Securities

May 21, 2013
GOP Sens. Hammer Lew On IRS Targeting Scandal

Secretary of the Treasury Jack Lew on Tuesday said he will push regulators to speed up finishing capital, proprietary trading and other Dodd-Frank Act-mandated rules even as questions over the Internal Revenue Service's targeting of conservative groups dominated his appearance before a Senate panel.
May 21, 2013
ESG: Venable Shouldn't Shake $11M Facebook IPO Suit

ESG Capital Partners argued on Monday that a legal malpractice suit against Venable LLP should stick, alleging that the law firm helped known con man Troy Stratos' defraud the investment manager of $11.2 million by falsely promising to secure ESG pre-IPO Facebook shares.
May 21, 2013
Ex-SAC Trader Lashes Back At Feds In $276M Tipping Case

Former SAC Capital Advisors LLP portfolio manager Mathew Martoma told a New York federal court Monday that prosecutors were trying to “have it both ways” by insisting their $276 million insider trading case was focused on specific deals in July 2008, but also including allegations dating back to 2006.
May 21, 2013
Former DBSI Brass Deny Ponzi Scheme Charges

The former general counsel and two executives of bankrupt DBSI Inc. pled not guilty to fraud charges in Idaho federal court Monday, following accusations that they were running a Ponzi scheme under the guise of a supposedly profitable real estate investment company.
May 21, 2013
LPL Financial Penalized $9M For Email System Failures

The Financial Industry Regulatory Authority on Tuesday hit LPL Financial LLC, the largest independent broker-dealer in the U.S., with $9 million in penalties over outdated email systems that left regulators and others unable to access some of the broker dealer’s correspondence.
May 20, 2013
Strine Tells Wal-Mart To Dig Deeper For Mexican Bribery Docs

Wal-Mart Stores Inc. must conduct a more detailed search for documents requested by an institutional investor seeking information about how the retailer's board handled allegations of bribery by its Mexican affiliate, Delaware Chancellor Leo E. Strine Jr. said Monday.
May 20, 2013
Michaels Fights To Avoid Legal Fees In $550M Wyly Fraud

A Texas state judge on Monday said Michaels Stores Inc. has the right to limited information about what one of its former board of directors has disclosed to the U.S. Securities and Exchange Commission about his role in an alleged fraud before ponying up more than $1 million for his legal defense.
May 20, 2013
SAC Indictment Would Put Feds In Uncharted Waters

As rumors swirled Monday that prosecutors might indict Steven Cohen's SAC Capital Advisors LLP, defense attorneys called the move highly unusual for an insider trading case focused on individual wrongdoing.
May 20, 2013
Duane Morris Adds Orrick Partner To NY Corporate Group

Duane Morris LLP's New York corporate practice group is adding a new partner from Orrick Herrington & Sutcliffe LLP who counsels investment banks and corporations on a range of securities issues, the firm announced Monday.
May 20, 2013
High Court May Use SOX Case To Put DOL In Its Place

The U.S. Supreme Court agreed Monday to hear its first-ever Sarbanes-Oxley Act whistleblower case, in which it might not only decide whether SOX's anti-retaliation provision covers employees at private contractors of public companies, but also clarify how much deference courts should afford agencies like the U.S. Department of Labor when it comes to interpreting the law, attorneys say.
May 20, 2013
Fighting Agencies May Be Tougher After High Court Ruling

The U.S. Supreme Court's Monday ruling in favor of the Federal Communications Commission, which held that courts should apply a deferential standard of review when federal agencies interpret the limits of their own authority, may make it tougher for regulated businesses to fight agency actions, attorneys say.
May 20, 2013
Dallas Brokerage Fends Off RICO Claim For Trade Fees

A Texas judge on Monday said two independent brokers at S&P Investors Inc. haven’t yet proven their allegations the principal of a Dallas brokerage firm intentionally stole from them by overcharging for a decade the fees charged against their trade commissions.
May 20, 2013
Lew Likely To Face Flak Over IRS, Not Financial Rules

Treasury Secretary Jack Lew is scheduled to address potential risks to the financial system when he appears before Congress this week, but the growing scandal over the Internal Revenue Service's targeting of conservative groups threatens to overshadow his eagerly anticipated faceoff with lawmakers over everything from systemically important financial institutions to money market fund reform.
May 20, 2013
Tessera Proxy's Write-In Option Draws SEC's Eye

The U.S. Securities and Exchange Commission has objected to Tessera Technologies Inc.'s efforts to let shareholders write in two dissident director nominees, a first-of-its-kind tussle set up by what some critics say are antiquated proxy voting rules.
May 20, 2013
Exxon Can't Nix Ex-VP's $5M In Stock, Texas Justices Told

A former Exxon Mobil Corp. vice president on Friday told Texas’ highest court that compensation agreements he inked with the oil and gas giant allowing it to cancel $5 million in stock incentives he held after he went to work for a rival are unenforceable.
May 20, 2013
Investors Give Libor Antitrust Claims Another Shot

Investors pushed Friday to revive their antitrust claims against Bank of America Corp., JPMorgan Chase & Co. and other top banks accused of rigging the London Interbank Offered Rate as part of multidistrict litigation over the rate scandal.
May 20, 2013
BMC Investor Sues To Block $7B Sale To Bain, Golden Gate

A BMC Software Inc. investor on Friday launched a proposed class action in Texas court, complaining that a planned $7 billion sale of the company to Bain Capital LLC and Golden Gate Capital shortchanges shareholders.
May 20, 2013
Ex-Morgan Stanley Exec Fights Kickback Rap In 2nd Circ.

