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Join the Securities Litigation and Enforcement Group on LinkedInSecurities Docket News Wire for Jan. 16, 2009
Luxembourg: Court Orders UBS to Return €30m in Funds Tied to Madoff Investments. http://is.gd/g6d7 # Aon Corp. Estimates Insurance Industry Losses from Alleged Madoff Scheme to be $1.8 Billion. http://is.gd/g6d2 # Court Dismisses Mirant Securities Class Action With Prejudice, Ending Six Year Battle. http://is.gd/g6cT #
Skadden Arps Starts European Corporate Investigations Practice
Skadden Arps announced this week that Gary DiBianco (pictured) has moved from its Washington, DC office to London to lead a European corporate investigations practice. The Am Law Daily reports that according to DiBianco, the growing amount of cooperation between countries’ regulatory bodies has contributed to many investigations he is working on taking on international […]
Web Watch: Best Blog Posts and Columns For the Week Ending Jan. 16
Here is the weekly summary for Securities Docket’s Web Watch (”This Week’s Best Blog Posts and Columns”): RANDALL SMITH, TOM MCGINTY and KARA SCANNELL, WSJ (Jan. 15, 2009): Obama’s Pick to Head SEC Has Record Of Being a Regulator With a Light Touch A close examination of Mary Schapiro’s record as a regulator shows she […]
Ninth Circuit Affirms Dismissal With Prejudice of Digimarc Corp. Securities Class Action
On January 12, 2009, the US Court of Appeals for the Ninth Circuit affirmed a lower court’s dismissal of the securities class action filed against Digimarc Corp. and certain of its officers, agreeing that plaintiffs failed to adequately plead a strong inference of scienter. Plaintiffs had alleged that Digimarc purposefully manipulated its financial prospects by […]
Latham’s Kathryn Ruemmler to Rejoin DOJ as Principal Associate Deputy Attorney General
Usually the lawyer moves we report are from the government to private practice, but here’s one going the other direction. Latham & Watkin’s Kathryn Ruemmler, a litigation partner and the former Deputy Director of the DOJ’s Enron Task Force, will be rejoining the DOJ as the Principal Associate Deputy Attorney General in the Obama Justice […]
Play “The Bailout Game”
Via our friends at Kraut in the City we have stumbled upon a fantastic bit of financial crisis entertainment called “The Bailout Game.” Highly recommended. Play The Bailout Game
Finland: Supreme Court Imposes First Non-Suspended Prison Sentences for Stock Market Crimes
The Finnish Supreme Court sentenced Jyrki Salminen, the former CEO of TJ Group, and Tuomo Tilman, the company’s former Chairman of the Board to two years and four months for insider trading. The case marks Finland’s first-ever non-suspended prison sentences for stock market crimes. Helsingin Sanomat reports that the Supreme Court’s decision is seen as […]
Court Dismisses Mirant Securities Class Action With Prejudice, Ending Six Year Battle
On January 7, U.S. District Judge Richard W. Story dismissed with prejudice the securities class action against Mirant Corp., ending a six-year legal battle. Shareholders alleged that Mirant had illegally manipulated utility prices to reap profits and inflate its stock, according to the Fulton County Daily Report. The court found, however, that the lawsuit […]
Aon Corp. Estimates Insurance Industry Losses from Alleged Madoff Scheme to be $1.8 Billion
Aon Corp. estimates that the insurance industry’s range of direct insured losses will likely be between $760 million and $3.8 billion from Bernard Madoff’s alleged Ponzi scheme, with a maximum exposure of a massive $6 billion. Aon stated in a report issued yesterday that the most likely loss will be $1.8 billion, according to Medill […]
Luxembourg: Court Orders UBS to Return €30m in Funds Tied to Madoff Investments
On Thursday, a Luxembourg judge ordered Swiss bank UBS to repay €30m ($39m) to Oddo Asset Management, a French company that had invested in funds linked with Bernard Madoff. Oddo successfully argued that although its investment in the Luxalpha fund set up by UBS had been sold on November 17 – roughly a month before […]