Litigation

Recent Posts

The Week in Securities Litigation: White Testifies At Confirmation Hearing, SEC Brings Another Action
Posted on 18 Mar 2013 by Thomas O. Gorman

Mary Jo White, selected by the President as the next Chairman of the SEC, testified in her confirmation hearings before a Senate Committee {last] week. Ms. White promised the Committee that under her the agency would complete rule making for Dodd-Frank... Read More

Securities Litigation This Week: U.S., UK Courts hand Down Sentences For Securities Fraud
Posted on 26 Aug 2011 by Thomas O. Gorman

The price of gold continues to spiral upward this week while the European banking crisis continued. As the crisis has unfolded European regulators took steps to preclude the short sale of shares in financial institutions. At the same time FINRA issued... 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

The Week In Securities Litigation: SEC Focuses On Insider Trading, PCAOB Settles Action, Ashland Rulings
Posted on 5 Aug 2011 by Thomas O. Gorman

The Commission took the unprecedented of dismissing the insider trading action against former Goldman Sach director Rajat Gupta, noting that he challenged the administrative proceeding in district court. The SEC reserved the right to file a federal court... Read More

The Week In Securities Litigation: FCPA A Focus, SEC Prevails In Court
Posted on 4 May 2013 by Thomas O. Gorman

The FCPA continued to be a focus this week. Another Alstrom executive was added to a pending criminal prosecution in a superseding indictment charging FCPA violations and money laundering. In court the Commission prevailed in the D.C. Circuit as well... 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 Files 2 Additional Market Crisis Cases
Posted on 9 Aug 2013 by Thomas O. Gorman

The Commission filed two additional market crisis cases this week. One named Bank of America as a defendant. The other charged UBS Securities. The SEC also filed an insider trading action against two close friends and cases charging manipulation, breach... Read More

New York Federal Judge Rejects Settlement Of Citigroup Market Crisis Case
Posted on 1 Dec 2011 by Thomas O. Gorman

"But the S.E.C., of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if it fails to do so, the Court must not, in the name of deference or convenience, grant judicial enforcement to the agency's... Read More

The Week In Securities Litigation: SEC Settles Going Private Transaction Fraud Action
Posted on 14 Jun 2013 by Thomas O. Gorman

The Commission filed a settled action alleging fraud in connection with a going private transaction based on Exchange Act Section 13(e). The agency also brought its first action penalizing an exchange for regulatory filings this week. The SEC also added... Read More

The Week in Securities Litigation: International A Key Theme; Insider Trading A Continued Focus
Posted on 11 May 2012 by Thomas O. Gorman

International was a key theme this week. The Commission brought another action against the Shanghai affiliate of an international accounting firm based on its failure to produce work papers from an audit of a Chinese issuer and a proceeding against two... Read More

The Week In Securities Litigation: Record Payments, Potentially Significant MOU
Posted on 2 Jun 2013 by Thomas O. Gorman

Record payments and a potentially significant MOU were the focus in securities enforcement litigation this week. French oil and gas giant Total paid the DOJ and the SEC $398 million to settle FCPA charges, the fourth largest sum paid in settlement of... Read More

2 Actions Target Lucrative Insider Trading Cases
Posted on 24 Nov 2012 by Thomas O. Gorman

Just when it appeared that the expert network insider trading investigations had come to an end with convictions and guilty pleas, the Manhattan U.S. Attorney's Office and the SEC announced the filing of what may be the most lucrative of insider trading... Read More

The Week In Securities Litigation: SEC Files Another Insider Trading Case, Fraud Action
Posted on 22 Feb 2013 by Thomas O. Gorman

The Commission filed another "suspicious trading" insider trading case this week. The action centers on the highly publicized acquisition of H.J. Heinz Co . In recently filed court papers the Commission has identified the unknown trader as a... Read More

The Week In Securities Litigation: SEC Seeks Budget Hike, Brings 2 New Actions
Posted on 10 May 2013 by Thomas O. Gorman

The focus this week was on the proposed SEC budget as new SEC Chair Mary Jo White told a House subcommittee that the agency needs about a 26% increase. Part of the additional funding is to hire almost 700 new staff members. SEC enforcement, in conjunction... Read More

The Week in Securities Litigation: Stiffened Sentences For Insider Trading, Securities Fraud
Posted on 20 Apr 2012 by Thomas O. Gorman

Congress heard testimony about the new approach the Commission is implementing to economic analysis in rule making from SEC Chairman Mary Schapiro this week. That approach focuses on the early and continued involvement of staff economists throughout the... Read More