‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInRobinhood CLO Dan Gallagher’s Big Takeaway From the Game Stop Frenzy | Corporate Counsel
Expanding on the risk management note Gallagher made, Carton asked during the session, “What about the fact that in the year 2021, you have the technology that would allow—I’m not going to call it a mob, but—a group of people on Reddit to be able to move the stock prices around crazily. Is there any […]
CFTC Whistleblower Program in Peril Over Potential $100 Million-Plus Payout – WSJ
The Commodity Futures Trading Commission’s whistleblower program is in turmoil over a potential payout exceeding $100 million to a former Deutsche Bank AG executive—one so large it would deplete the agency’s whistleblower funds and has led it to seek congressional action. Source: CFTC Whistleblower Program in Peril Over Potential $100 Million-Plus Payout – WSJ
SEC Chairman Shares Thoughts On Bitcoin – Bitcoin Magazine
“It’s a digital, scarce store of value, but highly volatile,” Gensler told CNBC. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.” According to Gensler, such investor protection would […]
The new ‘deal tax’: SPAC defendants are paying plaintiffs lawyers to drop N.Y. state suits | Reuters
In the last seven months, lawyers from a handful of shareholder firms have filed more than 60 lawsuits in New York State Supreme Court in Manhattan against board members of special purpose acquisition companies, accusing SPAC directors of breaching their duty to investors by omitting important information from public filings about their proposed acquisitions. The […]
SEC Disagreement Emerges on Whether Ethereum Is a Security | Crypto Briefing
Dugan Bliss, senior trial counsel at the SEC, said that the agency had not taken an official position on Ether. The attorney disregarded previous claims made by Bill Hinman, former director of the SEC’s Division of Corporation Finance, who suggested that offers and sales of ETH are not securities transactions. “Now, there was a speech by a high-ranking […]
SPAC Transactions: Enforcement and Litigation Risks | Arnold & Porter
In the first three months of 2021, there have been approximately 300 initial public offerings (IPOs) of special purpose acquisition companies (SPACs) that have raised $100 billion, which are significant increases over the record number of transactions and amounts raised in all of 2020. Inevitably, the growth in SPAC deal activity has attracted scrutiny from […]
Credit Suisse Takes $4.7 Billion Hit on Archegos Meltdown – WSJ
Credit Suisse Group AG reported a $4.7 billion hit from the meltdown of Archegos Capital Management, slashed its dividend and said its investment banking and risk chiefs would leave the bank. The Swiss lender has been the hardest hit by the collapse late last month of Archegos, a U.S. family investment firm, suffering a major […]
Citi Hires FinCEN’s Blanco as Financial Crimes Compliance Chief – BNN Bloomberg
Citigroup Inc. hired Ken Blanco, the director of the Financial Crimes Enforcement Network, as its chief compliance officer of its newly created financial crimes unit. Blanco worked on combating financial crimes and enforcing regulations on money laundering and terrorism financing at FinCEN, a bureau in the Department of Treasury. Before that, he spent 29 years […]
Coinbase gets all-clear from SEC, setting stage for landmark crypto listing | Reuters
Coinbase Global Inc, the largest U.S. cryptocurrency exchange, has received approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq, paving the way for what will be a landmark victory for cryptocurrency advocates. The company, which plans to go public through a so-called direct listing, expects to list its […]