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Loginovskaya v. Batratchenko: The Second Circuit Limits the Reach of Commodities Fraud Claims

In Loginovskaya v. Batratchenko (“Loginovskaya”), the US Court of Appeals for the Second Circuit ruled in a 2-1 opinion that private commodities fraud claims under the Commodity Exchange Act (the “CEA”) may proceed only if...more

Second Circuit Affirms No Extraterritorial Application For Dodd-Frank Anti-Retaliation Provision

In Liu v. Siemens A.G., No. 13-cv-4385, 2014 WL 3953672 (2d Cir. Aug. 14, 2014), the Second Circuit affirmed that the anti-retaliation provision in Section 922 of Dodd-Frank does not apply extraterritorially. This post...more

Last Week In Securities Litigation (Week ending August 8, 2014)

Last week the SEC brought an action this centered on hidden fees and a series of actions centered on microcap fraud and investment fund fraud. A pump and dump actions was filed centered on the manipulation of six different...more

Smith & Wesson Pays $2 Million to Resolve SEC Charges

On July 28, Smith & Wesson Holding Corporation, one of the largest gun manufacturers in the United States, agreed to pay more than $2 million to settle Securities and Exchange Commission charges alleging that it had bribed...more

This Week In Securities Litigation (Week ending August 1, 2014)

The Commission continued to focus on the markets this week, brining another action involving the operation of a partially dark pool. The ECN operator was a subsidiary of Citigroup. The SEC alleged that confidential customer...more

SEC Settles FCPA Action On The Eve of Trial

The SEC was about to try its first FCPA case. Then the Commission settled, agreeing to drop the bribery charges as well as its demand for monetary sanctions. That ended the case against two Nobel Corporation executives SEC v....more

Judge Rakoff Overturned: SEC-Citigroup Settlement Sent Back for Reconsideration

In a long-awaited decision, the United States Court of Appeals for the Second Circuit today overturned Judge Rakoff's highly controversial decision which refused to approve a $285-million settlement between the United States...more

This Week In Securities Litigation (Week ending May 30, 2014)

In a holiday shortened week, the SEC filed actions based on the malfeasance at a transfer agent, financial fraud, insider trading and investment fund fraud. The action involving the transfer agent stems from an inspection and...more

This Week In Securities Litigation (Week ending February 28, 2014)

The Supreme Court handed down a significant decision, construing SLUSA in the context of suits by investors defrauded investors in the Stanford Ponzi scheme. The Court concluded that the Act does not bar four state law class...more

This Week In Securities Litigation (Week ending February 21, 2014)

The SEC filed two civil injunctive actions this week. Once focused on an investment fraud scheme in which interests were sold in what was falsely claimed to be a motion picture production which would have A list celebrities....more

Turkcell Litigation – Another Victory for Cukurova: Privy Council confirms the terms for Cukurova to recover its interest in...

The Privy Council today delivered another crucial ruling in favour of White & Case’s client Cukurova, in its six-year battle to recover its controlling interest in Turkcell (Turkey’s largest mobile phone operator). The effect...more

Court Vacates SEC Rule on Disclosure of Government Payments by Resource Extraction Issuers While Similar EU Requirement Is...

On July 2, 2013, a US court vacated the new SEC rule requiring resource extraction issuers to file annual reports with information about government payments for the commercial development of oil, natural gas or minerals....more

SEC Awards And Denies Whistleblower Claims In Hedge Fund Case

On October 26, 2011, the Commission filed an enforcement action in SEC v. Andrey C. Hicks and Locust Offshore Management, LLC, 1:11-cv-11888-RGS (D. Mass. 2011) (the “Locust Matter”). ...more

Tiger Asia Case – Hong Kong Regulators Take Insider Dealing Enforcement to New York Fund

The Securities and Futures Commission (the SFC), Hong Kong’s principal securities regulator, won a significant victory this past April in a long-running, high-profile case against New York hedge fund Tiger Asia Management LLC...more

English court supports enforcement of arbitral award, granting worldwide injunction requiring disclosure of assets

This morning, Mr Justice Field handed down his decision in the case of Cruz City 1 Mauritius Holdings v Unitech Limited and others [2013] EWHC 1323 (Comm), confirming the jurisdiction of the English courts to order a...more

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

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

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

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

SEC Rejects Motion to Stay Resource Extraction Disclosure Rules

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

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

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

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

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

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

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

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