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
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
Insider trading continues to be the focus as the first quarter of the year came to a close. The SEC and the Manhattan U.S. Attorney's Office brought another insider trading case against an SAC Capital official. More unidentified traders were identified... Read More
As the jury considers the fate of Raja Rajaratnam in the largest insider trading case brought in years, the Commission continued to implement Dodd-Frank, issuing more proposed rules. The Supreme Court heard oral argument this week in a case which may... Read More
On June 18, 2012, in an opinion written by Justice Samuel Alito for a 5-4 majority, the U.S. Supreme Court held that pharmaceutical sales representatives are not entitled to overtime pay. The question before the Court was whether or not the sales reps... Read More
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
Securities class action lawsuit filings “remained at depressed levels” during the first half of 2013 according to the latest report from Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse. The report, entitled... Read More
During the first quarter of 2013, new corporate and securities lawsuits and regulatory enforcement actions increased slightly compared to the fourth quarter of 2012 but remained well below annual averages over the last two years, according to a new report... Read More
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
In the wake of JPMorgan Chase's startling news last week of its $2 billion trading loss, and of the equaling startling statements of Jamie DImon, the bank's CEO, that the losing trades were, among other things, "flawed, complex, poorly reviewed... Read More
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
WHITEHOUSE STATION, N.J. - (Mealey's) Merck and Co. Inc. will pay $688 million to settle two securities class action lawsuits filed in New Jersey federal court alleging that the drug maker and others failed to disclose adverse results of a clinical... Read More
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
NEW YORK - (Mealey's) E*TRADE Financial Corp. has agreed to a $79 million settlement with investors to settle claims that it misrepresented the risk associated with its investment in subprime mortgage-backed securities in violation of federal securities... Read More
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