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 with the Bank. The case was
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, Tidewater, Noble and Pride International...
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 SEC, and another customer settled with the
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 a series of questions to the parties ( here ...
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 negotiated with Citigroup
Global Markets, Inc...
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 hearings on the question. Earlier
in the week...
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
compared to the prior year. In 2012 the total amount...
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 may access Supreme Court briefs for this...