LexisNexis® Legal Newsroom
New Preemption Exceptions May Broaden State Consumer Protection Law Enforcement

By Oluwaseun O. Ajayi and Kendra C. Kinnaird Stepped-up enforcement of state consumer protection laws in the field of home mortgage lending is inevitable for all types of lenders, including those with federal charters. Federal banks and thrifts, long accustomed to preemption, must plan to comply with...

Interview With Stanford Law Professor Joseph Grundfest About The State Of Securities Class Action Litigation

Every year, the Stanford Law School Securities Class Action Clearinghouse , in conjunction with Cornerstone Research , releases its annual overview of securities class action lawsuit flings. As I noted in a post last week, this year's version introduced a number of innovations and reflected a host...

Thomas O. Gorman: This Week In Securities Litigation (April 1, 2011)

In the week ending with "April Fools Day," the Commission continued to issue proposed regulations to implement the Dodd-Frank Wall Street and Consumer Protection Act. SEC Enforcement focused on investment fund fraud actions, filing or resolving seven cases. The Commission also brought a significant...

Thomas O. Gorman On This Week In Securities Litigation - April 29

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 significantly impact the class certification process...

Lawsuits Following In The Wake of 'Say On Pay' Resolutions

One of the many changes introduced by the Dodd-Frank Act was the requirement for a shareholder vote to approve executive compensation. Under the Act's provisions, the vote is not binding on the company or its board, but is purely advisory. Nevertheless, companies whose shareholders vote against their...

Thomas O. Gorman On This Week In Securities Litigation (May 20, 2011)

This week SEC Enforcement continued to implement its new cooperation initiatives, moving forward from the spectacle of the Stanford testimony last week and the past. The Commission executed its first deferred prosecution agreement. The fact that it resolved an FCPA case, an area in which the agency has...

Word Of The Year For Securities Litigation: 'Whistleblower'

A number of different organizations generate annual publicity for themselves by designating a word (or words) of the year . We are not yet half way through 2011 but I am already prepared to propose my own candidate for this year's word of the year - the word is "whistleblower." From the...

Thomas O. Gorman On This Week In Securities Litigation (May 27, 2011)

The Commission issued it controversial new Dodd-Frank whistleblower rules by a 3 to 2 vote this week. Many critics claim the rules will undermine corporate compliance programs. Insider trading is the key theme this week. Insider trading on Capitol Hill with a Senator sending a request to the SEC regarding...

Gibson Dunn Forms Team To Counsel Clients On New Whistleblower Regulations

WASHINGTON, D.C. - Gibson, Dunn & Crutcher LLP has formed a multidisciplinary Whistleblower Team to offer experienced, comprehensive counsel on the full range of issues that arise under the Securities and Exchange Commission's (SEC) final whistleblower rules under the Dodd-Frank Wall Street Reform...

The Week In Securities Litigation: SEC Continues Implementing Dodd-Frank

The SEC continued implementing Dodd-Frank this week. New rules were issued regarding hedge fund registration and exemptions. SEC enforcement resolved two significant market crisis cases this week. In one the agency filed a settled action against J.P. Morgan Securities regarding the sale of interests...

Federal Reserve Board Approves Debit Card Interchange Rules

WASHINGTON, D.C. - (Mealey's) The Federal Reserve Board on June 29 approved a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. ...

Derrick D. Cephas Joins Weil To Lead Financial Institutions Regulatory Group

NEW YORK - International law firm Weil, Gotshal & Manges has announced that Derrick D. Cephas has joined the New York office to lead the Financial Institutions Regulatory practice group. Cephas joins Weil from Amalgamated Bank, where he served as president and chief executive officer. Before joining...

The Week In Securities Litigation: SEC Actions, Diago Plc, FINRA Investor Warning

The SEC entered into an agreement with the Capital Turkey Securities Regulator this week calling for mutual cooperation in a number of areas including enforcement. The Commission also continued implementing Dodd-Frank, issuing additional rules concerning large traders, asset backed securities and short...

Ohio Federal Judge Denies Motion To Dismiss Shareholder 'Say On Pay' Lawsuit

Only small a small number of companies experienced a negative "say on pay" vote this past proxy season, but many of the companies that did found themselves hit with a shareholder lawsuit in the wake of the negative vote. Cincinnati Bell is one of the companies that with both a negative vote...

Littler Mendelson Reports Uptick In Whistleblower Matters And Formalizes Practice Group

BOSTON - Littler Mendelson P.C. , the nation's largest employment and labor law firm representing management, reports a 25 percent increase in the number of whistleblower and retaliation claims the firm has handled between 2009 and 2011 as a result of changing regulations stemming from the Dodd-Frank...

The Week in Securities Litigation: Galleon Defendants Sentenced; SEC Files, Settles Cases

This week three Galleon related defendants were sentenced to prison for insider trading, including Raji Rajaratnam. The Commission filed another significant market crisis case naming the senior officers of a failed bank as defendants. The Commission also filed a settled insider trading case, an action...

The Week In Securities Litigation: Insider Trading, Dodd-Frank Asset Valuations, Old Scandals Dominate

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 hedge fund industry. These cases however look more...

Securities Class Action Litigation Follows LIBOR Scandal

At the PLUS D&O Symposium in New York this past March, I participated on a panel entitled, "Financial Institutions Underwriting: Is it Safe to Come Out Yet?" The implication of the panel topic was that perhaps with the passage of the credit crisis, financial institutions might not be as...

Lawsuit Filing Seeks To Overturn SEC Rules Over 'Conflict Minerals'

The National Association of Manufacturers and the US Chamber of Commerce have filed a lawsuit with the goal of reversing the SEC rules implemented in August, under the Dodd-Frank Act of 2011, requiring disclosure of "conflict minerals." The rules go into effect in 2014. Dodd-Frank enacted...

The Week In Securities Litigation: SEC Targets Chinese Affiliates of Major Audit Firms, Market Professionals

Chinese affiliates of major audit firms and market professionals were the focus of securities enforcement litigation this week. Five PRC based affiliates of major international accounting firms were named as Respondents in an administrative proceeding the Commission directed be filed under Rule 102(e...

Whistleblower Update 2013 — What You Need To Know — Complimentary CLE Webinar

Recent amendments to a number of whistleblower laws and the passage of the Dodd-Frank Act have made maintaining a whistleblower claim easier for employees in many cases. On February 13, 2013, at 2 P.M. ET , LexisNexis® presents Whistleblower Update 2013: Complying With an Evolving, Growing &...

The Week In Securities Litigation: SEC, CFTC Chairmen Testify; 2 Sentenced To Long Prison Terms

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 jailed Ponzi schemer Allen Stanford were sentenced...

The Week In Securities Litigation: 2 High Profile Enforcement Insider Trading Cases In The News

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 also in the news. In one the court rejected a motion...

The Week in Securities Litigation: White Testifies At Confirmation Hearing, SEC Brings Another Action

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 and the JOBS Act. The enforcement program would...

DLA Piper: Expect Greater SEC Scrutiny Of Activist Hedge Funds That Share Information Or Collaborate In Advance Of Their Trades

By Perrie Michael Weiner and Patrick Hunnius A recent Wall Street Journal article – “Activist Investors Often Leak Their Plans to a Favored Few” – focused attention on “activist” investors and stock analysts who (as part of their bullish or bearish campaigns for...