‘Enforcement 40’ for 2020
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By Securities Docket on June 25, 2009, 4:02 pm
In a report published Tuesday, June 23, Transparency International states that the majority of the world’s leading exporting countries are failing to fully enforce the OECD Anti-Bribery Convention to which they are party. TI’s report shows that only four out of 36 countries evaluated are actively enforcing the Convention, and that there is moderate enforcement […]
By Securities Docket on June 25, 2009, 3:15 pm
MSNBC reports that the government pulled out all the stops — orange jumpsuit, handcuffs, perp walk — to make Allen Stanford look bad as he appeared in court in Texas today. Stanford’s response: keep smiling.
By Securities Docket on June 25, 2009, 1:48 pm
Yesterday, Jefferson County Circuit Judge Allwin E. Horn granted the HealthSouth shareholders’ motion filed Friday (discussed here) to freeze the assets of HealthSouth Corp. founder Richard Scrushy. On June 18, the shareholders won a nearly $2.9 billion judgment against Scrushy related to the accounting fraud at the company. The AP reports that the judge’s rulng […]
By Securities Docket on June 25, 2009, 12:28 pm
Saudi Arabia’s Capital Market Authority has fined billionaire Mohammed bin Ibrahim bin Mohammed al-Issa, an investor and shareholder in several listed companies, for insider trading. The CMA fined Issa 100,000 riyals ($26,667) after an appeal affirmed a ruling that Issa conducted “insider trading in shares of Saudi Hotels Co based on his membership of the […]
By Securities Docket on June 25, 2009, 11:48 am
Back in July 2008, we discussed an emerging tactic in the defense of SEC enforcement actions: settling the case against you in all respects except for the issue of the SEC’s demand for an officer and director bar, and litigating the bar issue. A case decided yesterday shows that not all defendants adopting this strategy will be successful in avoiding an O&D bar.
By Securities Docket on June 25, 2009, 9:31 am
In South Korea, the nation’s first-ever class action lawsuit is moving forward. Although the law enabling class action lawsuits took effect in January 2005, no such case had been filed until Seoul Invest did so in April 2009. On Wednesday, the Suwon District Court appointed Seoul Invest as the class representative in its class action […]
By Securities Docket on June 25, 2009, 6:55 am
Study Finds Shift in Plaintiffs and Defendants in Credit Crisis Suits; N.Y. Federal Judge Delays Restitution Order in Madoff Case; S.E.C. Rewriting the Rules to Protect Money Funds; Madoff’s Victims Speak Out; ‘Safe Harbor’ Is Just That for Humana in Securities Class Action; Australia: Key ruling looms in Merrill case alleging insider trading; Jury Finds for SEC, Against Former MFS Exec. in Insider Trading Trial; 8-K Filing of the Year (of the Century?); and more.