Daily Archives: January 8, 2014, 3:40 pm

Senate Bill Seeks Transparency in Settlements – The Blog of Legal Times

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 Transparency in Settlements – The…

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The Madoff settlement is an enormous win for a guilty JPMorgan – latimes.com

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 early as 1998 — possibly…

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Bharara Says JPMorgan Deal Sends Message on Compliance — New York Law Journal

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 hailed as sending a critical…

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Dump “Fraud on the Market” Yet Preserve Securities Plaintiffs’ Ability to Establish Reliance? — The D & O Diary

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 to establish reliance at the…

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