‘Enforcement 40’ for 2020
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By Securities Docket on January 8, 2014, 3:40 pm
Two senators introduced legislation today to make settlements with federal enforcement agencies more transparent. Sens. Tom Coburn R-Okla. and Elizabeth Warren D-Mass. said the Truth in Settlements Act will require greater public disclosure about agreements and it will create greater accountability concerning the actual value of deals made with federal agencies. via Senate Bill Seeks […]
By Securities Docket on January 8, 2014, 9:24 am
Let’s get a few points straight regarding the federal government’s “big” $2-billion-plus settlement with JPMorgan Chase over the bank’s complicity in the Madoff case. — First, JPMorgan, where Madoff kept his major bank accounts and which profited handsomely off its relationship in numerous ways, knew Madoff was crooked. Bank executives had him figured out as […]
By Securities Docket on January 8, 2014, 8:55 am
Get caught up with the Securities Docket News Wire for January 7, 2014.
By Securities Docket on January 8, 2014, 8:06 am
JPMorgan Chase Bank is paying the price for its role as the banker for Bernard Madoff’s multi-billion dollar Ponzi scheme. The nation’s largest bank and Southern District U.S. Attorney Preet Bharara on Tuesday announced a $1.7 billion forfeiture and a two-year deferred prosecution agreement for violating two counts of the Bank Secrecy Act—a settlement Bharara […]
By Securities Docket on January 8, 2014, 8:04 am
Since the U.S. Supreme Court agreed to revisit the “fraud on the market” theory by granting cert in the Halliburton case a few weeks ago, many commentators (including this blog) have considered whether the Court might wind up taking an intermediate position that addresses criticisms of the theory while preserving securities plaintiffs’ ability to try […]
By Securities Docket on January 8, 2014, 8:02 am
In the end, JPMorgan decided that paying more than $2 billion was better than trying to fight claims that it aided the biggest Ponzi scheme in history. The winners in the settlements are Mr. Madoff’s victims, who will never be made whole but are at least a step closer to receiving a measure of compensation, […]
By Securities Docket on January 8, 2014, 7:32 am
Guest columnist Brian Lehman lays out his Top 10 Securities Litigation and Enforcement Stories of 2013.