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Orrick's Financial Industry Week in Review - March 31, 2014

Fed Issues a Report on Mobile Financial Services - On March 25, the Fed issued a report on the use of mobile phones to obtain financial services. Last year, 33 percent of all mobile phone users and 51 percent of...more

Texas Gulf Selfie? The Changing (and Disappearing) Face of Insider Trading

In recent weeks, U.S Department of Justice investigations into currency traders have drawn renewed attention to the permanence of even seemingly fleeting communications. In that investigation, the DOJ is looking at, among...more

Accounting Scandal Communications In The Post-Enron World

Fueled by high-profile cases involving Enron, WorldCom, Adelphia, and HealthSouth, accounting and disclosure fraud matters grew to as much as 33 percent of all U.S. Securities and Exchange Commission (SEC) enforcement actions...more

A Bird In The Hand Is Worth … Nothing If You Can’t Really Sell It

A pair of investment firms recently filed suit against Twitter in the Southern District of New York, alleging that Twitter had fraudulently refused to allow them to sell its private stock in advance of its much-anticipated...more

The Massachusetts Securities Division Settlement with Citigroup: What Does It Mean?

A recent Massachusetts Securities Division $30 million settlement with Citigroup Global Markets Inc. (“CGMI”) provides a public glimpse into a less-widely known form of non-public information – a research analyst’s preview of...more

Stop Insider Tweeting! -- Feds eye social media for securities shenanigans

As financial institutions and investors turn to social media to instantly share snippets of news and potential clues about market trends, the FBI and SEC are monitoring such postings for evidence of insider trading and...more

A Compilation of Enforcement and Non-Enforcement Actions - May 31, 2013

Board Oversight of Distribution and Financial Intermediaries - One of the SEC’s stated focuses is on payments for “distribution in guise.” Mutual funds are only permitted to pay for distribution of their shares if...more

Investment Management Legal + Regulatory Update -- May 2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

SEC Charges City of Harrisburg with Fraud

On Monday, May 6, 2013, the Securities and Exchange Commission (SEC) charged the city of Harrisburg, Pennsylvania with securities fraud "for its misleading public statements when its financial condition was deteriorating and...more

Harrisburg Charged With Securities Fraud - Securities and Exchange Commission Says City Made Misleading Financial Statements

The inclusion of the public statements of an elected official in allegations of securities fraud could change the traditional relationship between the politicians and their constituency versus issuers and the bond market....more

Delaware Supreme Court Upholds Collateral Estoppel in Multiforum Litigation

The Delaware Supreme Court recently held that the dismissal of a shareholder derivative suit by a California federal court had a preclusive effect on a substantially similar suit pending in the Delaware Chancery Court against...more

Securities Class Actions Increasingly Target The C-Suite

According to a recently-published PricewaterhouseCoopers report, corporate executives are being named in an alarmingly high percentage of securities class action filings. In 2012, 94 percent of such filings explicitly named...more

Delaware Supreme Court Says No To Botox And No To Multi-Forum Litigation: Court Dismisses Derivative Suit Against Botox-Maker...

In a recent decision, the Delaware Supreme Court reversed the Court of Chancery in Pyott, et al. v. Louisiana Mun. Police Emp. Ret. Sys., et al., holding that a derivative suit against Botox-maker Allergan, Inc. should be...more

SEC Charges Private Equity Firm, Former Executive, and Consultant for Improperly Soliciting Investments

On March 11, the SEC announced charges against a private equity firm, a former senior executive of the firm and an individual based solely on the allegation that the individual acted as an unregistered broker-dealer in...more

SEC Speaks: Agency Takes Back-To-Basics Approach In Face Of Changing Leadership, Congressional Mandates And New Technologies

The annual “SEC Speaks” conference, in which Securities and Exchange Commission (SEC) representatives review the agency’s efforts over the past year and preview the year to come, was held on February 22-23, 2013. A...more

The Key to Compliance

On August 18 2011, the Financial Industry Regulatory Authority, Inc (Finra) issued Regulatory Notice 11-39 providing guidance to its broker-dealer members on social networking websites and business communications. The...more

The Facebook, Inc., Mark Zuckerberg v. Winklevoss

The Facebook, Inc., Mark Zuckerberg v. Winklevoss: 9th Circuit Opinion Affirming Decision of Distict Court

On April 11, 2011, The Ninth Circuit Court of Appeals affirmed the District Court decision that denied the Winklevoss twins bid to void their settlement agreement with Facebook and Mark Zuckerberg. In his opinion, Judge...more

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