Securities Law, Finance & Banking, Civil Remedies

Assured and UBS Agree to Settle RMBS Litigation for $358 Million

by Orrick - Structured Finance Group on 5/14/2013

On May 6, monoline insurer Assured Guaranty Ltd. announced a $358 million settlement with UBS and its affiliates stemming from losses on residential mortgage-backed securities that were issued, sponsored or underwriten by...more

Credit Crunch Digest -- April 2013

by Jennifer Quinn Broda, Ryan Chapoteau, Matthew Ferguson, Todd McCormick, Thomas R. Orofino, Eric C. Scheiner | Sedgwick LLP on 5/2/2013

This issue of the Credit Crunch Digest focuses on the dismissal of antitrust claims against major banks in Libor-related litigation; settlement in the Merrill Lynch/Bank of America merger case; settlement in the SAC Capital...more

No Happy Trails For Victorville Tax Increment Bond Financing

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/30/2013

For more than thirty years, I’ve driven by, but never stopped at, the Roy Rogers and Dale Evans Museum in Victorville, California. The museum eventually relocated to Missouri but reportedly did not survive for long. Despite...more

Missouri Court Rules Against $440,000 Cyberheist Victim

by Bernstein Shur on 4/22/2013

A Missouri court last week handed a legal defeat to a local escrow firm that sued its financial institution to recover $440,000 stolen in a 2009 cyberheist. The court ruled that the company assumed greater responsibility for...more

Don’t Lie About Assets Under Management

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 4/19/2013

Umesh Tandon, president, chief compliance officer, and sole owner of Simran Capital Management, recently agreed to a settlement with the SEC relating to alleged violations of the Investment Advisers Act of 1940 and the...more

Narrow Interpretation of "Customer" Under SIPA Is Affirmed by the Second Circuit

by James Vincequerra | Duane Morris LLP on 4/10/2013

On February 22, 2013, the United States Court of Appeals for the Second Circuit in In re Bernard L. Madoff Investment Securities LLC held that certain individuals who had invested indirectly in Bernard L. Madoff Investment...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

Board Enjoined from Impeding Hostile Consent Solicitation Without First Approving Rival Director Slate under Credit Agreement...

by Michael O'Bryan, Jeffrey Silver | Morrison & Foerster LLP on 3/18/2013

The Delaware Chancery Court recently enjoined a board of directors from impeding a stockholder’s solicitation of written consents to replace the board, unless the board first approved the stockholder’s nominees for purposes...more

Whistleblowers: A Dilemma For The Defense

by Catherine M. Foti | Morvillo Abramowitz Grand Iason & Anello P.C.... on 3/18/2013

Originally published in Law360 on December 18, 2012. Without a doubt, the advent of the U.S. Securities and Exchange Commission’s whistleblower bounty program prompted a drastic increase in the number of individuals...more

CFTC Fines $3.5 Million In FX Fraud

by Elan Mendel | Shipkevich PLLC on 3/15/2013

The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court order for more than $3.5 million in restitution and civil monetary penalties against Nicholas Trimble and his two companies, Capstone FX...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

Internal Investigation Fees Awarded To Goldman Sachs

by Mona Amer, Mark Mermelstein | Orrick - Securities Litigation and Regulatory... on 3/5/2013

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

CFTC Charges Agape Entities With Futures Trading Scheme

by Elan Mendel | Shipkevich PLLC on 3/1/2013

The U.S. Commodity Futures Trading Commission (CFTC) has charged Agape World, Inc. and Agape Merchant Advance with defrauding customers of tens of millions of dollars in a commodity futures trading scheme. The CFTC’s press...more

Supreme Court Adopts Strict Interpretation of the Statute of Limitations for SEC Civil Penalty Enforcement Actions

by Ropes & Gray LLP on 3/1/2013

On February 27, 2013, the United States Supreme Court unanimously adopted a strict interpretation of the five-year period in which the Securities and Exchange Commission (“SEC”) may seek to impose a civil penalty on a...more

Bernstein Shur Business and Commercial Litigation Newsletter #25

by Paul McDonald, Daniel J. Murphy | Bernstein Shur on 2/28/2013

We are pleased to present the 25th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight financial services industry news and developments, including continued support for...more

Growth Equity: Who is in Control?

by Matthew Stewart | Fenwick & West LLP on 2/25/2013

As I discussed in an earlier article, growth equity (or growth capital) resides on the continuum of private equity investing at the intersection of venture capital and control buyouts. Growth capital is designed to facilitate...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

Federal District Court Issues First Ever Post-Trial Order Requiring Bank To Reimburse Monoline Insurer Over Loans Backing MBS

by BuckleySandler LLP on 2/18/2013

On February 6, the U.S. District Court for the Southern District of New York found that loans underlying two trusts issued by a Michigan bank breached the representations and warranties in the contracts the bank entered with...more