Administrative Agency Securities Civil Remedies

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SEC Commissioner Objects to Retroactive Application of Dodd-Frank Bars

Commissioner Gallagher recently filed this opinion dissenting in part with respect to In the Matter of John W. Lawton. The matter arose out of the alleged misconduct of respondent John W. Lawton, who purportedly committed...more

The Securities and Exchange Commission (“SEC”) Prevails in the Second Circuit in Defending Its No-Admission Settlement Policy

The long legal battle over the SEC’s neither-admit-nor-deny settlement policy has finally come to an end. On June 4, 2014, the Second Circuit issued an opinion vacating the district court’s rejection of a proposed consent...more

Second Circuit Reverses SDNY In SEC-Citigroup Settlement Case

On June 4, 2014, the United States Court of Appeals for the Second Circuit vacated and remanded a November 28, 2011 order from the United States District Court for the Southern District of New York refusing to approve a...more

Second Circuit’s Citigroup Decision Protects SEC’s Discretion in Settling Enforcement Cases

Wednesday’s decision by the U.S. Court of Appeals for the Second Circuit in the Citigroup case is significant because it clarifies the standards for judicial review of consent decrees in SEC enforcement proceedings and...more

Second Circuit Says Pragmatism Trumps “Cold, Hard” Facts, Limits District Courts’ Powers in Reviewing SEC Settlements

Summer is coming, but this is probably not the vacation Southern District of New York Judge Jed Rakoff had in mind. On June 4, 2014, the Second Circuit vacated Judge Rakoff’s order refusing to approve the SEC’s $285 million...more

SEC v. Citigroup: A New Standard for Reviewing Consent Decrees

In an appeal that had the securities industry holding its breath for two years, the Second Circuit, on June 4, 2014, vacated Southern District Judge Jed Rakoff's 2011 order rejecting a proposed settlement between the SEC and...more

Trials Are About Truth; Consent Decrees Are About Pragmatism

I recently wrote about Judge Rakoff’s refusal to enter the SEC’s proposed consent decree in SEC v. Citigroup Global Markets, Inc., 827 F. Supp. 2d 328 (SDNY 2011) – and the shift in SEC enforcement policy that it prompted. ...more

Judge Rakoff Reversed by Second Circuit on SEC-Citi case, Still Sort of Wins

You’d be forgiven if you’d forgotten at this point, but way back in Obama’s first term, the SEC once investigated and sued Citigroup for its involvement in a collateralized debt obligation deal. As the SEC said in its...more

Consent Decrees, the District Court and the SEC: The Citigroup Decision

The Second Circuit handed down its long awaited opinion in SEC v. Citigroup Global Markets, Inc., Nos. 11-5227-cv, 11-5375-cv and 11-5242-cv (2nd Cir. June 4, 2014). The decision arises out of the refusal of the District...more

SEC Annual Report: Thousands of Tips, One Award & Minimal Transparency

In its Annual Report on the Dodd-Frank Whistleblower Program (Report), the SEC has revealed that it has received 3,001 tips during its 2012 fiscal year (the first year of this program), and it paid out its first award to a...more

SEC Releases Whistleblower Program’s 2012 Annual Report

On November 15, 2012, the Securities and Exchange Commission (“SEC” or the “Commission”) released its Annual Report on the Dodd-Frank Whistleblower Program (the “Report”). The Report – which was prepared by the Commission’s...more

Shoot First and Ask Questions Later: Financial Regulators’ Use of Their Emergency Enforcement Powers

Originally published in the November/December 2012 issue of the Financial Fraud Law Report. In the era of “real-time enforcement,” financial regulators repeatedly preach the importance of bringing an alleged malfeasor...more

SEC Releases First Full-Year Report on the Dodd-Frank Whistleblower Program: No Speedy Recoveries for Whistleblowers

On November 15, 2012, the Securities and Exchange Commission released its Fiscal Year 2012 Annual Report on the Dodd-Frank Whistleblower Program (the “Report”), the first full-year report issued since the enactment of...more

SEC Releases First Full-Year Report on the Dodd-Frank Whistleblower Program: No Speedy Recoveries for Whistleblowers

On November 15, 2012, the Securities and Exchange Commission released its Fiscal Year 2012 Annual Report on the Dodd-Frank Whistleblower Program (the “Report”), the first full-year report issued since the enactment of...more

SEC Suffers Defeat in Trial Against “Break the Buck” Executives

A federal court jury in Manhattan returned verdicts on Monday, November 12, largely exonerating the two most senior Reserve Management Company executives in a Securities and Exchange Commission enforcement action accusing...more

Motions to Dismiss FHFA’s Claims in Two Actions Granted in Part and Denied in Part

In two separate orders, Judge Cote of the Southern District of New York granted in part and denied in part motions to dismiss claims brought by the FHFA arising out of Fannie Mae’s and Freddie Mac’s alleged purchase of (1)...more

SEC Rejects Request to Stay New Extractive Industry Transparency Rule

On November 8, the Securities and Exchange Commission (“SEC”) rejected a request by industry groups to stay new regulations requiring disclosure of payments to governments relating to oil, gas, and mining projects. The...more

SEC Rejects Stay of Resource Extraction Rules

On November 8, 2012, the SEC rejected a motion to stay the resource extraction rules pending outcome of litigation challenging the validity of the rules....more

Alternative Trading System Agrees to Pay $800K for Failure to Protect Confidential Information

Earlier this month, the Securities and Exchange Commission (“SEC”) instituted public administrative and cease and desist proceedings against eBX, LLC (“eBX”), a broker-dealer registered with the SEC. eBX operates LeveL ATS,...more

SEC’s Conflict Minerals Rule Challenged

On October 19, 2012, the National Association of Manufacturers and the U.S. Chamber of Commerce petitioned the D.C. Circuit Court of Appeals to request that the SEC’s scheme of disclosure related to so-called “conflict...more

Court Vacates New CFTC Position Limit Regulations

In a widely reported decision, on September 28, 2012 the federal District Court for the District of Columbia vacated the Commodity Futures Trading Commission’s (“CFTC”) regulations imposing position limits on speculative...more

ISDA and SIFMA Win Summary Judgment on Challenge to CFTC Position Limits Rule

The United States District Court for the District of Columbia granted summary judgment for plaintiffs International Swaps and Derivatives Association (ISDA) and Securities Industry and Financial Markets Association (SIFMA),...more

Judicial Developments: CFTC Position Limits Rule Struck Down by the Courts

On September 29, 2012, the US District Court for the District of Columbia struck down the position limits rule promulgated by the Commodity Futures Trading Commission ("CFTC") that would have gone into effect October 12,...more

District Court Rejects CFTC Rule on Position Limits, for Now

On September 28, 2012, in the case of International Swaps and Derivatives Association v. U.S. Commodity Futures Trading Commission, the District Court for the District of Columbia (the "Court") ruled that the Commodity...more

Finding Ambiguity – The Future Of Mandatory Rule Making Under The Dodd-Frank Act

When Congress says that an agency “shall” adopt a rule, is there any room for discretion on the part of the agency? That was the question for U.S. District Court Judge Robert L. Wilkins in International Swaps & Derivatives...more

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