Business Torts Administrative Agency

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Fund Principal Partially Resolves Administrative Charges

A principal of an investment adviser partially settled a previously filed administrative proceeding which centers on claims that he and another Respondent improperly advised their clients to invest in off-shore funds without...more

‘Big Short’ Case Tests the Reach of the SEC’s Administrative Forum

On March 21, Wing Chau – a subprime CDO manager who featured prominently in Michael Lewis’s best-selling book “The Big Short” – sued the SEC, claiming that the SEC violated his constitutional rights by choosing to bring its...more

Insider Trading Investigations: What To Watch for in 2014

Christopher Clark is a partner at Latham & Watkins where he represents public companies, alternative investment entities such as hedge funds, and individuals in both criminal and civil investigations involving state and...more

SEC Settles with Portfolio Manager of Private Equity Fund of Funds Over Undisclosed Valuation Practice That Inflated Fund...

The SEC settled public administrative proceedings against a portfolio manager (the “Portfolio Manager”) over misrepresentations he made or caused to be made to prospective and existing investors in the private equity fund of...more

"The CFTC’s Fraud-Based Manipulation Authority Raises Questions"

In October 2013, the Commodity Futures Trading Commission used enforcement powers it gained under the Dodd-Frank Act in an order finding that a major financial institution recklessly employed manipulative devices in trading...more

FERC Requests that U.S. District Court Affirm Penalties for Market Manipulation

On October 1, 2013, we reported here that the Federal Energy Regulatory Commission (FERC) issued orders on August 29, 2013, assessing civil penalties against, and requiring disgorgement of profits by, Lincoln Paper and...more

Supreme Court of Canada Clarifies the Limitation Period for Secondary Proceedings in Securities Enforcement Context

The Supreme Court of Canada has recently provided clarity on the limitation period applicable to “secondary proceedings” in the securities enforcement context. Subject to a few exceptions, these proceedings, brought in the...more

City Not Required to Provide a Defense to Former Administrative Officer Accused of Looting City’s Coffers

The City of Bell (“City”) sued Robert Rizzo (“Rizzo”), its former chief administrative officer, for restitution after he allegedly looted the City’s coffers. Rizzo, who also faced criminal charges, asserted that the City was...more

Third-Party Risk Management: Busting Myths and Telling Truths

A presentation for the American Conference Institute's 12th National Forum on Residential Mortgage Litigation & Regulatory Enforcement examining increased scrutiny by government regulators of third party vendor management...more

Preventive Measures: Avoiding Predatory and Discriminatory Lending Litigation

Slides addressing the management and defense against claims of discriminatory lending and assessing the status of ‘disparate impact’ in Fair Lending litigation and enforcement. ...more

New Hours-of-Service Regulations Effective Today, July 1, 2013

Legal Alert: The U.S. Department of Transportation's Federal Motor Carrier Safety Administration (FMCSA) announced that new federal regulations designed to reduce truck driver fatigue took full effect today, July 1, 2013. ...more

SEC Fraud Charges against Harrisburg, Pa., Have Implications for Secondary Market Disclosures

The Securities and Exchange Commission (SEC) recently charged the City of Harrisburg, Pennsylvania (the City), with misleading investors about its financial health in the annual State of the City Address, as well as in its...more

The ERISA Litigation Newsletter - April 2013

Editor's Overview - The importance of clear and unambiguous plan language cannot be overstated. The Second Circuit recently applied this well-established principle to conclude that a plan's administrative claims process must...more

FDIC Obtains Jury Verdict And Settlement In Separate Actions In California District Court Against Former Bank Officers And...

On December 7, the FDIC, as receiver of a failed bank, obtained a jury verdict in its favor in the U.S. District Court for the Central District of California against a group of former bank officers. FDIC v. Van Dellen, No....more

Corporate and Financial Weekly Digest - January 4, 2013

In this issue: - CII Submits Rule 10b5-1 Rulemaking Petition to the SEC - ISS Publishes Updated FAQs for its Proxy Voting Policies - CFTC Issues Final Order on Cross-Border Swaps - CFTC Issues No-Action...more

CFTC Announces Second Spoofing Action Against Commodity Traders

The Commodity Futures Trading Commission (CFTC) recently announced its second enforcement action against a commodity trader for engaging in the manipulative scheme called “spoofing.” U.S. Commodity Futures Trading Commission...more

SEC Accuses Fund Directors of Breaching Their Valuation Duties

In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive...more

Employee Burnout

Sometimes employers can’t see the forest from the trees. This is often the case when it comes to the work environment, including workplace policies, and their impact on employee productivity and retention. In the rush to...more

Employer Liability for Unreported Time

A recent decision by the Sixth Circuit Court of Appeals held that a nurse’s claim for unpaid wages attributed to working during unpaid meal breaks, did not violate the Fair Labor Standards Act (“FLSA”). White v. Baptist...more

FTC. v. Wyndham Litigation

The Federal Trade Commission (“FTC”) has been active in recent years pursuing companies that suffer data security breaches and arguably failed to live up to the data security standards promised in their privacy policies....more

Insider Dealing

On December 13, the FSA published a press release announcing that Thomas Ammann, a former investment banker and FSA Approved Person at Mizuho International plc, had been sentenced to 2 years and 8 months imprisonment for two...more

Corporate Compliance with Licensing Requirements

Software and technology licensing fees are often tied to the number of users or devices that access an application or database. More users, or more devices, will often mean higher licensing fees. The terms and conditions...more

Libor Fixing Probe – UBS Facing Potential $1 Billion Fine

UBS, Switzerland’s largest bank, is set to become the second financial institution to enter into a settlement arising out of the Libor rate-fixing scandal. The potential agreement would reportedly allow UBS to pay...more

SBA Rules Changes – Definition of a Small Business

In the quest to compete and survive, small businesses should embrace all opportunities for revenue growth available to them. One of the largest potential customers in the world is the US Government. Small businesses have a...more

NLRB Cases Impact At-Will Employment Agreements

Most employment agreements in California are for at-will employment. This means that the employer can terminate the employee at any time, with or without cause, so long as termination is not for a reason otherwise unlawful...more

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