Securities Law, Civil Remedies, International Law & Trade

Federal Authorities Announce FCPA Action, First SEC Non-Prosecution Agreement

by BuckleySandler LLP on 5/1/2013

On April 22, the DOJ and the SEC announced parallel actions against a clothing company to resolve allegations that a subsidiary of the company paid bribes to Argentine officials over a several-year period to obtain improper...more

The Importance Of Anti-Corruption Compliance Remediation

by Michael Volkov on 3/28/2013

When you catch someone (e.g. a child, friend or business associate) in the wrong, it is interesting to watch their reactions. (Notice I left out spouse or relationship partner – we all know our spouse or relationship partner...more

SEC Enforcement Update - The SEC Speaks in 2013

by King & Spalding on 3/5/2013

The U.S. Securities and Exchange Commission held its annual SEC Speaks program in Washington, D.C. on February 22-23, 2013. In the postfinancial crisis, post-Dodd-Frank world, it is clear that the Commission and its staff are...more

CFTC Orders Enskilda Futures To Pay $125,000 For Margin Errors

by Felix Shipkevich | Shipkevich PLLC on 2/20/2013

The U.S. Commodity Futures Trading Commission (CFTC) has filed and settled charges with Enskilda Futures Limited (EFL) for failing to meet capital requirements....more

SEC Rejects Motion to Stay Resource Extraction Disclosure Rules

by Robert L. Kohl, Daniel J. Silverthorn | Katten Muchin Rosenman LLP on 11/20/2012

On November 8, the Securities and Exchange Commission denied a motion to stay the effective date of the recently enacted resource extraction disclosure rules. These rules, adopted by the SEC on August 22, require public...more

An Independent Corporate Monitor's Perspective on Pre-Trial Diversion/Government Settlement Agreeements

by John Hanson on 11/14/2012

Pre-Trial diversion or settlement agreements have been increasingly used as a tool by government agencies as a means of resolving corporate liability for misconduct or fraud perpetrated by an organization's employees,...more

SEC Rejects Request to Stay New Extractive Industry Transparency Rule

by Sarah A. Altschuller | Foley Hoag LLP - Corporate Social... on 11/12/2012

On November 8, the Securities and Exchange Commission (“SEC”) rejected a request by industry groups to stay new regulations requiring disclosure of payments to governments relating to oil, gas, and mining projects. The...more

SEC Rejects Stay of Resource Extraction Rules

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 11/9/2012

On November 8, 2012, the SEC rejected a motion to stay the resource extraction rules pending outcome of litigation challenging the validity of the rules....more

SEC’s Conflict Minerals Rule Challenged

by Foley Hoag LLP on 10/26/2012

On October 19, 2012, the National Association of Manufacturers and the U.S. Chamber of Commerce petitioned the D.C. Circuit Court of Appeals to request that the SEC’s scheme of disclosure related to so-called “conflict...more

Lehman Bankruptcy Update: Lehman Reaches $38 Billion Deal With European Unit

by Patterson Belknap Webb & Tyler LLP on 10/10/2012

The Trustee overseeing the liquidation under the Securities Investor Protection Act (“SIPA”) of Lehman Brothers Inc. (“Lehman”) in the U.S. and the Joint Administrator of Lehman Brothers International (Europe) (“LB Europe”)...more

Finding Ambiguity – The Future Of Mandatory Rule Making Under The Dodd-Frank Act

by Allen Matkins Leck Gamble Mallory & Natsis... on 10/2/2012

When Congress says that an agency “shall” adopt a rule, is there any room for discretion on the part of the agency? That was the question for U.S. District Court Judge Robert L. Wilkins in International Swaps & Derivatives...more

Court Vacates CFTC Position Limits Rules

by Dechert LLP on 10/1/2012

Last Friday, September 28th, the U.S. Federal District Court in Washington, D.C. (“Court”) struck down the commodity speculative position limit rulemaking that the U.S. Commodity Futures Trading Commission (“CFTC”) had...more

Court Vacates CFTC’s Position Limits Rule

by Leonard, Street and Deinard - Dodd-Frank and... on 10/1/2012

The CFTC’s final rule on position limits with respect to derivative contracts in 28 different physical commodities has been vacated and remanded back to the agency. Spot month limits under the rule had been set to go into...more

