‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInThe Impact of the Morrison Decision After Ten Years | The D&O Diary
The Morrison decision overturned decades of case law in which the lower courts struggled to apply the then-applicable “conduct and effects” test to determine whether or not the U.S. securities were applicable in any given circumstance. In a decision written by the late Justice Antonin Scalia, the Court said in Morrison that the U.S. securities […]
Head of German financial watchdog resists calls to resign over Wirecard | Financial Times
The head of Germany’s financial watchdog has rejected calls to resign over the scandal at Wirecard, while saying that with hindsight he should have called for prosecutors to open an investigation sooner. Felix Hufeld said at a conference on Wednesday that he would not resign “as long as my country and Europe have trust in […]
German parliament to open full inquiry into Wirecard collapse | Financial Times
The German parliament is to hold a full inquiry into the collapse of Wirecard amid mounting questions as to why the government failed to prevent the biggest corporate fraud in the country’s postwar history. The decision ensures that the Wirecard affair will dominate German politics in the lead-up to next year’s Bundestag elections and could […]
German Market Watchdog Let Staff Trade in Wirecard Shares – WSJ
While BaFin staff was buying and selling Wirecard shares, BaFin was investigating the company based on media reports about suspected accounting manipulation at its unit in Singapore and an anonymous complaint it received in early 2019. BaFin, as a financial supervisor, also directly oversees Wirecard Bank, which is part of Wirecard. “It certainly does not […]
A “Snapshot” of the Global Rise of Collective Investor Actions | The D&O Diary
As I have noted in prior posts (most recently here), one of the more interesting and noteworthy developments in recent years has been the rise of collective investor actions outside the United States. A recent white paper published by Allianz Global Corporate & Specialty SE in collaboration with the Clyde & Co law firm entitled […]
German’s watchdog widens probe of possible Wirecard insider trading | News | 1450 99.7 WHTC
Germany’s financial watchdog is widening its examination into possible insider trading of Wirecard shares to include any individuals who have sat on the company’s management and supervisory boards in 2020, a BaFin spokeswoman said on Wednesday. via German’s watchdog widens probe of possible Wirecard insider trading | News | 1450 99.7 WHTC.
A Review of Financial Services Enforcement and Investigation in the UK | Insights | Linklaters
As the agency primarily responsible for the investigation of potential misconduct within the financial services sector in the UK, the Financial Conduct Authority (FCA) continues to investigate many diverse forms of suspected misconduct. While the number of cases under investigation by the FCA’s Enforcement Division continues to grow, there have been signs in the past […]
DLA Piper boosts financial services litigation capability with partner hire in Australia | News | DLA Piper Global Law Firm
Global law firm DLA Piper announces that financial services dispute resolution and class actions lawyer Matthew (Matt) Spain has joined the firm, effective today. Matt joins DLA Piper from King & Wood Mallesons’ (KWM) Financial Services Dispute Resolution group, where he has spent the past 13 years. During his time at KWM, Matt has built […]
Auditors keep falling into the same trap | Financial Times
Last week, payments firm Wirecard admitted that €1.9bn of its cash probably never existed — and then it collapsed. It turns out that the German group’s auditors had failed for at least three years to request crucial account information from a Singapore bank where Wirecard said it had up to €1bn. Instead, EY relied on […]
China’s regulator gets tough on insider trading as it metes out record penalty on wrongdoers in the financial markets | South China Morning Post
China’s securities regulator slapped two individuals with a record fine for insider trading and confiscated their ill-gotten gains, meting out 3.6 billion yuan (US$508 million) of penalties in an unprecedented enforcement to stamp out corporate malfeasance in the country’s financial markets. Shanghai entrepreneur Wang Yaoyuan and his daughter Wang Chengcheng were fined 2.72 billion yuan […]