Finance & Banking, Business Torts, Administrative Law

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

by William C. Rhodes, Tesia Stanley | Ballard Spahr LLP on 5/10/2013

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

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

by BuckleySandler LLP on 1/7/2013

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

by Katten Muchin Rosenman LLP on 1/7/2013

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

by Robert Fallon | Leonard, Street and Deinard - Dodd-Frank and... on 1/4/2013

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

by Jay G. Baris, Kelley A. Howes | Morrison & Foerster LLP on 1/4/2013

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

Insider Dealing

by Orrick - Structured Finance Group on 12/19/2012

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

Libor Fixing Probe – UBS Facing Potential $1 Billion Fine

by Sedgwick LLP on 12/16/2012

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

by Robert Freedman - Partner at Tharpe & Howell,... on 12/13/2012

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

Orrick's Financial Industry Week in Review - December 3, 2012

by Orrick, Herrington & Sutcliffe LLP on 12/6/2012

In This Issue: - Financial Industry Developments · CFTC Final Rule on Clearing of Credit Default Swaps and Interest Rate Swaps · Fed, Treasury Proposed Amendments to Bank Secrecy Act Definitions...more

Federal District Court Dismisses Virginia State Law Claims in FHFA RMBS Suit

by BuckleySandler LLP on 11/27/2012

On November 19, the U.S. District Court for the Southern District of New York held that the FHFA’s state-law claims against a financial institution with regard to the offering of certain residential mortgage-backed securities...more

BNA Banking Report - A Practical Guide to CFPB Procedures for Investigation and Adjudication

by Richik Sarkar on 11/27/2012

A practical guide to CFPB investigations and adjudications. Available through Bloomberg BNA's Banking Report....more

SEC’s Asset Management Unit Focuses on Compliance Failures, Vol. 1

by Brooks Pierce on 11/26/2012

The SEC Enforcement Division’s Asset Management Unit has brought some substantial cases over the last year, including a number arising out of its Aberrational Performance Inquiry. Another focus for the unit has been...more

The Government's War Against Financial Industry Crimes Continues with a Record-Breaking Insider Trading Case, But It's Still Too...

by Robert J. Anello | Morvillo Abramowitz Grand Iason & Anello P.C.... on 11/21/2012

The Department of Justice and Securities Exchange Commission loudly have trumpeted victories achieved in their renewed battle against insider trading and Wall Street malfeasance, repeatedly warning that there are more cases...more

FSA Requires Asset Managers to Address Conflicts of Interest

by Katten Muchin Rosenman LLP on 11/20/2012

On November 9, the UK Financial Services Authority (FSA) issued a paper entitled “Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks” (the Paper). The Paper resulted from a...more

FSA Fines Manager for Systemic Suitability Failings

by Katten Muchin Rosenman LLP on 11/20/2012

On November 14, the UK Financial Services Authority (FSA) announced that it had fined Savoy Investment Management Limited (Savoy) £412,000 (approximately $653,000) for failing to take reasonable care to ensure the suitability...more

Amendment to Japanese Investment Management Regulations in Response to AIJ Incident

by Robyn Nadler, Mitsutoshi Uchida | Morrison & Foerster LLP on 11/15/2012

On October 12, 2012, in response to the recent AIJ scandal, the Financial Services Agency of Japan (the “Japanese FSA”) published a draft amendment to certain rules (“Draft Rules”) intended to revamp the regulation and...more

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

by Jim Meyers | Orrick - Securities Litigation and Regulatory... on 11/14/2012

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

Structured Thoughts -- Volume 3, Issue 13 -- November 13, 2012

by Morrison & Foerster LLP on 11/14/2012

In This Issue: EU Regulation on Short Selling: Impact on U.S. Issuers of Structured Notes - On November 1, 2012, the regulation (the “Regulation”) of the European Parliament and Council of the European Union on...more

The Art of the New War - A Guide to Handling CFPB Examinations, Investigations, and Enforcement Actions

by Richik Sarkar on 11/13/2012

"The Art of the New War - A Guide to Handling CFPB Examinations, Investigations, and Enforcement Actions" is practical guidance for institutions governed by the Consumer Financial Protection Bureau on how to handle...more

Wells Fargo: Department of Justice Not Playing Fair

by Bilzin Sumberg Mortgage Repurchase Group on 11/9/2012

Wells Fargo has recently cried foul, claiming that the Department of Justice’s latest lawsuit against it in the Southern District of New York violates the terms of a settlement agreement Wells had previously reached with the...more

FSA Issues Fines Totalling £250,000 for Transaction Reporting Failures

by Orrick - Structured Finance Group on 11/8/2012

The FSA has fined two firms a total of £250,000 for failing to provide accurate and timely transaction reports to the FSA in respect of reportable transactions carried out....more

Mutual Fund Litigation and Insurance Practice Guide

by Dechert LLP on 11/7/2012

In the wake of the subprime mortgage meltdown and ensuing global credit crisis, the SEC is more devoted than ever before to examination and enforcement efforts directed at the mutual fund industry. The class action bar also...more

U.S. Sues Bank of America for Alleged Mortgage Fraud Against GSEs

by Orrick - Structured Finance Group on 11/7/2012

On October 24, the U.S. Attorney for the Southern District of New York filed suit against Bank of America and Countrywide seeking damages for over $1 billion in alleged losses suffered by Fannie Mae and Freddie Mac....more

FSA’s Administrative Sanctions on Investment Managers and a Trust Bank

by White & Case LLP on 11/3/2012

On October 16, 2012, the Financial Services Agency of Japan (the “FSA”) announced administrative sanctions against an investment manager (a two month business suspension order and a business improvement order) and a trust...more

Energy Alert: FERC Hits Barclays Group and Four of Its Traders with Record $500 Million Penalty.

by Leonard, Street and Deinard on 11/2/2012

On October 31, the Federal Energy Regulatory Commission proposed a record penalty of almost $500 million against the Barclays Group and four Barclays traders, charging them with manipulating prices for electricity in the...more

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Finance & Banking › Business Torts › Administrative Law