A former Morgan Stanley & Co. executive asked the Second Circuit on Monday to overturn a conviction on charges he steered stock-loan business to his family in exchange for kickbacks, arguing that some work was performed for the money.
May 20, 2013
Baker Donelson, Dilworth Paxson DQ'd From Investment Suit

A Louisiana federal judge on Monday disqualified Baker Donelson Bearman Caldwell & Berkowitz PC and Dilworth Paxson LLP from representing foreign investors suing over a failed investment venture to help them get permanent residency, saying one of their attorneys had worked for the venture.
May 20, 2013
Agencies Deserve Deference On Jurisdiction, Justices Say

The U.S. Supreme Court ruled Monday that courts should apply a deferential standard of review toward a federal agency's definition of its own jurisdiction, siding with the Federal Communications Commission in a fight with local government agencies over zoning rules for wireless facilities.

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Expert Analysis

Harrisburg Demonstrates Danger Of Public Statements

The U.S. Securities and Exchange Commission has long made clear that when information about a municipal issuer is reasonably expected to reach investors and the trading markets, those disclosures are subject to anti-fraud laws. But the recent Harrisburg, Pa., enforcement represents the first time the SEC has charged a municipality for misleading statements made outside of its securities disclosure documents, say attorneys with Day Pitney LLP.
Rise Of The Machines — Predictive Coding Goes Mainstream

The pros of using predictive coding far outweigh the cons. Given the heavy pressure on law firms and in-house counsel to reduce discovery costs, as well as the Justice Department's recent stance on the subject, it appears predictive coding will continue to emerge from the obscure world of legal technology to the mainstream of legal practice, say Michael Moscato and Myles Bartley of Curtis Mallet-Prevost Colt & Mosle LLP.
SEC’s Unbundling Rules Get Breath Of Life

The U.S. Securities and Exchange Commision’s “unbundling” requirements have largely been the stuff of SEC lore — periodically referred to but rarely seen in corporate governance matters. However, thanks to the high profile dispute between David Einhorn’s Greenlight Capital and Apple, the unbundling rules may finally be coming out of the shadows, say attorneys with King & Spalding LLP.
Unprecedented FCPA Wake-Up Call For US Broker-Dealers

The extraordinary criminal bribery charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan government official highlight that a broker-dealer’s anti-money laundering procedures, as well as oversight of their registered people, should have a Foreign Corrupt Practices Act component if the firm is doing international business, say attorneys with Duane Morris LLP.
Tracking Emerging Growth Cos. Under The JOBS Act

Title I of the JOBS Act significantly reformed the IPO process for emerging growth companies. Although it remains to be seen how and when the U.S. Securities and Exchange Commission will implement other provisions of the JOBS Act, we believe that the IPO on-ramp reforms will continue to take on greater importance as they enter their second year, say attorneys with Latham & Watkins LLP.
Libor Litigation Must Overcome Significant Obstacles

When U.S. District Judge Naomi Reice Buchwald dismissed a consolidated, multidistrict batch of antitrust and racketeering suits in Manhattan earlier this spring, she suggested plaintiffs seeking to recover from banking giants at the heart of the interest rate-fixing scandal might have better luck with securities fraud claims. But those plaintiffs will need to be lucky indeed. Two recent developments show that obstacles are inherent and, perhaps, insurmountable, say attorneys with Choate Hall & Stewart LLP.
SEC Eyes Advisory Contract Approval Disclosures

A recent settlement with the U.S. Securities and Exchange Commission by mutual fund directors and service providers answers a number of questions for many in the mutual fund industry and provides insight into SEC enforcement priorities, say attorneys with Morgan Lewis & Bockius LLP.
Tips For Your Rule 10b5-1 Trading Plan Policy

Now that investigations have been initiated by U.S. Attorney’s Offices and the SEC into possible abuses by corporate executives of Rule 10b5-1 trading plans, the private securities bar inevitably will follow suit and file litigation. Nevertheless, these plans continue to be an effective defense against allegations of insider trading, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
4 Takeaways From 2nd Highest FCPA Penalty

A New York federal court recently entered a final judgment against a former Siemens AG executive for his alleged role in a purported $100 million bribery scheme for Siemens to obtain a $1 billion contract from Argentina. Third-party sham contracts continue to be a prevalent theme in the alleged facts contained in corruption enforcement filings and resolutions, say attorneys with Fulbright & Jaworski LLP.
SEC Must Stop The Latest Effort To Impede Whistleblowers

Increasingly, employees have been presented with language in severance and settlement agreements that impose on whistleblowers a number of restrictions. These provisions pose a serious threat to the success of the U.S. Securities and Exchange Commission's whistleblower program, say David Marshall and Debra Katz of Katz Marshall & Banks LLP.

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