Overall
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White Collar
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May 24, 2013
Developer Loses Bid To Block Govt.'s Clean Water Act Claims
A New York federal judge on Friday denied a developer's request for an injunction barring the U.S. Environmental Protection Agency and Department of Justice from pursuing Clean Water Act claims over his plans to develop his land, shifting the next phase of the dispute to ongoing civil proceedings.
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May 24, 2013
US-China Audit Truce Offers Weak Shield For Investors
A Friday agreement allowing U.S. regulators to seek documents from Chinese accounting firms targeted for enforcement actions marked an improvement in relations between the two countries, but analysts say investors will remain vulnerable to fraud until U.S. regulators can perform regular audit reviews in China.
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May 24, 2013
B&L Unit To Pay $34M For Drug Marketing Guilty Plea: DOJ
A Bausch & Lomb Inc. affiliate will cough up $33.5 million as part of an agreement copping to federal charges that it promoted an anti-inflammatory eye-treatment drug for unapproved new uses that were billed to federal health programs, the U.S. Department of Justice said Friday.
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May 24, 2013
SEC Ordered To Provide Docs To Ex-SAC Trader
A federal judge on Friday said the U.S. Securities and Exchange Commission must begin turning over documents to former SAC Capital Advisors LP portfolio manager Mathew Martoma, who faces an insider trading case from the commission alongside a criminal indictment.
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May 24, 2013
Indicted Texas Judge Suspended Without Pay
An embattled Texas judge on Thursday was suspended without pay by a state judicial panel a day after he was indicted on criminal charges that he used his office to retaliate against attorneys with whom he has personal conflicts.
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May 24, 2013
Law360 Names 10 FCPA Powerhouse Firms
Many savvy law firms boast their expertise in Foreign Corrupt Practices Act matters, but an elite group of 10 firms have emerged as true leaders in the fast-growing field, earning them a spot on Law360’s inaugural list of FCPA Powerhouses.
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May 24, 2013
La. Grand Jury Probes $197M Medicaid Contract With IT Firm
The Louisiana Attorney General's Office said Friday it has impaneled a state grand jury to investigate possible criminal activity involving a $197 million Medicaid contract that Gov. Bobby Jindal's administration awarded to information technology and outsourcing provider Client Network Services Inc.
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May 24, 2013
'Kids For Cash' Judge Loses Conviction Appeal In 3rd Circ.
One of two Pennsylvania judges found guilty in the state’s notorious “kids for cash” scandal failed to dodge 28 years in prison and nearly $1.2 million in restitution fees Friday as the Third Circuit affirmed his sentence and the bulk of his conviction.
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May 24, 2013
Jury Convicts Bank Of Commonwealth Insiders In $71M Fraud
A Virginia federal jury Friday convicted former Bank of the Commonwealth CEO Edward Woodard and three others for their roles in a scheme that hid the now defunct bank's troubled assets, all but closing a case that defrauded the government of $71 million and led to the bank's 2011 failure.
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May 24, 2013
KPMG Can't Force Tremont Investors To Arbitrate Madoff Row
A group of Tremont Partners Inc. hedge fund investors who lost $20 million in Bernard Madoff’s Ponzi scheme can continue their suit accusing the funds’ auditor KPMG LLP of failing to catch the fraud, a Massachusetts appeals court ruled Thursday, saying the claims were not subject to arbitration.
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May 24, 2013
Q&A With Foley & Lardner's Lisa Noller
While the purpose behind whistleblower statutes is laudable, a few simple reforms would provide greater opportunity for self-correction and likely save legal and judicial resources, says Lisa Noller, a partner with Foley & Lardner LLP and a former federal prosecutor.
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May 23, 2013
Former Stockbroker Seeks Bail In 'Rebecca' Con Case
A former stockbroker accused of defrauding a real estate company and the producers of defunct Broadway musical “Rebecca” sought bail in New York federal court Thursday as negotiations for a potential plea deal continue, saying he has found temporary work and is not a flight risk.
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May 23, 2013
Obama Taps Latham Partner For Chicago US Atty Post
President Barack Obama on Thursday nominated Latham & Watkins LLP white-collar partner Zachary T. Fardon to be the next U.S. attorney for the Northern District of Illinois, a year after storied prosecutor Patrick Fitzgerald stepped down from the post.