Court Strikes Down ‘Critical’ CFTC Rule

by Shipkevich PLLC on 10/1/2012

U.S. District Court Judge Robert Wilkins has blocked a CFTC rule that sets position limits on derivatives tied to 28 commodities. “The CFTC’s error in this case was that it fundamentally misunderstood and failed to...more

Americas Min. Corp. v. Theriault, C.A. No. 30, 2012 (Del. Aug. 27, 2012)

by Potter Anderson & Corroon LLP on 9/6/2012

In this en banc opinion, the Delaware Supreme Court affirmed the Court of Chancery’s ruling in In re S. Peru Copper Corp. S’holder Derivative Litig., 30 A.3d 60 (Del. Ch. 2011), awarding base damages of $1.263 billion to...more

Madoff Feeder Fund in Major Court Reversal

by Harney Westwood & Riegels on 7/5/2012

In a series of decisions before the BVI Commercial Court and Eastern Caribbean Court of Appeal, the liquidators of Fairfield have suffered significant reversals in their claims against investors. The decisions are important...more

Vivendi Securities Case Tried, and Lost.

by Cadwalader, Wickersham & Taft LLP on 7/2/2012

We have posted before on the class action securities case against Vivendi. The recent trial involving the case is a lesson for international litigation practice. Since our last posting, the defendants in the case sought to...more

Corporate and Financial Weekly Digest - June 15, 2012

by Katten Muchin Rosenman LLP on 6/18/2012

In this issue: - “Obey-the-Law” Injunction Too Vague in Sham Transaction Case - Government May Not Use Work Product Protected Communications Made to a Cooperator - SEC Issues “Roadmap” for the Remaining...more

Foreign Investors Bring $1.8 Billion RMBS Lawsuit Against Six Investment Banks

by Orrick, Herrington & Sutcliffe LLP on 5/30/2012

On May 22, 2012, Blue Heron Funding Ltd., Phoenix Light SF Limited, Silver Elms CDO PLC, and Kleros Preferred Funding V PLC filed a summons with notice in the New York State Court against six investment banks and their...more

SEC Staff Issues Report on the Cross-Border Scope of Private Rights of Action for Securities Fraud

by Sheppard Mullin Richter & Hampton LLP on 5/10/2012

The staff of the Securities and Exchange Commission (“SEC”) recently released a study on the cross-border scope of the private right of action under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”),...more

Section 2(a)(iii): the Suspense Continues

by Reed Smith on 4/13/2012

Anyone with a passing knowledge of derivatives law will be aware of the controversy created by section 2(a)(iii) of the ISDA Master Agreement. Differing interpretations of 2(a)(iii) have emerged in litigation in London and...more

Second Circuit Clarifies Elements of a Domestic Securities Transaction Under Morrison v. National Australia Bank

by Bracewell & Giuliani LLP on 3/30/2012

On March 1, 2012, the United States Court of Appeals for the Second Circuit held that a foreign plaintiff may assert a fraud claim under the federal securities laws based on its purchases of securities issued by U.S....more

Second Circuit Stays District Court’s Refusal To Approve SEC-Citigroup Settlement

by Cadwalader, Wickersham & Taft LLP on 3/28/2012

The Second Circuit’s decision in SEC v. Citigroup Global Markets Inc., Dkt No. 11-5227-cv-(Lead) (2d Cir. 2012), presents issues related to international practice only indirectly. But the principles are of significance and...more

Hong Kong Court of Appeal Expands SFC Powers to Seek Remedies for Insider Trading

by Proskauer Rose LLP on 3/13/2012

In what is being seen as a landmark decision, the Hong Kong Court of Appeal has allowed an appeal by the Hong Kong Securities and Futures Commission (SFC) from the decision of a lower court that will permit the SFC to proceed...more

Lehman client money judgment – impact on MF Global clients

by Reed Smith on 3/9/2012

On 29 February 2012 the Supreme Court of England and Wales dismissed the appeal by GLG Investments and ruled that clients whose money had not been properly ring-fenced when Lehman Brothers International (Europe) (“LBIE”) went...more

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Securities Law › Civil Remedies › International Law & Trade