‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInLuxembourg: Regulator Faults UBS’ Due Diligence in Custodianship of Madoff-Related Investments
Commission de Surveillance du Secteur Financier, Luxembourg’s financial regulator, accused UBS of “serious failure” yesterday as part of its investigation into investments that funds based in Luxembourg made in Bernard Madoff’s alleged $50 billion Ponzi scheme. The Times Online reports that the regulator particularly criticized UBS’ weak due diligence with respect to its custodianship of […]
D&O Diary Introduces Running List of Stanford Group-Related Litigation
Securities class actions against R. Allen Stanford and the Stanford Financial Group continue to pile up, and you know what that means: The tireless Kevin LaCroix (pictured) of OakBridge Insurance Services is making another list. On Tuesday, LaCroix introduced a new list that he is maintaining at his tremendous D&O Diary blog of Stanford Group-related […]
Advisen Ltd. Report Analyzes 2008 Securities Class Actions, Predicts Spread Beyond Financial Services Area in 2009
A new report released Wednesday by New York-based Advisen Ltd. finds that the number of securities class action suits filed in 2008 changed little from 2007. However, the report also find that changes in the industry and the economy may have other types of impact. Business Insurance reports that among other things, the report finds […]
Connecticut Proposes Legislation to Regulate Hedge Funds
Connecticut lawmakers have introduced three bills that would impose state regulation over the hedge fund industry. The Hartford Business Journal reports that the proposed legislation would require each hedge fund to obtain a state license, provide for an independent annual financial audit and disclose fees and significant changes in management or management strategy. One bill […]
Securities Docket News Wire for Feb. 25, 2009
Bidz.com Discloses SEC Formal Investigation of its Inventory Accounting. http://is.gd/kNn4 # Australia: Publicly Traded Law Firm Slater & Gordon Reports 22% Increase in Net Profit. http://is.gd/kNmZ #
Donald Urrabazo Joins Mintz, Levin in Los Angeles
Donald Urrabazo has joined law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo in its Los Angeles office. Urrabazo joins Mintz, Levin from Fox Rothschild LLP, where he was a Partner and Head of West Coast Litigation. The firm announced today that Urrabazo will join its litigation practice. Urrabazo’s practice includes contract and commercial disputes, […]
March 11 Webcast — The Subprime Boomerang: After the Writedowns Comes the Litigation
On March 11, 2009, Navigant Consulting is sponsoring a webcast entitled “The Subprime Boomerang: After the Writedowns Comes the Litigation” that will examine the landslide of subprime litigation that is now upon us. It’s been two years since concerns over subprime mortgages threw off the early sparks that eventually grew into the current global credit […]
“Not a Good Time to be in Hot Water with the SEC”
The American Lawyer’s David Bario has one of the first articles that goes beyond the SEC’s initial press release on incoming Enforcement Director Robert Khuzami to provide some additional details into Khuzami’s personality and management style. The article notes that “by all accounts, the new enforcement chief at the Securities and Exchange Commission is no […]
Australia: Publicly Traded Law Firm Slater & Gordon Reports 22% Increase in Net Profit
At least one law firm appears to be weathering the financial crisis Law firm with solid financial results. Melbourne-based Slater & Gordon, the world’s first law firm to be publicly listed, reported a 22.4% increase in net profit for the six months to December 31 to $8.46 million, up from $6.9 million for the previous […]
Bidz.com Discloses SEC Formal Investigation of its Inventory Accounting
In a press release announcing its fourth quarter results, Bidz.com (BIDZ) added an additional paragraph near the bottom of the release. It stated that The Company was notified recently by the SEC of a formal investigation relating to certain aspects of its inventory accounting practices, as well as other matters. The Company intends to fully […]