‘Enforcement 40’ for 2020
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Eleventh Circuit Affirms Dismissal of Securities Class Action Against Home Depot and Executives
On Wednesday, the U.S. Circuit Court of Appeals for the 11th Circuit affirmed the lower court’s dismissal of a securities class action against Home Depot and six corporate executives that alleged financial fraud. The United States District Court for the Northern District of Georgia had previously found that the amended complaint failed to adequately plead […]
SEC Announces ARS Settlements with Bank of America and RBC Capital Markets
The SEC’s Division of Enforcement today announced preliminary settlements in principle with both Bank of America and RBC Capital Markets Corp. The SEC stated that the settlement with Bank of America (specifically with Banc of America Securities LLC and Banc of America Investment Services, Inc.) would provide 5,500 individual investors, small businesses, and small charities […]
Report: “Several” Heller Ehrman Securities Litigators Headed to Hogan & Hartson
The Recorder had this interesting tidbit today about the future home of some of Heller Ehrman’s securities litigators: Smaller groups of Heller attorneys have made their own moves this week. On Monday, several members of Heller’s securities litigation practice agreed to join Hogan & Hartson, according to knowledgeable sources in and outside the firms. Hogan […]
Video: Lynn Turner’s Congressional Testimony on “Systematic Gutting” of SEC’s Capabilities
Lynn Turner, former chief accountant of the SEC, testified before Congress yesterday concerning the “systematic gutting” of the SEC’s capabilities through the cutting back of staff, including the surprising revelation that the SEC’s Office of Risk Assessment dwindled down to just one person in February 2008. The relevant portion of Mr. Turner’s testimony begins at […]
Law Firm Trend Watch: Financial Crisis Practice Groups Update (Gardere Wynne Sewell)
Law firm Gardere Wynne Sewell has created a new Financial Crisis Recovery Team to take “action on behalf of local businesses as the impact of the current global financial crisis begins to affect the Texas market.” According to a statement by the firm, the team “brings broad expertise in complex litigation, government and corporate affairs, […]
Former General Counsel of UBS Settles ARS Insider Trading Case
David Aufhauser, former general counsel for UBS, has agreed to forfeit his entire 2008 incentive compensation of $6 million to settle a probe by the New York AG’s office on allegations of insider trading in the auction-rate securities market, according to the WSJ. Under the settlement agreement, Aufhauser will also reportedly pay a $500,000 fine […]