civil complaint in the U.S. District Court for the Southern District of New York, alleging that Jon S. Corzine, as CEO of bankrupt MF Global Holdings... 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