Monthly Archives: February 2016

Expanding personal liability for chief compliance officers: MN federal court decision, proposed NY regulation continue the trend | DLA Piper

A recent decision from a federal district court and a proposed regulation from the New York State Department of Financial Services provide even more reason for compliance officers at financial institutions to install robust anti-money laundering compliance programs. Under the district court decision and proposed regulation, chief compliance officers would be personally subject to both civil and criminal liability if…

Read More

Mixed Enforcement Messages (and What’s in a Name?) | PCGC

Ms. Mehraban’s statements do little to lessen the concerns of directors and other “gatekeepers” over the SEC’s recent emphasis on bringing enforcement actions against individuals. Enforcement decisions still depend on whether the staff believes gatekeepers have behaved “unreasonably” or failed to be sufficiently proactive in the face of red flags. This is particularly alarming in the context of cybersecurity, which…

Read More

Judge Scheindlin Approves Class Certification in Barclays High-Frequency Trading Securities Fraud Action | Class Action Lawsuit Defense

U.S. District Judge Shira Scheindlin of the Southern District of New York recently certified a class in Strougo v. Barclays PLC, 14 Civ. 5797 (SAS), (S.D.N.Y. Feb. 2, 2016), a high-profile securities class action based on the “price maintenance” theory. The plaintiffs alleged that Barclays made false or misleading statements by overstating the transparency and safety of Barclay’s “Liquidity Cross,”…

Read More

Senior SEC Official Calls Claims of Advantage at In-House Tribunal ‘Garbage’ – WSJ

A senior Securities and Exchange Commission official Friday hit back at suggestions the agency is gaining an unfair edge over defendants by sending more cases to its in-house judges, rather than to federal court. Matthew Solomon, head of the SEC’s trials unit, said claims that the agency enjoyed a home-court advantage at its in-house tribunal are “garbage.” via Senior SEC Official Calls…

Read More