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Whistleblower’s one-two punch: Confidential informant/employee spurs criminal investigation, then successfully sues individual...

Schuylkill Products case highlights how a whistleblower can put an employer on track to face both criminal and civil proceedings under the False Claims Act....more

This Week In Securities Litigation (Week ending May 2, 2014)

Chair Mary Jo White testified before Congress this week. Her testimony focused on the budget, reviewing the recent work of the agency. The Commission brought a series of civil injunctive and administrative proceedings this...more

NC Begins Work On Patent Troll Bill

Recently, a joint legislative committee sent a report to the North Carolina General Assembly that recommended passing an anti-troll bill during the legislature’s 2014 Short Session. A copy of the bill may be found here. The...more

This Week In Securities Litigation (Week ending April 11, 2014)

Former hedge fund giant SAC Capital was sentenced this week. This concluded one of the most prominent insider trading cases. Under the terms of the sentence SAC Capital will no longer accept public funds....more

SEC Settles Spoofing, Unregistered Broker Charges

High speed trading and its impact on the markets is the topic de jour. Author Michael Lewis claims the markets are “rigged,” a statement which no doubt will help sell his latest book centered on high speed trading. Now the...more

SEC Announces Additional Whistleblower Award Based on Assets Seized by Justice Department

After awarding the second-ever whistleblower bounty award pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in connection with SEC v. Andrey C. Hicks and Locust Offshore...more

Order for Insider Trader to Pay $10.2 Million in Restitution to Morgan Stanley Affirmed

The US Court of Appeals for the Second Circuit has affirmed the lower court’s order directing Joseph Skowron III, a convicted insider trader and former portfolio manager at Morgan Stanley, to pay his former employer $10.2...more

Concerned About NSA Snooping? Perhaps You Should Be More Concerned About The DOJ And SEC

In 2008, Rajat Gupta made a handful of short phone calls to his friend Raj Rajaratnam. The information that Gupta conveyed to Rajaratnam in those phone calls is now likely to cost Gupta millions of dollars, two years in...more

Internal Investigation Fees Awarded To Goldman Sachs

On Monday, February 25, Goldman Sachs won its bid to force former director Rajat K. Gupta to pay legal fees it incurred while investigating Gupta’s insider trading activities. In October 2012, Gupta was sentenced to two years...more

Sharon Bell v. Igal Feibush

Opinion -- California Court of Appeal Permits Treble Damages for Failure to Repay Loan

Court of Appeal affirmed trial court's determination that making a loan based on a false promise to repay amounted to theft by false pretense, and Penal Code 496 therefore applied, entitling the victim to recover treble...more

InfoBytes Special Alert: DOJ Increasingly Pursuing Both Monetary and Non-Monetary Relief in Civil Enforcement Actions

Last month, in a potentially significant but largely overlooked development, the Department of Justice ("DOJ") signaled that it would "increasingly" pursue "innovative, non-monetary measures" when it settles civil fraud...more

Liability Insurers Owe No Duty To Defend Insureds Alleged To Have Engaged In A Corrupt Scheme To Incarcerate Youth Offenders For...

In a pair of opinions filed on June 20 and 21, 2012, the Third Circuit Court of Appeals emphasized Pennsylvania’s “firmly established” public policy against providing insurance coverage for criminal and other intentional...more

Appeals Court Casts Doubt on Acceptability of ‘Obey-the Law’ Injunctions

We recently blogged about the recent decision of the U.S. Court of Appeals for the 11th Circuit in Securities and Exchange Commission v. Goble, 2012 WL 1918819 (11th Cir. May 29, 2012). There, we discussed the appeals...more

E.D.N.Y. Judge Highlights SEC’s Limited Enforcement Powers

In November 2009, a federal jury in Brooklyn acquitted Ralph Cioffi and Matthew Tannin of securities fraud charges arising from the failure of their hedge fund at Bear Stearns. The case was noteworthy because it was one of...more

The Rise of the Computer Fraud and Abuse Case

Major changes are in the works for the Computer Fraud and Abuse Act (“CFAA”), 18 U.S.C. § 1030. In the past ten years, the CFAA has moved from obscurity into the limelight as Congressional amendments drastically increased its...more

Criminal Code Used in Civil Action to Recover Triple Damages and Attorney Fees

When is a breach of contract also fraud? When the party never intended to perform. So how do you get into the mind of the defendant to determine if he intended to perform when he signed the agreement? Thankfully,...more

Verizon Wireless Files RICO Suit against Mobile Marketers, Alleges Deception and Fraud in Evasion of MMA Guidelines Requirements...

Cellco Partnership, doing business as Verizon Wireless, filed a lengthy complaint on March 7, 2011, against mobile marketing entities that have conducted short code marketing campaigns on its network. The complaint alleges...more

How does the Bribery Act 2010 affect your business?

A brief introduction to how the Bribery Act 2010 will affect commercial organisations and the steps that they need to take now to minimise their risk....more

Forest Land Occupation and Operation Blocking Issues in Guangxi

This is a memorandum reporting legal issues related to the forest land occupation and operation blocking situation at a state-owned forest farm in Guangxi Zhuang Autonomous Region. The memorandum is divided into five...more

When Negligence Is Not A Crime: Massachusetts SJC Draws Brighter Line Between Criminal And Civil Corporate Liability

Companies face serious challenges when a terrible accident has happened (including substantial civil exposure). In the recent Life Care Centers decision, the Massachusetts SJC has rejected the "aggregation" theory of...more

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