‘Enforcement 40’ for 2020
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By Securities Docket on September 23, 2016, 9:41 am
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 […]
By Securities Docket on September 23, 2016, 9:40 am
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 […]
By Securities Docket on September 23, 2016, 9:36 am
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 […]
By Securities Docket on September 22, 2016, 12:17 pm
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
By Securities Docket on September 21, 2016, 8:55 am
Get caught up with the Securities Docket News Wire for September 20, 2016.
By Securities Docket on September 20, 2016, 9:38 am
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 […]
By Securities Docket on September 20, 2016, 8:55 am
Get caught up with the Securities Docket News Wire for September 19, 2016.
By Securities Docket on September 19, 2016, 12:33 pm
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 […]
By Securities Docket on September 19, 2016, 9:48 am
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 […]
By Securities Docket on September 19, 2016, 8:50 am
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, […]