An insurance broker's settlement of claims for
disgorgement of undisclosed contingent commissions does not represent covered
loss under a combined lines professional liability insurance policy, according
to a December 3, 2010 decision of the Illinois...
Don't write emails so provocative that they
wind up reproduced on the front page of the Wall Street Journal.
With many fund managers having to register under the
Investment Advisers Act, they will now be subject to more extensive
First, there were two sisters and their husbands. The
couples used inside information transmitted across the globe to trade and
profit illegally ( here ). Then,
there were two brothers-in-law who used inside information to trade and reap
Theodore W. Urban ,
Exchange Act Rel. 63456, December 7, 2010
The Commissions chief administrative law judge dismissed proceedings against
Urban in this
initial decision . In her decision Judge Murray found that no sanctions were
In insider trading investigations the focus is shifting
at least momentarily from hedge funds and their expert networks to family
cases. Last week, two sisters teamed up to use inside information obtained by
one husband as the basis for securities...
The hard work has begun as federal regulators are trying
to implement the provisions of Dodd-Frank .
The law pushed lots of the detail out to the agencies so there are lots of
One of the hot button issues was what to do with...
In the wake of Pfizer's record-setting September
billion settlement of charges that it had engaged in off-label marketing of
Bextra and other drugs,
Pfizer investors filed shareholders derivative lawsuits against the
company, as nominal...
Securities, Corp., Craig M. Biddick , Exchange Act Rel. 63453, December 7,
Time since appeal filed - 8 months 6 days
Time since last brief - 4 months 26 days
FINRA found that Mission and Biddick, a rep at the firm converted...
On November 30, 2010, the Department of Labor (DOL) proposed new regulations requiring plan fiduciaries to provide enhanced disclosures about target date funds to retirement plan participants directing their own investments. The proposal would also amplify...
While insider trading has been dominating the news, the
Foreign Corrupt Practices Act remains a key focus of securities regulators. The
Department of Justice continued to unwind a years long conspiracy to violate
the FCPA with the guilty plea yesterday...
At what the FCPA
Blog termed "an unprecedented investigation into the Department of
Justice's (DOJ) enforcement of the Foreign Corrupt Practices Act (FCPA)", on
November 30, 2010, at a hearing entitled the " Examining Enforcement...
Among 2010 securities class action lawsuit filing trends
are two phenomena that emerged in the second-half of the year - the flurry of
lawsuits filed against
for-profit education companies and the proliferation of suits
involving companies domiciled...
Here's a tip for potential Foreign
Corrupt Practices Act whistleblowers: travel expenses clearly fall within
A FCPA whistleblower is often
an employee or insider who often times assumes incorrectly that a bribe only
Let's face it. Real progress can't be measured in
seconds, minutes or days. When it comes to diversity of public company boards,
you would be looking at years or decades. If progress is defined as moving
forward to another phase, then U.S....
The Essential Lessons of the "Faithless
Accompanying the various print
media stories this past week about the latest judicial developments
involving jailed former Tyco CEO Dennis Kozlowski was the
iconic photo of Kozlowski draping...
I don't know, but I think Chancellor Chandler isn't all
that impressed with the Supreme Court reversing his decision in the Airgas
case. He sent a letter to the parties yesterday ( Letter
here ) with a number of questions seeking
In a webinar on December 2, 2010, Michael Volkov, partner
in the law firm of Mayer Brown and Ryan Morgan, Sales and Alliance Director of
World Compliance, discussed the implications of the Foreign Corrupt Practices
Act (FCPA) to mergers and acquisition...
At the Taiwan Corporate Governance Association's
Corporate Governance Summit in Taipei on December 3, 2010, Delaware Supreme
Court Justice Randy J. Holland gave the keynote speech entitled " Corporate
Social Responsibility, Shareholders and...
Insider trading continues to dominate securities
enforcement. In the U.S., the Galleon cases are marching toward trial, while
the Manhattan U.S. Attorney rolls up guilty pleas and cooperating witnesses.
The recently revealed insider trading inquiry...
Sutherland Regulatory Reform Task Force Team
The Commodity Futures Trading Commission (CFTC) issued its
sixth series of proposed rules under the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank) at an open meeting held yesterday...
Though it quickly recovered, Bank
of America's share price declined earlier this week on speculation that the
company is the bank whose internal documents WikiLeaks intends to post on the
Internet at some future date. According to news
At the " Examining Enforcement of the
Foreign Corrupt Practices Act " hearings on November 30, 2010, before
the US Senate Judiciary Committee ,
Subcommittee on Crime and Drugs, Michael Volkov presented an interesting idea
which he believes...
Back in 2005, Associate Director Office of Compliance
Inspection and Examinations of the SEC, Gene Gohlke gave a speech addressing
hedge funds who would soon have to register under the doomed hedge fund rule.
He focused on what the funds needed in...
FCPA enforcement has been marked by the aggressive
approach adopted in recent years by The Department of Justice and the SEC. As
Acting Deputy Assistant Attorney General Greg Andres told a Senate Committee
this week "over approximately the last...
For private fund managers, one troubling aspect of Form
ADV had been the calculation of "assets under management" in item 5.F. If
securities are less than 50% of the portfolio then the portfolio would not be a