Litigation

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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

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

The Week in Securities Litigation: 2 Split Decisions For The SEC, Another Galleon-Related Insider Trading Case Brought
Posted on 18 Feb 2012 by Thomas O. Gorman

Budgets were a key topic this week. The President proposed one which would increase the SEC's funding. The agency also proposed a budget for FY 2013 which would increase the size of the Enforcement Division by adding 191 positions. In Court the... Read More

Lessons From 2 SEC Losses In Court
Posted on 19 Jan 2011 by Thomas O. Gorman

Financial fraud and insider trading have long been priorities for SEC enforcement. Years of enforcement experience should give the agency expertise in these matters. That expertise coupled, with a judicious use of prosecutorial discretion, and a recognition... 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: Scandal Surfaces Again At The SEC
Posted on 23 Sep 2011 by Thomas O. Gorman

Scandal surfaced again at the SEC this week. The SEC IG referred a matter involving the former general counsel of the agency to the DOJ. The matter centers on conflicts arising out of his handling of the Madoff clawback claims for the Commission. That... Read More

Thomas O. Gorman On This Week in Securities Litigation
Posted on 23 Apr 2011 by Thomas O. Gorman

As the Galleon insider trading trial draws to a close and the Lindsey FCPA trial moved forward in the Central District of California, one of the few senior executives charged in a market crisis case was found guilty by a jury after a ten day trial. SEC... 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

Thomas O. Gorman Covers This Week In Securities Litigation
Posted on 8 Apr 2011 by Thomas O. Gorman

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... Read More

The Week in Securities Litigation: Rogue Trader, SEC Expands Market Crisis Probe
Posted on 16 Sep 2011 by Thomas O. Gorman

As the week drew to a close reports surfaced of a rogue trader who had run up $2 billion in trading losses at UBS in London while the SEC reportedly is expanding its market crisis probe. At the same time Congress heard testimony from SEC Chairman Mary... Read More

SEC, USAO Bring Insider Trading Charges Against 7 Individuals
Posted on 24 Nov 2012 by Thomas O. Gorman

T he SEC and the U.S. Attorney's Office, New Jersey, brought civil and criminal insider trading charges against, respectively, six and seven individuals based on a five year insider trading ring that garnered over $1.4 million in illegal profits.... Read More

Thomas O. Gorman On This Week in Securities Litigation -May 13, 2011
Posted on 13 May 2011 by Thomas O. Gorman

The war on insider trading by the Manhattan U.S. Attorney was propelled forward this week with the conviction of Galleon hedge fund founder Raj Rajaratnam on all fourteen counts. At the same time another defendant in the expert network investigation pleaded... Read More

The Week In Securities Litigation: SEC Settles 2 Insider Trading Cases
Posted on 22 Mar 2013 by Thomas O. Gorman

The SEC settled two insider trading cases this week in which S.A.C. Capital was named as a relief defendant. In one it obtained the largest payment to date in an insider trading case, about $600 million. Reportedly S.A.C. Capital will fund the settlement... Read More