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You are browsing the archive for June 2009.
Australia: IMF to Fund Class Action vs. Lehman Brothers Australia
In Australia, litigation funder IMF intends to fund a $1.2 billion class action on behalf of investors that have suffered losses after investing with Lehman Brothers Australia. The Age reports that IMF said the action could benefit up to 600 investors that bought complex debt securities that have plunged in value. The Age reports that [...]
Securities Docket A.M. News Wire for June 18, 2009
Obama plan omits market regulator merger between SEC and CFTC; Clifford Chance’s Kirsch departure heads up month of heavy partner losses in firm’s NY arm; Stanford Receiver Rejects Motion to Disqualify Law Firm of Baker Botts; Ex-Merrill Lynch Execs in Enron Case Can Be Retried; Prosecutors Again Delay Indicting Madoff Accountant; The “Witness Assurance Letter” Challenge; Michigan Announces $109 Million Settlement With E&Y in HealthSouth Class Action; and more.
The “Witness Assurance Letter” Challenge
In the June 15, 2009 webcast “A New Frontier: Best Practices in Fraud Investigations and Emerging Trends in SEC and DOJ Enforcement” panelist Jose Lopez, a partner with Schopf & Weiss LLP, noted that the SEC Enforcement Manual expressly holds out the possibility of something called a “Witness Assurance Letter.” Indeed, Section 3.3.5.3.1of the Manual [...]
Michigan Announces $109 Million Settlement With E&Y in HealthSouth Class Action
On Monday, Michigan Attorney General Mike Cox and Treasurer Robert Kleine announced a $109 million settlement with Ernst & Young resulting from audits the firm conducted that allegedly failed to expose massive fraud taking place when E&Y served as HealthSouth Corporation’s auditing firm. According to Cox, “the settlement is one of the largest ever obtained [...]
Canada: More Troubling Insider Trading-Related News for Dorsey & Whitney
As the FSA launches its insider trading case in the UK against former Dorsey & Whitney corporate partner Andrew Rimmington, Dorsey & Whitney also faces troubling news in Canada. In Toronto, news spread last week that the law firm fired Toronto partner Gil Cornblum after it became public that one of his law school pals, [...]
SEC Very Quietly Settles Case Against Bernard Madoff
In one of the most anticlimactic and unsatisfactory resolutions of an SEC matter in recent memory, the SEC settled its civil fraud charges against Bernard Madoff yesterday. In short, the resolution of the SEC case bars Madoff from associating with any broker, dealer or investment adviser. As is customary in SEC settlements, Madoff expressly did [...]
Securities Docket A.M. News Wire for June 17, 2009
Judge dismisses shareholder suit against Oracle; Banish Bernard Madoff to live in box, pleads victim; Judge Approves Santander’s Madoff Settlement; Rep. Kanjorski to SEC IG Kotz: Work Faster!!!; July 21 Webcast – Securities Litigation Issues Facing Institutional Investors; Jefferson FCPA Trial: $90K in cash wrapped in foil, found in freezer inside containers of Pie Crust and Boca Burgers; UK: Lawyers Charged by FSA with Insider Trading Granted Bail; and more.
Rep. Kanjorski to SEC IG Kotz: Work Faster!!
Let’s try to quickly catch up on the tennis match that has been going on since yesterday between House Financial Services Capital Markets Subcommittee Chairman Paul Kanjorski and SEC Inspector General H. David Kotz. In short, Kanjorski announced yesterday that he sent a letter to Kotz calling for an update by June 30 on his [...]
July 21 Webcast – Securities Litigation Issues Facing Institutional Investors
On July 21, 2009, Riskmetrics Group’s Securities Class Action Services will sponsor a webcast entitled “Securities Litigation Issues Facing Institutional Investors.” The webcast will feature a dynamic panel of securities litigation experts and academics who will examine the fiduciary duties of institutional investors and discuss significant topics, such as: Monitoring the portfolio: When and why [...]
UK: Lawyers Charged by FSA with Insider Trading Granted Bail
In the UK, the first hearing in the FSA’s high-profile insider trading case against two lawyers from US-based law firms accused of insider trading took place this morning. As previously discussed here, Former Dorsey & Whitney corporate partner Andrew Rimmington, former McDermott Will & Emery partner Michael McFall, and the former financial director of Neutec [...]