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SEC v. Rorech: Agency Swaps Defeat for Progress in Its Derivative Enforcement Program
SEC loses battle against defendants but gains a crucial jurisdictional victory in derivatives area.
Ninth Circuit Reinstates $277.5M Jury Verdict Against Apollo Group
Lower court had previously thrown out jury verdict in 2008.
Florida Court Overturns $521M Verdict in BDO Seidman Case, Orders New Trial
Florida appeals court rules trial was improperly split into three phases.
Appeal Heard in $521 Million Verdict Against BDO
BDO Siedman’s appeal of massive verdict heard in Banco Espirito Santo case.
Jury Finds Against Vivendi in Rare Securities Class Action Trial
Jury finds against Vivendi, damages may be in the billions.
SEC Wins One, Loses One in Insider Trading Trial
Jury finds former Fidelity Investments trader engaged in insider trading.
Former Kmart CEO Conaway Asks Court to Throw Out Verdict Against Him
Charles Conaway, the former CEO of Kmart, asked a federal court yesterday to throw out a verdict in a civil trial that found that he misrepresented the company’s financial condition. As previously discussed here, on June 1, 2009, a jury returned a verdict in favor of the SEC on all charges in its case against [...]
Mayer Brown Partner Collins Found Guilty in Refco-Related Case
On Friday, Mayer Brown partner Joseph P. Collins was found guilty of conspiracy and four other charges related to the fraud at Refco Inc. The NYLJ reports that Collins was convicted of a single count of conspiracy to commit securities fraud, bank fraud, wire fraud, money laundering and make false filings with the Securities and [...]
$2,800,000,000 Judgment Against Richard Scrushy in Alabama Case
Alabama Circuit Judge Allwin E. Horn ruled today that former HealthSouth CEO Richard Scrushy must pay about $2.8 billion to shareholders who sued over accounting fraud at the company. Read that again: $2,800,000,000. The AP reports that: The Alabama suit accused Mr. Scrushy of unethical dealings while the company was going broke and complicity in [...]
Jury Finds Against Former CEO of Kmart in Rare SEC Trial
On June 1, 2009, a jury returned a verdict in favor of the SEC on all charges in its case against Charles C. Conaway, the former CEO of Kmart Corp. The SEC announced today that the verdict followed a three-week trial in Ann Arbor, Michigan, before Magistrate Judge Steven D. Pepe of the United States [...]