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You are browsing the archive for October 2008.
Former Heller Chairman Matthew Larrabee Joins Dechert
Matthew Larrabee, the former chairman of now-dissolved Heller Ehrman, is joining Dechert in its San Francisco office, the firm announced today in a press release. Larrabee will join Dechert’s litigation group, and will practice in the areas of white collar criminal defense and and securities litigation.
Class Certified in MRT Holdings Securities Litigation
On October 24, the US District Court for the Southern District of Florida certified a class in the securities litigation against MRT Holdings. The class certified consists of an estimated 600-1,200 investors and is defined as “all purchasers of investment contracts with MRT, LLC or MRT Holdings, LLC who purchased said investment contracts from March [...]
US Chamber’s ILR Honors Prof. Michael Perino for Work in Securities Fraud Area
On October 29, the U.S. Chamber Institute for Legal Reform (ILR) presented its 2008 Legal Reform Award for Outstanding Research to Professor Michael Perino of St. John’s University School of Law. Prof. Perino was honored for his work in the areas of securities regulation, securities fraud, and class action litigation. Prof. Perino was the author [...]
Combined Total of FSA Fines Since 2001 About to Crack £100 Million
The total amount of fines administered by the UK’s Financial Services Authority (FSA) since its creation in 2001 is about to hit the £100 million milestone, OpRisk & Compliance reports. So far in 2008, FSA has imposed £20.5 million in fines, £8.1 million of which were jointly levied against Santander-owned UK bank Alliance & Leicester [...]
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The Lessons of Eminem’s “8 Mile” for Fannie Mae and Freddie Mac Executives
Stop reading now if you did not like (or bother to see) Eminem’s movie “8 Mile.” Hey … where did everybody go? OK, for the three of you who are still reading, Joe Weisenthal of Clusterstock has some original advice for the heads of Fannie Mae and Freddie Mac who must testify next month on [...]
RiskMetrics Group Releases Latest SCAS Top 100 List of Securities Class Action Settlements
RiskMetrics Group’s Securities Class Action Services released yesterday its most recent SCAS Top 100 list of the largest securities class action settlements since the passage of the PSLRA. Only final settlements (approved by the court) are included. Only one 2008 settlement has made its way into the report’s Top 20: the $1,042,500,000 McKesson HBOC Inc. [...]
Video: “The Lesson of Enron … There Is No Lesson”
The WSJ’s Dennis Berman revisits Enron, once thought to be “the scandal to end all scandals.” Looking at the current financial crisis, he says it appears that no lessons were learned from Enron’s downfall.
The SEC’s Office of Risk Assessment: Reloaded
»Lynn Turner, October 7, 2008 Congressional testimony: “At the SEC, the Office of Risk [Assessment] had been reduced to an office of one by February of this year.” »SEC Chairman Christopher Cox, October 23, 2008 Congressional testimony: “The Office of Risk Assessment when I came to the SEC had seven people. It has seven people [...]
Report: Settlement Close in IPO Securities Litigation
A settlement of the long-running IPO Securities Litigation may be close, Bloomberg reports. The settlement is reportedly in the “final stages of negotiations” and is likely to be for less than $700 million, “less than a quarter of what a plaintiffs’ attorney said the banks proposed at one point, and a fraction of the $12.5 [...]