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May 23, 2013
Ex-Pfizer Counsel Tapped For NJ County Prosecutor Job
A former federal prosecutor and Pfizer Inc. attorney has been tapped to serve as the chief law enforcement officer for Union County, N.J., the state's attorney general announced Thursday.
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May 23, 2013
Air Force Base Bribery Schemers Get Prison Time
A former civil engineer at Sheppard Air Force Base and two government contractors, who pled guilty last year to their roles in a bribery conspiracy to unlawfully disclose and obtain sensitive government contact information, were given prison sentences Thursday in Texas federal court.
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May 23, 2013
Ex-Goldman Banker Settles SEC Pay-To-Play Case
A former Goldman Sachs & Co. investment banker has agreed to pay $100,000 to settle claims that his work on the gubernatorial campaign of a Massachusetts state treasurer scored the firm lucrative municipal underwriting business, the U.S. Securities and Exchange Commission said Thursday.
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May 23, 2013
Daiichi Sankyo Mulls Legal Action Over Ranbaxy Settlements
Daiichi Sankyo Co. Ltd. is weighing litigation against certain former shareholders of its majority-owned Ranbaxy Laboratories Ltd., saying Wednesday that it believed the shareholders had covered up critical information over tainted drug investigations leading to a recent $500 million U.S. civil and criminal settlement.
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May 23, 2013
MoFo Eyes Singapore For FCPA Practice Growth
Morrison & Foerster LLP has shifted a top Foreign Corrupt Practices Act partner to Singapore to expand its anti-corruption and bribery expertise for clients in the so-called Association of Southeast Asian Nations, the firm said Monday.
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May 23, 2013
Convicted Ex-Detroit Mayor Ousts Lead Attorney
Former Detroit mayor Kwame Kilpatrick, who is facing up to 20 years in prison following his conviction for steering city business to contractors in exchange for kickbacks, reportedly ditched his longtime attorney Thursday over concerns he was not being fairly represented.
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May 23, 2013
Ex-Penn State Chief Says School's Atty Violated Privilege
The ousted head of Pennsylvania State University wants a state judge to dismiss criminal charges accusing him of helping cover up the conduct of convicted child molester Jerry Sandusky, arguing that his indictment was improperly based on testimony from a school lawyer who violated his attorney-client privilege.
Expert Analysis
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The Importance Of Morning Mist
Morning Mist Holdings Ltd. v. Krys provides guidance to courts that need to determine the location of a foreign debtor’s “center of main interests.” While not outcome-determinative in this case, in other cases, the Second Circuit’s decision may ultimately affect the scope of relief available under the Bankruptcy Code to a foreign debtor, says Alexander Woolverton of Weil Gotshal & Manges LLP.
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How To Avoid The Dirty Side Of Clean Energy
Recent news reports on the RusHydro embezzlement, a U.S. Virgin Islands senator's arrest and the Italian mafia infiltration suggest that the not-so-clean side of the clean energy sector may come under greater scrutiny around the world. These reports should serve as a sobering reminder for companies of the risks and consequences of international corruption, say attorneys with Covington & Burling LLP.
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More 'Dark Pools' Deepen Litigation Issues
Not surprisingly, dark pools are beginning to crop up in litigation settings. More cases are focusing on the misuse of information contained in dark pool trades, as well as dark pools acting as conduits to insider trading. In fact, there appears to be a correlation between the growth of dark pools and the number of criminal insider trading cases brought by government officials, says Adam Werner of Berkeley Economic Consulting.
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4 UK Bribery Act Myths — Debunked
The U.K. Bribery Act is somewhat complicated. Not surprisingly, therefore, misperceptions have arisen regarding its provisions, especially regarding the requirements, scope and exclusivity of Section 7 corporate liability, says Eli Richardson of Bass Berry & Sims PLC.
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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.
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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.
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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.
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More DOJ Use Of Cooperating Witnesses In Corruption Cases
The emergence of a cooperating witness begins to complete the puzzle of the scheme to defraud and catapults the investigation to new heights. A recent arrest by the FBI in an ongoing Foreign Corrupt Practices Act investigation appears to follow this same modus operandi, says Douglas Small of Berkeley Research Group LLC.
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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.
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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.