Law.com reports that the judge in the SEC’s Merchant Capital case says the agency’s pursuit came while “studiously ignoring Bernard Madoff and the largest Ponzi scheme in American history.”
The Lawyer reports that the former BigLaw partners at the center of a UK insider trading investigation have opted for a “committal hearing,” signaling that they intend to challenge the FSA over whether there is enough evidence to bring the case to trial.
The NY Post reports that attorney Joseph Cotchett, who represents victims in the Madoff scandal, is looking hard at several big financial firms as potential defendants based on his recent 4 and 1/2 hour prison interview with Madoff (previously discussed in this video).
Reuters reports that Austrian financial regulator FMA has asked the state prosecutor’s office to investigate the CEO of Austrian oil and gas group OMV, Wolfgang Ruttenstorfer, over a share purchase he made. OMV said the FMA’s move was groundless and denied any wrongdoing by Ruttenstorfer.
In this CNBC video, SEC chairman Mary Schapiro discusses the agency’s plans for flash trading and regulation, specifically whether such trading should be permitted to continue.
The webcast scheduled for today (“Credit Default Swaps: Recent Developments”) has been postponed to a later date. We will update the calendar with the new date as soon as possible, and apologize for the inconvenience!
AmLaw Daily reports that there is about $27 million in unpaid legal and accounting fees so far, including about $8.4 million due to Baker Botts. Lawyers for Stanford and the other defendants in the case say Stanford has a D&O insurance policy that could cover the bulk of the legal fees, according to the court records.
The presentation materials for today’s webcast (2 pm Eastern) entitled “Credit Default Swaps: Recent Developments” are now available here.
This evening, Robert Khuzami, the SEC’s Director of Enforcement, will address the New York City Bar Association on the subject of his “First 100 Days as Director of the SEC Division of Enforcement.” According to the Association’s announcement, Mr. Khuzami will address the three-month self-assessment the Enforcement Division has undertaken to evaluate how it can be more efficient and successful…
GE Pays $50 Million to SEC, $200 Million to Lawyers and Accountants; Sen. Specter Introduces Legislation Allowing Suits Against Secondary Actors Providing Substantial Assistance to Fraud; SEC to Explore Changes in Flash Trading; New Zealand: LPF Group Formed to Fund Litigation; Sentencing of Livent Founders Will Set Key Precedent; SEC Files Settled Accounting Fraud Case Against GE; Control Components Inc. Pleads Guilty to FCPA Violations; and more.