SEC Investigations
Gabelli v. SEC: Application of the Fraud “Discovery” Rule and other Implications for Civil Enforcement Actions Moving Forward
In 1805, it would have been “utterly repugnant to the genius of our laws” to provide the government with impunity from statute of limitations restrictions for a penalty action, and now, two hundred years later, the United States Supreme Court has reiterated that maxim. Statutes of limitations have long been an integral aspect of the [...]
The SEC’s Case Against Mark Cuban Heads to Trial
(Editor’s note: The following post comes to us from Todd Cosenza, partner at Willkie, Farr & Gallagher LLP. The post is a client memorandum authored by Mr. Cosenza, Tariq Mundiya and Norman P. Ostrove. The full article is available here.) Yesterday, in S.E.C. v. Cuban, No. 08-CV-2050, 2013 WL 791405 (N.D. Tex. March 5, 2013), [...]
Opportunistic Informants? A Look at some of Dodd-Frank’s Whistleblower Provisions
It seems that we are locked in some kind of cycle. Every few years there is a corporate scandal, followed by some public castigation of the offending parties, some new legislation to make sure that it never happens, and then it all fades from the public eye—until it happens all over again. Around the turn [...]
Disentangling the Growing FCPA Web
Enacted in 1977, the Foreign Corrupt Practices Act (“FCPA”) prohibits the bribing of foreign officials for the purposes of obtaining or retaining business. The FCPA has an extremely broad reach, allowing the Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) to bring claims against any publicly-traded companies and their officers, directors, employees, [...]
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TAGS FCPA, FCPA enforcement, FCPA jurisdiction
POSTED IN Litigation, SEC Investigations
POSTED IN Litigation, SEC Investigations
Battle over Herbalife Should Raise Concerns about the Influence of Short Sellers
William Ackman is so sure that Herbalife is a fraudulent company that he is literally willing to bet a billion dollars on it, and in December 2012, that is just what he did. Herbalife, a 30 year old food retailer of weight management shakes and supplements, is estimated to be worth billions and is openly [...]
The Presidential Blame Game
When something around you breaks, there is one universal response: “I didn’t do it.” Whether you are a child, a businessman, a criminal, or a presidential candidate, you will most likely be inclined to deny everything and to make counter-accusations. We are obsessed with blame, particularly with avoiding it…
Summer Suits
Although summertime is normally characterized by beaches and swim suits, this past June has seen a number of significant developments in lawsuits concerning big names in the financial industry. While the rest of us have been enjoying the sunshine, the United States government has continued to work tirelessly to pursue suits against insider trading and [...]
Striking a Balance – Citigroup Fraud Settlement Take Two
According to a per curiam opinion issued by the Court of Appeals for the Second Circuit on March 15, 2012, Judge Jed Rakoff’s rejection of the SEC’s $285M settlement with Citigroup is likely to be overturned. In November of last year, Judge Rakoff, United States District Court Judge for the Southern District of New York, [...]
Occupy Federal Courts: Where Are the Financial Fraud Prosecutions?
In these days, following some of the most comprehensive financial instability in the history of the United States, we have seen large groups of people flocking to Occupy movements across the nation. The Occupy protests are largely an expression of a portion of society’s indictment of the financial industry and its major players. But where, [...]
Madoff Victims Sue JPMorgan Chase
Bernie Madoff’s $17 billion dollar Ponzi scheme may go down as the largest of its kind in history. The man himself will spend the rest of his life in federal prison. SEC has doled out punishments to eight employees who should have uncovered the fraud earlier. But none of that will compensate the victims for [...]
Featured Video
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Eugene P. and Delia S. Murphy Conference on Corporate Law
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Representation Without Accountability?
- Business Law Practitioners Series – Fall 2011
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The Philosophy and Practice of Disclosure
- BLPS – Rory Cutaia ’85
- The Looming Problems of The Bureau of Consumer Financial Protection
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Financial Reform Legislation: There Ought To Be A Law, But Is This It?
Highlights From Volume 18 Book I
THE BEHAVIORAL PARADOX: WHY INVESTOR IRRATIONALITY CALLS FOR LIGHTER AND SIMPLER FINANCIAL REGULATION
It is widely believed that behavioral economics justifies more intrusive regulation of financial markets, because people are not fully rational and need to be protected from their quirks. This Article challenges that belief. Firstly, insofar as people can be helped to make better choices, that goal can usually be achieved through light-touch regulations. Secondly, faulty [...]
DEMANDING SUBSTANCE OR FORM? THE SEC’S PLAIN ENGLISH HANDBOOK AS A BASIS FOR SECURITIES VIOLATIONS
In 1998, the United States Securities and Exchange Commission (“SEC” or “Commission”) released a style manual titled “The Plain English Handbook.” The culmination of a drive by its Chairman, Arthur Levitt, the Handbook drew upon the rules of grammar, best industry practice, and even the support of billionaire Warren Buffett in calling for a layman’s [...]
FULL OF HOT AIR? EVALUATING THE AIRGAS COURT’S RESERVATIONS ABOUT SHAREHOLDERS’ SHORT-TERM AND LONGTERM INTERESTS IN TAKEOVERS
This Note explores the incentives and preferences of shareholders in takeovers. This analysis is conducted in the context of the Delaware Chancery Court’s February 2011 decision in Air Products & Chemicals v. Airgas. In that case, the court’s decision largely turned on whether certain short-term and long-term shareholders have different preferences and incentives in takeovers. [...]
News & Events
- Can Woman Have It All? A Live Webcast with Anne-Marie Slaughter (4/24/2013)
- 13th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities & Financial Law (4/18/2013)
- 13th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities & Financial Law (4/18/2013)
- International In-House Counsel Breakfast Forum Series for Students (4/18/2013)
- Business Law Practitioners Series for students (4/16/2013)
- Fordham Corporate Center