Daily Archives: November 8, 2023, 2:21 pm

The SEC’s New Clawback Rules Will Change Internal Investigations | King & Spalding

Public companies are swiftly adopting policies regarding “erroneously awarded compensation” by December 1, 2023, to comply with listing standards required by the new SEC Rule 10D-1. These policies will require companies to recover, or “claw back,” incentive-based compensation previously received by current and former Section 16 officers if that compensation was erroneously awarded based on misreported financial information that the…

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Opting Out | The 10b-5 Daily

Cornerstone Research has issued an interesting report on opt-outs in securities class action settlements (i.e., when a putative class member chooses not to participate in the settlement and may consider bringing its own direct action against the defendants). A few highlights from the results: (1) The percentage of securities class action settlements with at least one opt-out has been steadily…

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After SBF Conviction Investors Target Tom Brady, Larry David, Celebrities – Bloomberg

Sam Bankman-Fried’s criminal fraud conviction came just as the FTX implosion was approaching its first anniversary. But for others who helped promote the cryptocurrency exchange, the legal fallout will continue for years. Attention now turns to a sweeping class-action suit in Miami federal court by investors who claim they lost billions in the collapse of FTX and seek to pin…

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Congress Must Aid Fight Against Illicit Use of Crypto, Treasury Official Says – WSJ

A senior Treasury Department official said the Biden administration wants new powers from Congress to aid in a crackdown on the illicit use of cryptocurrencies, citing digital asset flows allegedly connected to Palestinian militant group Hamas. Treasury has been in communication with Democrats and Republicans about actions that they could take, Deputy Treasury Secretary Wally Adeyemo said Tuesday in Washington…

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White Collar Defense Partner Joins Growing Dallas Office | Blank Rome LLP

Blank Rome LLP is pleased to announce that Barrett R. Howell has joined the firm’s Dallas office as a partner in the White Collar Defense & Investigations group. Barrett has been defending companies and individuals in high-stakes white collar criminal fraud investigations, prosecutions, and civil enforcement actions for over two decades. Barrett is a strategic problem solver who helps clients…

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Sam Bankman-Fried’s brother Gabe was absent from his trial. Could he be in trouble too?

In the cinematic version of this courtroom drama, we’d have gotten a glimpse, here and there, of the fourth member of the Bankman-Fried family: Sam’s younger brother, Gabriel. That never happened, because the Brown computer science grad does not seem to have set foot in the Daniel Patrick Moynihan Courthouse. *** And so Gabe’s absence, following years in which he…

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Crypto’s Bromance With U.S. CFTC May Be One-Sided, Enforcement Record Shows

Half of the 2023 sanctions from the U.S. Commodity Futures Trading Commission (CFTC) targeted digital assets companies and individuals, according to the agency’s annual enforcement snapshot released on Tuesday. The opening section of the report boasted that “the CFTC cemented its reputation as a premier enforcement agency in the digital asset space.” The U.S. derivatives regulator, which has authority over…

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