Labor & Employment Finance & Banking Securities

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Delaware’s Adoption of Garner — and Practical Ways to Respond

On July 23, 2014, the Delaware Supreme Court in Wal-Mart Stores Inc. v. Indiana Electrical Workers Pension Trust Fund IBEW held that plaintiff stockholders, who make a showing of good cause, can inspect documents concerning a...more

DOL Requests Information Regarding Use of Brokerage Windows and Similar Arrangements in Participant-Directed Defined Contribution...

The U.S. Department of Labor (“DOL”) published a request for information (the “RFI”) regarding the use of brokerage windows, self-directed brokerage accounts, and similar arrangements (collectively referred to in this article...more

Court of Appeals asked to clarify scope of Dodd-Frank Act whistleblower protections

A federal court of appeals has been asked to clarify the scope of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010’s (“Dodd-Frank” or “Act”) whistleblower protections. Specifically, the court has been...more

How to Monitor, Audit and Improve Your Anti Corruption Compliance Program [Video]

Companies have designed and implemented anti-corruption compliance programs. An important element of an effective compliance program is monitoring and auditing the program to identify issues for improvement. Working in...more

Department of Labor Opens the Door to Questioning Brokerage Windows Under 401(k) Plans

A request for information ("RFI") by the U.S. Department of Labor ("DOL") was published on August 21, 2014 regarding the use of so-called "brokerage windows" under retirement plans, such as many Section 401(k) plans, that...more

Anti-Corruption Due Diligence Practical Steps to Protect Your Company from Third Party Risks [Video]

Almost every FCPA enforcement action involves misconduct by third party agents and distributors. The Justice Department and the SEC have emphasized the importance of companies conducing appropriate due diligence. In the...more

Fourth Circuit Adds Even More Complexity to Benefit Plan Fiduciaries' Role

The U.S. Supreme Court’s recent Dudenhoeffer decision demonstrated that benefit plan fiduciaries are definitely in the litigation spotlight, and that they should exercise caution to avoid fiduciary liability in garden-variety...more

Governments May Be Exempt From ERISA, But They Are Not Exempt From Securities Laws

ERISA lawyers know that employee benefit plans offered by state and local governments to their employees are not subject to ERISA, the federal law that generally governs benefit plans of private employers. However, other...more

FCPA Compliance Programs A Review of Best Practices [Video]

In response to aggressive FCPA enforcement, the compliance industry has embraced innovative strategies and tools. Whether your company is large, medium or small, it is important to stay abreast of industry best practices....more

Delaware Supreme Court Permits Stockholders to Overcome Corporation’s Attorney-Client Privilege for “Good Cause”

On July 23, 2014, the Delaware Supreme Court in Wal-Mart Stores, Inc. v. Indiana Elec. Workers Pension Trust Fund IBEW held that plaintiff stockholders, who make a showing of good cause, can inspect documents concerning a...more

Divided Fourth Circuit Panel Rules On Burden of Proving Loss Causation in ERISA Fiduciary Breach Case

That was the sentiment expressed in a blistering dissent by Fourth Circuit Judge J. Harvie Wilkinson in the latest ruling in a lawsuit challenging the decision by the fiduicaries of the RJR 401(k) plan to liquidate two stock...more

Second Circuit Holds Dodd-Frank Whistleblower Provision Does Not Apply Extraterritorially

Last week, in Liu v. Siemens, AG, the Second Circuit held that the Dodd-Frank Act’s whistleblower retaliation provision (15 U.S.C. 78u-6(h)(1)) does not apply extraterritorially, in the first Second Circuit decision to...more

Happy Birthday Dodd-Frank: The Whistleblower Program Milestones and How They’ve Impacted Business Ethics Training

Did you have some cake? Break out the balloons? While it’s hard to believe, it is true. Our little Dodd-Frank, signed into law by President Obama in 2010, is already four years old and about ready for pre-school. Although we...more

Can You Hear the Whistle Blowing?: SEC Punishes Company that Did Not Address Fraud Allegations by Whistleblower

The U.S. Securities and Exchange Commission recently announced the latest whistleblower bounty awarded under the Dodd-Frank Act, which authorizes rewards for original information about violations of securities laws....more

U.S. Supreme Court Issues Important Decision Affecting Fiduciaries of ESOPs

In a recent decision, Fifth Third Bankcorp v. Dudenhoeffer, 189 L.Ed. 2d 457 (2014), the U.S. Supreme Court vacated the “presumption of prudence” previously given to fiduciaries of employee-owned stock ownership plans (ESOPs)...more

SEC Brings Another Bond Case Against A State

The SEC’s nationwide review of municipal bond disclosures yielded another enforcement action, this time against the state of Kanas. The Order centers on claims that the state failed to disclose its huge unfunded pension...more

Building an Anti Corruption Compliance Program Practical Steps 2 18 14, 9 02 AM [Video]

Companies face many risks in the anti-corruption enforcement arena. With the growing globalization of anti-corruption enforcement, companies are responding quickly by enhancing their anti-corruption compliance...more

SEC Waives Whistleblower Eligibility Requirements to Issue $400,000 Award

On July 31, the U.S. Securities and Exchange Commission (SEC or Commission) issued a $400,000 whistleblower award to an individual who provided information leading to a successful SEC enforcement action. The SEC’s...more

The Role of a Chief Compliance Officer: Navigating the Compliance Landscape (March 18, 2014) [Video]

Companies recognize the importance of maintaining effective compliance programs. With the increase in enforcement activity, companies have turned to their Chief Compliance Officers to design and implement effective compliance...more

Supreme Court Sets New Standards for ERISA Stock-Drop Cases

In the Fifth Third Bancorp v. Dudenhoeffer decision issued June 25, 2014, the Supreme Court unanimously rejected the “Moench presumption”, a presumption of prudence for employer stock held in an ESOP or a 401(k) plan company...more

Supreme Court Rules No Presumption of Prudence for ESOP Fiduciaries

The United States Supreme Court clarified the duty of prudence that employee stock ownership plan fiduciaries owe to plan participants in its June 25, 2014 decision Fifth Third Bancorp v. Dudenhoeffer 134 S.Ct. 2459 (U.S....more

2014 Mid-Year Report Securities Litigation and Regulatory Enforcement

Welcome to the 2014 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. Its purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more

SEC Denies Whistleblower Award Claim for Harbinger-Falcone Recovery

As recently reported by Ed Benson of Law 360, on July 4th, 2014, the United States Securities and Exchange Commission (the “SEC” or “Commission”) issued a final order that denied a whistleblower award claim on the $18 million...more

A New Reality for ESOP Fiduciaries - Company Stock Investments for Employee Participants in Retirement Plans of Public and...

For the ESOP fiduciary of a publicly traded employer, the Supreme Court has made clear that non-public insider information is not required to be used in reaching a decision to buy, hold or sell employer securities....more

Supreme Court Unanimously Rejects Special "Presumption of Prudence" For Investment in Employer Stock

In the past, fiduciaries of employee stock ownership plans (ESOPs) and other defined contribution plans that invest in employer stock generally have been able to rely on a special “presumption of prudence” in court when...more

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