Litigation

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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

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

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

The Week In Securities Litigation: First Co-Directors Of SEC's Enforcement Division Take The Helm
Posted on 28 Apr 2013 by Thomas O. Gorman

George Canellos and Andrew Ceresney, two former colleagues in the Manhattan U.S. Attorney's Office, became the first Co-Directors of the SEC's Enforcement Division. The Division also secured a ruling this week which will permit its subpoena... Read More

The Week In Securities Litigation: SEC Heading For Record Year Of Settled Enforcement Actions
Posted on 7 Jul 2012 by Thomas O. Gorman

The SEC is heading for a record year in terms of the number of settled enforcement actions according to a new report by NERA. The Commission also lost its bid to compel SIPIC to provide coverage for those who purchased CDs from the off-shore bank operated... Read More

The Week In Securities Litigation: SEC Brings Action Against 8 Fund Directors, 2 Actions Focused On Chinese Issues
Posted on 14 Dec 2012 by Thomas O. Gorman

The SEC brought an action against eight fund directors, six of whom were independent and members of the audit committee, alleging that they caused material misstatements in the valuation of fund assets by failing to implement proper standards. The agency... Read More

SEC Files 2 More Settled Insider Trading Actions
Posted on 27 Jan 2012 by Thomas O. Gorman

After resolving insider trading charges against Diamondback Capital in the Dell insider trading cases, the Commission filed two more settled insider trading actions. SEC v. Shafer, Civ. Action No. 1:12-CV-00062 (S.D. Ohio Filed Jan. 24, 2012); SEC v.... Read More