The SEC filed a settled administrative proceeding charging a former head of investor relations with violating Regulation FD. The Commission elected not to charge the company, however, based on its culture of compliance and cooperation. In the Matter of...
The U.S. Chamber of Commerce published a report containing a series of recommendations regarding the SEC’s Enforcement program. Several recommendations focused on the use of administrative proceedings, including one which would permit a Respondent...
The Commission prevailed on summary judgment in an action against a broker which alleged he misappropriated client funds. The agency also filed actions centered on: an audit failure; the EB-5 immigration program; undisclosed conflicts; a failure to have...
The Commission announced its largest whistleblower action this week – an award to a person overseas of over $30 million.
The agency also filed a series of actions this week. They included three insider trading case, two as administrative proceedings;...
The Commission recently filed an amicus brief defending its Dodd-Frank whistleblower rules. Those rules specify that the anti-retaliation provisions of those amendments to the Exchange Act protect those who chose not to report to the Commission but only...
In a April 26, 2010 opinion ( here ) that could have
significant implications for motions to dismiss in the many subprime-related securities
actions pending against the rating agencies, Southern District of New York Judge
Schira Scheindlin rejected...
The New York Attorney General added Martin Act securities
fraud claims and other charges to a whistleblower complaint in taking over a
suit against Bank of New York Mellon. The complaint centers on claims that the
bank made almost $2 billion in revenues...
The President announced a new financial fraud task force
focused on the root causes of the financial crisis in his State of the Union
Address to Congress. The new task force is composed of DOJ and state
prosecutors. It is charged with investigating...
WASHINGTON, D.C. - (Mealey's) A shareholder plaintiff and
a pharmaceutical company debated in front of the U.S. Supreme Court on Nov. 5 whether
a securities lawsuit may proceed as a class action even if the plaintiff is
unable to plead materiality...
The Madoff and Stanford debacles seems to never fade away
for the Commission. Madoff of course is in prison but the litigation goes on.
The failures of the Commission and others such as FINRA continue to linger. The
Stanford case appears to be finally...
The New York AG may have launched a new trend this week. Using the Martin Act, he filed a settled action against the largest coal producer in the nation alleging false statements regarding the firm’s ability to project the impact of climate change...
The SEC prevailed in an appeal of a financial fraud action. SEC v. Monterosso, Nos. 13-10341, 13-10342, 13-10464 (11 th Cir. Opinion June 30, 2014) [ an enhanced version of this opinion is available to lexis.com subscribers ]. A key issue in the case...
Recently, in Absolute Activist Value Master Fund
Limited v. Ficeto , Docket No. 11-0221-cv, 2012 U.S. App. LEXIS 4258 (2d
Cir. Mar. 1, 2012) [ an enhanced version of this opinion is available to lexis.com subscribers
/ unenhanced version available from...
The SEC has a busy week as the government, filing nineteen enforcement actions. Three of those cases were financial fraud actions, perhaps suggesting that the new financial fraud task force is starting to ramp-up. Four were insider trading actions, long...
The Supreme Court handed down the Omnicare decision on Securities Act Section 11 liability for opinion statements this week. In a judgment joined by all nine Justices the Court reversed the Sixth Circuit, concluding that opinion statements in a registration...