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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInRepublican frustrations grow as SEC chair proves frequent ally of Democrats | Reuters
While the former Wall Street lawyer represents a step to the right from his Democrat-picked predecessor, many Republicans and industry lobbyists say he is not being aggressive enough in pursuing President Donald Trump’s business-friendly agenda. “The relationship…hasn’t been one where we’re exactly on the same page, but we’re communicating,” said Republican Representative Bill Huizenga, who […]
Baker & Hostetler Steps In for Marriott in Data Breach Class Actions | Law.com
On Tuesday, Baker & Hostetler’s Daniel Warren, a partner in Cleveland, filed a court appearance to represent Marriott before the U.S. Judicial Panel on Multidistrict Litigation, which is hearing arguments on Jan. 31 in Miami over whether to coordinate the cases spurred by the event. Lawyers have filed about 50 class actions since the breach, which compromised […]
The SEC ALJs: A Six-Month Checkup | Bloomberg Law
The existential threat to administrative enforcement has largely devolved into a bureaucratic annoyance since last June. While another Supreme Court securities enforcement decision, Kokesh v. SEC, fundamentally changed the way the SEC selects cases to prosecute, Lucia has basically become a problem of resource allocation that will eventually fade into the sunset as the remanded […]
Dismissal Motion Granted in PayPal Data Breach-Related Securities Suit | The D&O Diary
As I have noted in several recent posts, plaintiffs’ lawyers seem to have a renewed interest in trying to pursue securities class action lawsuits against companies that have experienced a data breach. Just to cite one recent example, as discussed here, within a day of Marriott’s recent high-profile announcement of a data breach involving its […]
SEC v. Peter Cho (Release No. LR-24375; Dec. 17, 2018)
The SEC’s complaint alleges that Peter Cho illegally bought Virgin America Inc. options prior to the April 4, 2016 public announcement that Alaska Air Group, Inc. would acquire Virgin. Cho learned of Alaska’s efforts to purchase Virgin by listening to conversations of his now-wife, who worked on the deal from their shared apartment at night […]
SEC Enforcement By the Numbers – SEC ACTIONS
The merits of the SEC Enforcement program cannot be assessed by numbers and statistics chronicling events like how many cases were filed or the total amount of dollars ordered in judgments. At least that is the claim frequently repeated by the agency and the Division of Enforcement. Yet various sources publish numbers about Division of […]
There Is No ‘Bitcoin’: What the SEC Doesn’t Get About Cryptocurrency – CoinDesk
In the traditional financial world, assets are a claim on a specific property. For example, a commodity, shares in a company or a debt owed. Crypto assets, however, are not a claim on anything. What is bitcoin a claim to? Or ether? Instead, crypto assets are a form of proof. They are cryptographic proof that a […]
Scam used fake SEC letters to bilk victims, FBI says – New Jersey Herald –
Some victims received emails featuring the SEC seal that offered them the chance to pay a fee to receive part of a legal settlement. Others were notified they were a defendant in a lawsuit and could pay a fee to avoid appearing in court. via Scam used fake SEC letters to bilk victims, FBI says […]
Securities Lawsuit Filed Based on Reports of Alleged Inappropriate Office Relationship | The D&O Diary
In several recent conversations, I have been asked whether I thought that the whole #MeToo movement might have more or less played out, and that we might not be seeing as many, or even any, more D&O claims based on underlying allegations of sexual misconduct. In response, I said that I didn’t think the phenomenon […]
UK jury fails to reach verdict in insider trading case | Financial Times
The jury at London’s Southwark Crown Court was split in its deliberations over Fabiana Abdel-Malek, 36, and her friend, Walid Choucair, 39, whom the UK financial watchdog accused of five charges each in the first major case of insider trading to reach court in over two years. via UK jury fails to reach verdict in […]