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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInJudge in Twitter v. Musk once made rare ruling: ordering a deal to close | Reuters
Kathaleen McCormick took over the role of chancellor or chief judge of the Court of Chancery last year, the first woman in that role. On Wednesday, she was assigned the Twitter lawsuit which seeks to force Musk to complete his deal for the social media platform, which promises to be one of the biggest legal […]
The Gap In SEC Individual FCPA Enforcement Actions Is Approaching Two Years – FCPA Professor
For many years, SEC enforcement officials have talked about the importance of individual FCPA enforcement actions and set forth below are representative quotes from over the years. *** The last individual FCPA enforcement action by the SEC occurred on October 14, 2020 (a gap that is approaching two years) – see here. This nearly two year […]
SEC Awards Whistleblowers More Than $6 Million
In the first order, the SEC issued an award of more than $3 million to a whistleblower who was solicited to invest in a product that they believed was being misrepresented. The individual expeditiously alerted the SEC to the potential misconduct, which prompted the opening of the investigation, and continued to cooperate with the SEC’s […]
Gensler: SEC could tailor disclosures for crypto firms
“I’ve said to the industry, to the lending platforms, to the trading platforms, come in, talk to us. We do have robust authorities from Congress, also, to use our exemptive authority so that we can tailor investor protection,” Gensler said during a Yahoo Finance interview on Thursday. “Even tailoring what the disclosures might be, because […]
Twitter v. Elon Musk: Let’s Look At The Lawyers
The agglomeration of legal talent on both sides of Twitter v. Musk is mind-boggling—as is the amount of money being billed on this case. But with stakes ranging from a $1 billion breakup fee on the low end to a $44 billion acquisition on the high end, with lots of room for a settlement in […]
Finra bars would-be brokers for cheating on online qualification exams
Finra barred two individuals from the financial industry for cheating on online qualification exams, the first enforcement actions the regulator has taken in relation to remote examinations. The Financial Industry Regulatory Authority Inc. announced Wednesday that it imposed bars on Brandon Autiero, formerly associated with Equitable Advisors, and Harris Kausar, formerly associated with Barclays Capital […]
A Watchdog Report Absolves Financial Transactions by 2 Fed Officials – The New York Times
A review from the Federal Reserve’s watchdog found that trades made by two top officials in 2019 and 2020, when the central bank was especially active in financial markets, violated neither the law nor central bank policies. The Office of Inspector General report, released Thursday, cleared both Chair Jerome H. Powell and Richard Clarida, the […]
Ropes & Gray opens LA office. | ICLG
The global firm’s new office is its third in California and 12th worldwide, and has a litigation and enforcement team at its core. Ropes & Gray has named the three-strong team who will lead the litigation and enforcement practice at its new office which opened in Century City, Los Angeles, on Monday 11 July. Source: […]
S.E.C. Broadens Inquiry Into Elon Musk’s Disclosures About Twitter – The New York Times
The Securities and Exchange Commission has broadened its inquiry into whether Elon Musk properly disclosed his investment in Twitter and his intentions for the social media company, the agency revealed on Thursday in a filing. The agency raised questions about a tweet from Mr. Musk in May in which the billionaire claimed his $44 billion […]
Wall Street Texting Habit Sticks Banks With Rare $1 Billion Bill – Bloomberg
Regulators are poised to extract about $1 billion in fines from the five biggest US investment banks for failing to monitor employees using unauthorized messaging apps. Morgan Stanley disclosed on Thursday that it expects to pay a $200 million fine, the same amount JPMorgan Chase & Co. paid as authorities use that settlement as a […]