On Capital Hill, the debate
continues regarding financial reform, as CFTC Chairman Gary Gensler continued
to champion new regulation for OTC derivatives. The SEC brought another case in
its on-going investigation regarding kickbacks relating to the...
I was only away from the office for
a few days last week, but while I was away, an absolute cascade of dismissal
motion rulings in subprime and credit crisis-related securities cases arrived.
A number of the rulings were sufficiently favorable to the...
The recession has lessened and all that cash your Company has been hoarding for the rainy days of the Obama years is burning a whole in your CEO’s pocket. He has his powder dry and is ready to make a big bang by going on a buying spree, targeting...
Tfoxlaw is an avid baseball fan. As a child, he was taught how to keep score at professional baseball games by his Grandfather. This had two effects. The first was immediate; it kept him quiet at ballgames. The second is more long term; he continues to...
In a 2008
speech to the Texas General Counsel Forum, former United States Deputy Attorney
General Paul McNulty provided his perspective on Foreign Corrupt Practices Act (FCPA)
compliance investigations and the Department of Justice (DOJ) enforcement...
What does Robert Kennedy have to do with the Foreign Corrupt Practices and how has a nearly 50 year old statute aimed at US based organized crime now impacted the FCPA? It turns out quite a bit and perhaps it will be quite a bit more in significantly...
From the SEC's press release alleging
that a former director at UBS shared inside information via "coded" e-mails
with college friends:
thought it was clever to use code words such as frequent flyer miles and
My primary objective on this blog is to address important developments
in with world of directors' and officers' liability as they occur. From time to
time, however, readers contact me with more fundamental questions about
It appears that
the UK Bribery Bill, introduced in March 2009, made it out of Parliament before
the upcoming general election. The Bribery Bill is a significant departure for
the UK in the area of foreign anti-corruption. It is significantly stronger...
Vila v. BVWebTies LLC,
C.A. No. 4308-VCS (Del. Ch. Oct. 1, 2010), read opinion here .
This opinion adds needed depth to the case law on Section
18-802 of the Delaware LLC Act which allows a member of an LLC to seek
by Halle R. Alexander, Bruce H. Giles-Klein, and John
Overdorff of Greenberg Traurig
On May 26, the Securities and Exchange Commission (SEC)
unanimously approved amendments to its Rule 15c2-12 that will expand the
continuing disclosure obligations...
One of the struggles with implementing a compliance
program for a private equity fund is that the Investment Advisers Act is targeted at retail operations
dealing with relatively liquid investments. Neither fits well with the private
equity model of...
There is an ongoing debate in the compliance arena as to
whom a Chief Compliance Officer (CCO) should report. Should the CCO report to
the Board of Directors or appropriate Board committee such as an Audit
Committee or Compliance Committee? Or can...
Periodically, there have been calls to merge the
SEC and the Commodity Futures Trading Commission (CFTC). As the market crisis unfolded, for
example, former Treasury Secretary Henry Paulson proposed reforms which
included merging the SEC and the CFTC...
The FCPA and foreign bribery
continue to be a key focus of DOJ. On Tuesday, a
privately-held U.S. export company along with its founder and one of its
employees pleaded guilty to conspiracy, violations of the FCPA and the Travel
Act and money laundering...
Assistant Attorney General
for the Criminal Division of the U.S. Department of Justice (DOJ), Lanny Breuer
gave the final day's keynote speech at the Compliance Week 2010 Conference .
Many of his remarks were directed at the ethics and compliance...
On September 9, 2010, Chancellor Chandler issued his
much-anticipated post-trial decision in eBay Domestic Holdings, Inc. v.
Newmark, et al ., C.A. No. 3705-CC, which involved a dispute between eBay
and craigslist regarding a poison pill, staggered...
From March Mealey’s Emerging Securities Litigation
NEW YORK — The Tremont Group Holdings Inc. on Jan. 22 moved to consolidate in the U.S. District Court for the Southern District of New York under Judge Sidney Stein all of the actions...
On November 1, 2012, in what is the first lawsuit the FDIC has filed as part of the current bank failure wave against a failed bank's accountants, the FDIC, as receiver for the failed Colonial Bank, has filed an action in the Middle District of Alabama...
In Jones v. Harris
Associates, L.P. , the U.S. Supreme Court last week decided an issue
involving the fiduciary duty of investment advisors. Many legal
scholars have already started to comment on this decision, e.g. here ,
enforcement of the Foreign Corrupt Practices Act (FCPA) be suspended for those
US companies now working in Haiti? This topic has been in discussion for a few
weeks. It began with a statement by Wall Street Journal editorial board member
For over a year an a half, there has been on-going effort
to rejuvenate SEC enforcement. Enforcement has new personnel, new organization
and new initiatives. During this process the SEC's market crisis investigations
have yielded some significant...
Philip Bentley of Kramer Levin Naftalis & Frankel LLP, New York, spoke on February 25, 2009 at the Madoff Litigation Conference, conducted by HB Litigation Conferences in New York City. Mr. Bentley discussed the potential impact of the recent ruling...
WASHINGTON, D.C. - (Mealey's) In what is being called the
largest ever penalty against an exchange, Nasdaq will pay a $10 million penalty
to the Securities and Exchange Commission to settle claims that it violated
federal securities laws as a result...
The baseball season is upon us and the Houston Astros
have opened with their worst start since 1983. At 3-9, things may be looking a
bit bleak for the hometown heroes. However several sportswriters have pointed
out that the 1983 team ended up with...