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Join the Securities Litigation and Enforcement Group on LinkedInThe Rise of Group Actions in the U.K and the E.U. | The D&O Diary
I will say this as a long-time observer whose observational perch includes an extensive opportunity to watch developments both within and outside the U.S. that probably the single most important thing I have observed over the years I have been watching has been the increasing rise of collective action mechanisms outside the U.S. When I […]
Three Arrows Capital co-founder Zhu apprehended in Singapore, liquidators say | Reuters
Su Zhu, one of the founders of bankrupt crypto hedge fund Three Arrows Capital, has been apprehended at Changi Airport in Singapore, the company’s liquidators Teneo said on Friday. Zhu will spend four months in prison under an arrest order after he did not comply with an order to cooperate with investigations into Three Arrows […]
Stark Finds $426 Million of Irregular Transactions in Thai Audit – Bloomberg
Stark Corp., a Thai industrial cable maker at the center of an accounting scandal and debt defaults, discovered at least 15.6 billion baht ($426 million) of irregular transactions at its units after completing parts of a required special investigation. Phelps Dodge International (Thailand) Ltd., Stark’s cable-making unit, had total damages of 12 billion baht in […]
Prosecutors Charge German in €24 Million Insider Trading Probe – Bloomberg
German prosecutors charged a 48-year-old man accused of making €24 million ($25.3 million) as part of a wider insider trading scheme. The German citizen has been detained since January, the Frankfurt prosecutor’s office said in a statement. He was engaged in 20 insider transactions and revealed insider information on 10 occasions between 2017 and 2021, […]
City of London Watchdogs to Ask Firms to Lay Out Diversity Plans – Bloomberg
UK regulators want to boost diversity and inclusion in the financial services sector by requiring firms to set targets and making clear that a banker’s private behavior can be relevant to determining their suitability to work in the industry. *** The Prudential Regulation Authority and FCA — the City of London’s twin regulators — are […]
KPMG cuts pay for US partners on gardening leave as talent war rages
Partners in the US arm of global accountancy firm KPMG have been told their gardening leave pay will be cut by 50% if they leave for a rival firm. The move is the latest effort to stymie a poaching war among the Big Four firms. KPMG’s decision stands out among its other three rivals – […]
Boss of Failed Crypto Exchange Gets 11,000-Year Sentence – Bloomberg
Faruk Fatih Ozer, who ran crypto exchange Thodex until it imploded in 2021, was sentenced to 11,196 years in prison by a Turkish court for crimes including fraud. Delivering its verdict late Thursday, the court in Istanbul sentenced Ozer and his two siblings to similar-length jail terms, finding them guilty of aggravated fraud, leading a […]
Morgan Stanley Fined by U.K. Energy Market Regulator Over WhatsApp Uses – WSJ
Morgan Stanley agreed to pay 5.41 million British pounds, equivalent to about $6.82 million, to the U.K.’s energy markets regulator to settle an investigation over its traders’ use of banned messaging apps that breached requirements to retain written communications. The fine, announced Wednesday, was the first ever issued in the U.K. for record-keeping requirements related […]
EU Adopts Mandatory ESG Reporting Requirements | The D&O Diary
The SEC has not yet adopted the long-anticipated final version of its proposed climate change disclosure guidelines, although there is some speculation that the final guidelines will be adopted in the Fall. In the meantime, however, sustainability reporting standards are going into effect elsewhere, with important ramifications for all companies. On July 31, 2023, the […]
The Biggest Player in Crypto Is Facing a Risk Over Russia – WSJ
Binance is helping Russians move money abroad, potentially adding to its sprawling legal problems in the U.S. The cryptocurrency giant, led by founder Changpeng Zhao, joined many other major international companies early last year in scaling back its business in Russia, one of its largest markets by trading volume at the time. After Russia invaded […]