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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInLead Plaintiffs and Their Lawyers: Mission Accomplished, or More to Be Done? by Stephen J. Choi, Adam C. Pritchard :: SSRN
This chapter, written for the Research Handbook on Shareholder Litigation, surveys empirical work studying the lead plaintiff provision of the Private Securities Litigation Reform Act (PSLRA). That work finds that the lead plaintiff provision has encouraged institutional investors to participate in securities class actions, and that those institutional investors have negotiated lower attorneys’ fees. Those […]
Clayton team signals rethink for SEC enforcement — FT
Ms White and Andrew Ceresney, her enforcement chief, touted record case numbers as a measure of clean markets. In fiscal 2016, the commission brought 868 civil cases, up more than 28 per cent from three years earlier. Ms White also lodged a series of “first-of-their-kind” actions against private equity advisers and public finance officials, reflecting […]
Supreme Court Clips the Wings of SEC Enforcement | National Law Journal
The U.S. Supreme Court on Monday reined in a Securities and Exchange Commission enforcement tool that the commission wanted to use to exact billions in fines for long-ago fraudulent acts. A unanimous court ruled in Kokesh v. United States that the commission’s “disgorgement” orders imposed on fraudsters amounted to a penalty and as such, must […]
SEC v. Kokesh — Securities Law Prof Blog
The Supreme Court of the United States has handed down a unanimous opinion authored by Justice Sonia Sotomayor in SEC v. Kokesh. At issue was the statute of limitations in disgorgement actions by the SEC. The Court held “Because SEC disgorgement operates as a penalty . . . , any claim for disgorgement in an SEC […]
Challenges to Insider Trading Convictions Take Aim at Evidence – The New York Times
We are used to watching television programs about cases being solved by DNA evidence, a fingerprint or even a timely confession. White-collar crime is often quite different, resembling more a thousand-piece puzzle than a whodunit as prosecutors try to put together tidbits of information that can add up to a conviction. Still, a single piece […]