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You are browsing the archive for February 2009.
SEC Announces FCPA Settlements with KBR, Inc. and Halliburton Co.
The SEC announced today that it has reached settlements with KBR, Inc. and Halliburton Co. to resolve SEC charges that a KBR subsidiary (Kellogg Brown & Root) bribed Nigerian government officials over a 10-year period, in violation of the Foreign Corrupt Practices Act. The bribes were allegedly paid to obtain construction contracts. The SEC also [...]
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Mary Schapiro’s First 15 Days on the Job
Time has a good piece today on Mary Schapiro’s first 15 days on the job as chairman of the SEC. The article includes quotes from Securities Docket editor Bruce Carton on the significance of the immediate Enforcement-related measures that Schapiro has already implemented.
Update: Today’s Madoff Indictment Deadline Extended Another 30 Days
Federal prosecutors’ deadline to indict Bernard Madoff on fraud charges has been extended by 30 days, the AP reports, citing “a person familiar with the Bernard Madoff case.” The AP reports that lawyers agreed to extend today’s indictment deadline (previously discussed here) as authorities continue to investigate the case. Read the AP article
Former White House Counsel and AUSA Michael Scudder Joins Skadden Arps in Chicago
Michael Y. Scudder, Jr., a White House legal adviser in the George W. Bush administration, has joined law firm Skadden, Arps, Slate, Meagher & Flom in the firm’s Chicago office. The firm announced today that Scudder has joined it as a partner in its litigation practice. At the White House from 2007 through January 2009, [...]
Warrior Stock of the Day: Mead Johnson Nutrition Co.
Let’s hear it for Mead Johnson Nutrition Co. (MJN), the world’s biggest maker of infant formula, which raised $720 million in an initial public offering yesterday. Bloomberg reports that the IPO is the first in the U.S. since November 2008. Mead Johnson stated that it sold 30 million shares at $24 each, at the top [...]
Senate Hearing Today: “The Need for Increased Fraud Enforcement in the Wake of the Economic Downturn”
The Senate Judiciary Committee will hold a hearing today at 10 am on “The Need for Increased Fraud Enforcement in the Wake of the Economic Downturn.” Witnesses scheduled to appear include: John S. Pistole, Deputy Director, FBI The Honorable Neil M. Barofsky, Special Inspector General, Office of the Special Inspector General for the Troubled Assets [...]
“Clawback” Threat in Madoff Case Creates Tricky Issues in Bankruptcy
The issue of how “clawback” efforts by the trustee in the Madoff bankruptcy should work is generating considerable attention lately. Investment News reports that a whole host of investors might be demanded by the trustee to give up whatever gains they received over the past six years, which in turn may spark civil litigation that [...]
Securities Docket News Wire for Feb. 10, 2009
Colonial BancGroup hit with suit on belated bailout disclosure. http://tinyurl.com/da5hta # “Closing Argument for the Defense: The People vs. SEC Division of Enforcement.” http://is.gd/j27H #