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The Week In Securities Litigation: A New Direction For Securities Enforcement Actions?

Changes at the top of the SEC and the DOJ's criminal division may signal a new direction for securities enforcement actions. Former U.S. Attorney Mary Jo White was nominated by the President to be SEC Chairman. At the same time Lanny Breuer, Assistant Attorney General in charge of DOJ's Criminal...

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...

The Week In Securities Litigation: Mary Jo White Becomes 31st Chairman Of SEC

Mary Jo White became the thirty-first chairman of the SEC this week. Ms. White take the helm of an agency at a cross-roads. While it has made great strides since the beginning of the financial crisis and a series of scandals many have questioned the vigor of its enforcement program. The agency also faces...

The Week In Securities Litigation: $600 Million Insider Trading Settlement Reached

The Second Circuit's pending decision in the Commission's Citigroup market crisis case continues to loom as Judge Marreno approved the over $600 million insider trading settlement involving SAC Capital - conditioned on the outcome of Citigroup. New Chairman Mary Jo White's former partner...

The Week In Securities Litigation: SEC Seeks Budget Hike, Brings 2 New Actions

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 with the Manhattan U. S. Attorney's Office...

The Week in Securities Litigation: Companies With China-Based Operations Were SEC Focus

Companies with China based operations were a focus this week for the SEC. The Commission filed two financial fraud actions against companies whose operations were in the PRC. In one there seemed to be virtually no operations while in the other two sets of books were used to falsify revenue while proceeds...

The Week In Securities Litigation: SEC Announces Modified Settlement Policy For Select Enforcement Actions

Commission Chair Mary Jo White announced a modified settlement policy for select enforcement actions. While most cases will be settled on a neither admit nor deny basis, the category of actions in which admissions will be required will be expanded. Currently only those actions where the defendant made...