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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInWill Delaware’s Embrace of an “ESG Agenda” Cause Corporations to Flee? | The D&O Diary
By now, readers are well aware that ESG has become a politically divisive issue. In a series of variations on this theme, two conservative legal commentators, writing in a Wall Street Journal op-ed column, argue that ESG is a trojan horse for progressive political objectives that, if Delaware’s courts continue their current course, could cost […]
Wall Street heads to court to fend off Biden’s regulators | Reuters
“The regulatory agencies are more willing to cut corners. They’re giving industry short comment periods and they’re not going through the APA process,” said Tom Quaadman, an executive vice president at the U.S. Chamber of Commerce. The group usually has one active case against financial regulators, but currently has two against the Securities and Exchange […]
Wall Street’s ESG Craze Is Fading – WSJ
Wall Street rushed to embrace sustainable investing just a few years ago. Now it is quietly closing funds or scrubbing their names after disappointing returns that have investors cashing out billions. The about-face comes after tightened regulatory oversight, higher interest rates that have slammed clean-energy stocks and a backlash that has made environmental, social and […]
Lockbit Hacks Two More Financial Firms, Threatens Data Dump
The criminal ransomware gang behind the recent attack on the Industrial & Commercial Bank of China Ltd. has claimed responsibility for two more hacks on US financial firms. The Lockbit gang added the Chicago Trading Company and Alphadyne Asset Management this week to a list of victims on its darkweb page. The gang has given […]
Hackers Complain to SEC Company They Hacked Failed to Disclose the Incident | The D&O Diary
In a move that may set a record for hacking chutzpah, a cyber ransom gang has filed a complaint with the SEC reporting that a company they hacked had failed to report the incident to the SEC within the time required by the agency’s new cybersecurity disclosure guidelines. The gang apparently filed the complaint after […]
FINRA’s Reg BI CCO Enforcement Action: A Canary in a Coal Mine? – Eversheds Sutherland
In October 2023, FINRA brought a settled case against a chief compliance officer (CCO) because his firm allegedly had inadequate procedures pertaining to excessive trading. For this violation, the CCO wasn’t charged for supervisory failures; he didn’t affirmatively participate in misconduct unrelated to his compliance function; he didn’t intentionally help to mislead regulators; and there […]
US Audit Board Pads Inspections Funding in $385 Million Budget
The US accounting oversight board plans to hire more inspectors next year to vet the work of auditors around the world as the agency tries to combat a rise in the rate of audits that fall short of core standards, under its 2024 budget approved Thursday. The $384.7 million spending plan the Public Company Accounting […]
Hispanics Underrepresented on U.S. Boards Despite Recent Gains
As of September 2023, Hispanic/Latin American directors account for 3.6% of the total and 16% of non-White/Caucasian directors at Russell 3000 companies. That indicates a significant underrepresentation of Hispanics in boardrooms compared with the group’s percentage of the population. *** While the growth of Hispanic/Latin American representation has been undeniable on U.S. boards over the […]
Cryptocurrency Prices Surge, Driven by a Potential Bitcoin Fund – The New York Times
The crypto industry has yearned for good news since last year’s market collapse, which erased billions of dollars in savings practically overnight. But approval of a Bitcoin E.T.F. is not guaranteed, and some analysts have cast doubt on whether it would draw much new investment to the crypto world. The fixation on the new fund […]
WeWork’s Rescue Wasn’t Real – Bloomberg
Anyway, a little after 5 p.m. on Friday, Nov. 3, when WeWork Inc. was sliding into bankruptcy but not quite bankrupt yet (it filed on Monday, Nov. 6), a very fun press release came out on Business Wire. A sample: “A Proposal by Cole Capital Funds Seeks to Acquire 51% of all minority ownership shares […]