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Join the Securities Litigation and Enforcement Group on LinkedInSupreme Court Finds SEC ALJs are Inferior Officers Subject to the Requirements of the Appointments Clause | Ideas | Baker Botts LLP
In a much-anticipated opinion issued last Thursday, the United States Supreme Court resolved a circuit-court split, holding that the administrative law judges (“ALJs”) of the Securities and Exchange Commission (“SEC” or the “Commission”) are “officers” subject to the requirements of the Appointments Clause of Article II of the U.S. Constitution. Reversing the Court of Appeals […]
SEC Charges Credit Ratings Analyst and Two Friends with Insider Trading
The Securities and Exchange Commission today charged a credit ratings agency employee with tipping two friends about The Sherwin-Williams Co.’s confidential plans to acquire The Valspar Corp., which he learned of through his work. The SEC also charged the two friends with trading on the illicit tips, which reaped them substantial profits. via SEC.gov | […]
Morgan Stanley Adds Former S.E.C. Chairwoman to Its Board – The New York Times
A former chairwoman of the Securities and Exchange Commission was named on Tuesday to the board of Morgan Stanley, the latest in a series of moves the bank has made to bolster its brokerage business. The new board member, Mary L. Schapiro, led the commission from 2009 to 2012 after her appointment by President Barack […]
Number of Restatements Continues to Decline | The D&O Diary
Financial restatements among U.S public companies hit their lowest level in years in 2017, according to the latest annual report from Audit Analytics. The total number of restatements declined in 2017 to a 17-year low and the number of reissuance restatements (those requiring withdrawal and reissuance of previously released financial reports) declined for the eleventh […]
In Wake of Equifax Data Breach, Credit Reporting Agencies Made Subject to NY State Cybersecurity Regulations | New York Law Journal
Credit reporting agencies will now be required to register with the state and comply with its cybersecurity regulations, the state Department of Financial Services announced Monday. The new rules are the state’s response to last year’s data breach at Equifax, a credit reporting agency, that exposed the personal information of 143 million people. If a […]
Judge in $3 billion Petrobras securities case cuts class lawyers’ fees by $100 million | Reuters
Lieberman said he believes Judge Rakoff acted with good intentions. He also acknowledged the inescapable truth of the judge’s point that he’s awarding a tremendous amount of money to plaintiffs’ firms. (Rakoff’s exact words: “It is important to also remember that we are dealing here, not just with percentages, billable rates, and multipliers, but with […]