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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInThe SEC Clears the Path for Investors as Potential Whistleblowers: Greater Scrutiny May Be on the Horizon During Regulatory Examinations
For the first time, the SEC recently applied Rule 21F-17 of the Securities Exchange Act of 1934 (“Exchange Act”) outside the context of the traditional employer/employee relationship. Rule 21F-17 is a whistleblower protection that prohibits interference with an individual’s ability to communicate with the SEC about potential securities violations. Since Rule 21F-17’s adoption in August […]
Supreme Court to Decide Whether the SEC Has the Authority to Seek Disgorgement in Enforcement Proceedings | Publications and Presentations | Arnold & Porter
On November 1, 2019, the Supreme Court granted certiorari in Liu v. Securities and Exchange Commission (18-1501). Liu seeks review of the US Securities and Exchange Commission’s (SEC) authority to pursue disgorgement as a form of equitable relief for federal securities law violations in district court proceedings, an issue cast into doubt by the Supreme […]
Prominent White Collar Litigator Joins Cooley | Financial Post
Accomplished white collar lawyer John Hemann has joined Cooley as a partner in its San Francisco office. He arrives from the US Attorney’s Office for the Northern District of California, where he most recently served as chief of its special prosecutions and national security unit and deputy chief of its criminal division. via Prominent White […]
Ex-Tesla General Counsel Now Top Lawyer at Bike-Sharing Startup | Corporate Counsel
Todd Maron, the former general counsel of Tesla, has been working as the top lawyer at the bike-share app Wheels Labs Inc. for the past two months, according to his LinkedIn profile. via Ex-Tesla General Counsel Now Top Lawyer at Bike-Sharing Startup | Corporate Counsel.
2019 Was Big for the SEC. 2020 Will Be Huge. | PLANADVISER
Given its broad authority, the SEC is normally engaged in a wide range of rulemaking and regulatory activities in any given year—and that has certainly been the case in 2019. For plan advisers, three or four of the SEC’s ongoing regulatory activities should take precedence while planning for compliance in 2020. These are the Regulation […]
Multiplied and Parallel Litigation: The Mess that Cyan has Wrought | The D&O Diary
As observers have discussed the kinds of problems that the U.S. Supreme Court’s Cyan decision can create, specific concerns have included the possibility of parallel state and federal court litigation, and even the possibility of parallel litigation in multiple states. In the course of the discussion of these issues, these litigation risks might have seemed […]
Putting “Litigation” Back in “Securities Litigation” | D&O Discourse
This post discusses a fundamental, structural, and deepening problem with securities class action defense: the lack of actual litigation past the motion to dismiss process. In other words, there is virtually no “litigation” in securities and governance litigation. Why is that so, and what can we do about it? After diagnosing the problem and discussing the harm it is […]
SEC Enforcers Continue to Focus on Undisclosed Fees | LexBlog
In a series of enforcement cases over the past few months, the SEC has continued to bring actions focused on undisclosed fees charged to clients. Many of these cases have charged firms with fraud and other violations based on fees that were not adequately disclosed. While some attention has focused on retail wealth managers, institutional […]
House Passes Bill Extending Time SEC Has to Recoup Money from Fraudsters
The U.S. House of Representatives has approved a bill granting the SEC more time to recover money from fraudsters. The Investor Protection and Capital Markets Fairness Act would give the SEC up to 14 years to bring cases and recoup money for victims of financial abuse, according to a press release from Rep. Ben McAdams, […]
SEC Whistleblower Program Releases 2019 Annual Report – Zuckerman Law
The SEC Whistleblower Program’s 2019 Annual Report to Congress reveals that SEC whistleblower awards have proven to be successful in protecting investors and promoting market integrity. Since the program’s inception, whistleblower tips have enabled the SEC to recover more than $2 billion in monetary sanctions from wrongdoers, including more than $1 billion in disgorgement of […]