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What’s Up with HERA’s Statute of Limitations?
On May 4, 2012, the Southern District of New York denied in part, and granted in part UBS’s motion to dismiss the Federal Housing Finance Agency’s (“FHFA”) federal securities and state law...
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Let’s Make a Deal: SEC Settlements with Individuals Spike in 2012
NERA Economic Consulting Group’s June 27, 2012 report shows a 20% increase in SEC settlements with individual defendants for the first half of fiscal 2012. This spike is consistent with the SEC’s...
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Record SEC Settlement in S.A.C. Capital Investigation. Well….Kind Of.
On April 16, 2013, Judge Victor Marrero conditionally approved a $600 million consent judgment between the SEC and CR Intrinsic Investors LLC (“CR”) where CR “neither admitted nor denied” the...
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Concerned About NSA Snooping? Perhaps You Should Be More Concerned About the...
In 2008, Rajat Gupta made a handful of short phone calls to his friend Raj Rajaratnam. The information that Gupta conveyed to Rajaratnam in those phone calls is now likely to cost Gupta millions of...
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The Smack of IndyMac: Second Circuit’s Decision in IndyMac Creates Palpable...
As noted in a previous blog, in Police & Fire Retirement Systems of City of Detroit v. IndyMac MBS, Inc., 721 F.3d 95 (2d Cir. 2013), the Second Circuit held that tolling under American Pipe –...
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Out of Control: SEC Says Lack of Internal Controls Led to HP Paying More Than...
On April 9, 2014, the Securities and Exchange Commission announced that Hewlett-Packard had agreed to pay more than $108 million to settle Foreign Corrupt Practices Act actions brought by the SEC and...
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What’s The Opposite of Rubber Stamping a Settlement? Meet Judge Kane in SEC...
Judge John L. Kane of the United States District Court for the District of Colorado is uninterested in oxymoronic gimmicks, that much is clear. In a fiery April 24, 2014 opinion, Judge Kane rejected...
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Keep Your Unreasonable Opinions to Yourselves: The Supreme Court Hears...
On November 3, 2014, the U.S. Supreme Court held oral argument in Omnicare v. Laborers District Council Construction Industry Pension Fund. As discussed in earlier posts, from March 18, 2014 and July...
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Goodyear Rolls Out $16 M Settlement With SEC, Putting Brakes on FCPA Charges
On February 24, 2015, the SEC announced that it had reached an agreement with Goodyear Tire & Rubber Co. (“Goodyear”) for Goodyear to disgorge more than $16 million to settle FCPA charges stemming...
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FINRA Offers 11.7 Million Reasons To Maintain Adequate Supervisory Controls
As noted previously in this blog, the SEC and other regulatory agencies continue to display an increased interest in the issue of internal and supervisory controls. The Financial Industry Regulatory...
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SEC Awards Third Highest Whistleblower Award to Date
On July 17, 2015, the SEC announced a whistleblower award of over $3 million to a company insider who provided information that “helped the SEC crack a complex fraud.” This payout represents the third...
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D.C. Circuit Court “Tunes In” To SEC Administrative Court Debate
On September 29, 2015, the D.C. Circuit, the second federal appellate court to recently weigh in on the ongoing debate over SEC administrative actions, ruled in favor of the SEC in Jarkesy v. SEC,...
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Investing in the Next “Big Thing” Just Got Easier – SEC Promulgates New...
On October 30, 2015, the United States Securities and Exchange Commission (“SEC”) moved forward in implementing Title III of the JOBS Act and adopted new rules permitting companies to offer and sell...
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Exchanges Prevail in Flash Boys-Inspired Suits
The practice of high frequency trading has been a hot-button issue of late, thanks in part to Michael Lewis’ 2014 book Flash Boys: A Wall Street Revolt, which examines the rise of this phenomenon...
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Mark Cuban Challenges the Referee: the Constitutionality of SEC In-House Courts
After the repeated challenges to the SEC’s in-house courts as previously reported, Mark Cuban joined the debate by filing an amicus curiae brief in support of petitioners Raymond J. Lucia Companies,...
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SEC Chair Warns Silicon Valley That Unicorns Need To Be Watched and Monitored
Speaking last week at the SEC’s and Rock Center’s Silicon Valley Initiative at Stanford Law School, SEC Chair Mary Jo White cautioned Silicon Valley’s start-up companies regarding their potential lack...
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Pro-Golfer Phil Mickelson Pays $1M to SEC to Settle Civil Insider Trading...
On Thursday, May 19, 2016, the U.S. Attorney’s Office for the Southern District of New York announced the arrest of renowned sports bettor William “Billy” T. Walters on an alleged years-long insider...
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Shareholder Derivative Suit Following Data Breach Misses Target
On July 7, 2016, Judge Paul A. Magnuson of the United States District Court for the District of Minnesota granted Defendants’ Motions to Dismiss a shareholder class action that had been initiated...
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SEC Continues to Target Private Equity Firms, Entering Into $52 Million...
On August 23, 2016, the SEC entered into a settlement that reflects a continuation of its recent trend of increasingly active pursuit of private equity firms, particularly for failing to disclose...
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It’s Hunting Season. For Unicorns? Lawsuit Against Theranos Signals Trend In...
Last week brought more bad news for private blood testing company Theranos Inc., as San Francisco-based Partner Fund Management L.P. (“PFM”) launched a suit claiming that it was duped into making a...
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