The battle lines have been drawn over the proposed settlement in the SEC's action against Citigroup Global Markets, Inc. SEC v. Citigroup Global Markets, Inc., Civil Action No. 1:11-cv-07387 (S.D.N.Y.) ( here ). Judge Rakoff entered an order posing... Read More
The future of securities class actions may hinge on the decision of the Supreme Court in Halliburton Co. V. Erica P. John Fund, Inc., No. 13-317 which is expected to be handed down by the end of the current term on June 30, 2014 ( here ) [ lexis.com subscribers... Read More
The SEC and Judge Rakoff are squaring off in what can only be viewed as a very high stakes game of poker. At the center of the battle is the question of whether Judge Rakoff acted within his discretion in refusing to enter the settlement the Commission... Read More
In what the FCPA Blog termed a day of making history "for the most companies to simultaneously settle FCPA-related violations, [the] Global logistics firm Panalpina and five of its oil-and-gas services customers resolved charges with the DOJ and... Read More
Today, in what the FCPA Blog called "making FCPA history", the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) announced the agreement by the Global logistics firm Panalpina and the energy companies Shell, Transocean... Read More
Securities class actions settlements reached a 14 year low last year in terms of the number of cases resolved, according to a new report from Cornerstone Research ( here ). Nevertheless, the total dollars paid in those settlements more than doubled... Read More
Two cases in recent months have peered into the SEC's normally opaque charging and settlement processes and raised disturbing questions. Bank of America , resolved earlier this year took repeated hearings to secure approval of the SEC's settlement... Read More
The SEC's long established settlement practice of resolving enforcement actions without requiring an admission of liability - that is, on a neither admit nor deny basis - came under scrutiny again last week. On May 17, 2012 a House Committee held... Read More