‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAdministrative Proceedings Remain Likely for SEC Enforcement Actions | New York Law Journal
Although there is intensifying political effort to rein in the SEC’s use of administrative proceedings, the current judicial climate heavily favors the SEC’s continued use of its choice of forum. In addition to the high “win/loss” ratio the SEC has achieved via administrative proceedings, a recent study out of the University of Michigan Law School […]
Wal-Mart must face US class action over alleged Mexican bribery – Reuters
Wal-Mart Stores Inc must face a class-action lawsuit accusing the world’s largest retailer of defrauding shareholders by concealing suspected bribery to help it expand faster in Mexico, a U.S. judge said. In a decision on Tuesday, U.S. District Judge Susan Hickey in Fayetteville, Arkansas rejected Wal-Mart’s contention that a Michigan pension fund had no standing to […]
When is insider trading not insider trading? — FT.com
Crucially for his fight against the SEC, Mr Cooperman also argues that he never made money from his July 2010 trading. Although Atlas shares leapt to $16.22 when the asset sale was announced, Mr Cooperman and Omega did not sell, and ended up losing money on their investment when they sold out last year. Mr […]
Poll: When will Fairfax and Peirce be confirmed as SEC commissioners??? | Compliance Week
Does anyone remember that waaaaaaaaaaaay back in October 2015, President Obama nominated Lisa Fairfax and Hester Peirce to be SEC Commissioners? Please take our poll on when these nominees will be confirmed by the U.S. Senate. via Poll: When will Fairfax and Peirce be confirmed as SEC commissioners??? | Compliance Week
Securities Docket News Wire for September 20, 2016
Get caught up with the Securities Docket News Wire for September 20, 2016.
The (non) myth of the 5,300 rogue employees | Compliance Week
In an interview for an article in the Wall Street Journal, Wells Fargo CEO John Stumpf explained that it was the fault of the over 5,300 rogue employees who engaged in the fraudulent conduct of opening over 2 million unauthorized accounts, not the bank, not the board, and certainly senior management. We know the number […]
Securities Docket News Wire for September 19, 2016
Get caught up with the Securities Docket News Wire for September 19, 2016.
Why Don’t General Counsels Stop Corporate Crime? — Harvard LS
Evidence shows that in spite of these reforms enacted in SOX and explicit provisions and responsibilities given to corporate attorneys, most of the whistle-blowing in case of corporate fraud comes from employees (17%), non-financial market regulators (13%), and media (13%). Clearly absent from this list are top in-house corporate counsels (GCs). In this paper, we […]
Wells Fargo sued by customers over fraudulent accounts — CNNMoney
The first lawsuit has been filed against Wells Fargo by customers following revelations that the bank collected fees for millions of unauthorized accounts. The proposed class action suit, filed in U.S. District Court in Utah on Friday, accuses the bank of invasion of privacy, fraud, negligence, and breach of contract. The three plaintiffs are asking […]
BigLaw clerk sentenced to nearly 4 years in jail for insider trading scheme
A former law clerk at Simpson Thacher & Bartlett has been sentenced to almost four years in jail for stealing sensitive client information in an insider trading scheme. Steven Metro, formerly managing law clerk at the BigLaw firm in New York, has been given a 46-month jail term by U.S. District Judge Michael Shipp in Trenton, […]