Securities Professional Malpractice

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SEC Charges Attorneys Who Implemented Fraud Scheme

Two attorneys, with fiduciary duties to their clients by virtue of their role as escrow agents, served not as the protector of client funds, but enablers of a fraudulent scheme. The plot was uncovered by OCIE during an...more

"Auditors Must Beware the Consequences of Settling SEC Enforcement Actions"

The Securities and Exchange Commission (SEC) launched “Operation Broken Gate” in October 2013 to hold accountable those auditors who have intentionally or negligently violated professional auditing or accounting standards....more

Where in the World are the D&O Claims? [Video]

From the 2015 PLUS Conference session “Where in the World are the (D&O) Claims?,” moderator Jennifer O’Neill (Allianz Global & Corporate Specialty) and panelist Stephen Shepherd (Zurich Insurance Company) discuss D&O trends...more

SEC Nabs Immigration Lawyers Acting as Unregistered Brokers, Orders Fines and Disgorgement

In 2012, we wrote about the risky business of immigration lawyers accepting finder’s fees for selling limited partnership interests in EB-5 deals. For the past several years, securities law violations have been part and...more

The Insider Trading Cartoon Series, Vol. III — Very Temporary Insiders [Video]

In the last episode of the Insider Trading Cartoon Series, we discussed temporary insiders and their potential liability for insider trading. But what about those with more tenuous connections to the companies at issue? ...more

The Insider Trading Cartoon Series, Vol. II — Temporary Insiders [Video]

In Volume II of our new series, we look at temporary insiders — who they are and how they can become liable for insider trading....more

PCAOB Announces First Settled Order with Admissions

Last week, the Public Company Accounting Oversight Board (PCAOB) joined the list of regulators who will, in certain circumstances, seek admissions of liability from audit firms and individuals in settlements. Although the...more

Illinois Supreme Court Adopts Measure of Malpractice Damages in Securities Cases

Last month, the Illinois Supreme Court handed down its unanimous decision in a case being closely watched by the local bar associations – Goldfine v. Barack, Ferrazzano, Kirschbaum & Perlman. Goldfine involved the issue of...more

Illinois Supreme Court Debates Damages Measures for Malpractice in Securities Cases

Our reports on the oral arguments from the May term of the Illinois Supreme Court continue with Goldfine v. Barack, Ferrazzano, Kirschbaum and Perlman. Goldfine poses a number of issues about legal malpractice actions arising...more

The confusion being engendered by the Uniform Trust Code’s default trust-revocation methodologies (§ 602(c)).

In the pre-Uniform Trust Code UTC), unless the terms of a revocable inter vivos trust provided otherwise, the trust could not have been revoked by the settlor’s will. A will speaks at the time of the testator’s death, an...more

“Related Acts” Reduce Insurer’s Exposure by Half

The Eighth Circuit Court of Appeals recently held that, under Minnesota law, multiple wrongful acts by a financial advisor to four plaintiffs are “interrelated” and “logically connected” within the meaning of the policy’s...more

Financial Advisory Update

Novel theories by plaintiffs’ lawyers need to foster novel approaches by M&A lawyers. A number of recent cases highlight the increasing risks for financial advisors and the lawyers who represent them. Financial...more

Illinois Supreme Court to Decide Whether Interest and Fees are Available on Legal Malpractice Claim

Our previews of the latest additions to the Illinois Supreme Court’s civil docket continue with Goldfine v. Barack, Ferrazzano, Kirschbaum and Perlman, a case from the First District Appellate Court. Goldfine poses a number...more

Steering Clear of Merit-Based Regulation for Complex Securities Products

Complex investment products have grown in importance as retail customers search for yield and broker-dealer firms look for innovative products to meet this demand and generate revenue. There are several steps a broker-dealer...more

Ovitz/Eisner Disney corporation case study

Short case study of Disney's Corporation in re derivative litigation before the Supreme Court of the State of Delaware....more

Insider Trading and Other Auditor Independence Rules: What Litigators Should Know About Accountants’ Malpractice

One of the hallmarks of the public accounting profession is the requirement that auditors be independent from their clients, both in fact and in appearance – an obligation that is not imposed on other professional service...more

Digital Afterlife - A Looming issue of dealing with death and online identity

People use the Internet for countless reasons, ranging from posting thoughts and pictures onto blogs, to keeping up with friends and family, and even maintaining bank accounts and credit card balances. As we go through our...more

Auditor Liability and Litigation: The Management Representation Letter

Auditor liability and accounting expert Dr. Barry Epstein explains why claiming reliance upon fraudulent or misleading information provided by the management of a company in a management representation letter is not a viable...more

Ponzi Schemer Marc Dreier Confesses 'Sins' in New Film [Video]

Mar. 30 (Bloomberg) -- Marc Simon, a filmmaker and partner at Cowan, DeBaets, Abrahams & Sheppard LLP, discusses his documentary "Unraveled" which explores the downfall of Marc Dreier, a prominent Manhattan attorney, who was...more

U.S. Auditors’ Role in Identifying Related Party Transactions When Conducting Audits of Chinese RTO Issuers

When auditing a Chinese RTO (reverse takeover) issuer, it is the U.S. auditors’ task to educate the Chinese client regarding both the meaning of the term "related parties," and the disclosure requirements under U.S. GAAP with...more

Chinese RTO Issuers' Audits and U.S. CPA Firms' Auditor Liability Exposure

This article reviews the basics of Chinese reverse takeover (RTO) companies, and of auditors’ responsibilities for the financial statements of foreign subsidiaries examined by other auditors. Some auditors may find themselves...more

In-House Law Clinics versus Doctrinal Instruction

It is the conventional wisdom among today’s academics that law students are better off participating in clinical programs administered in-house by the law schools than taking traditional courses in agency and trust law....more

VARIOUS LIABILITIES, RELIEFS, DEFENCES AND PROTECTIONS TO THE DIRECTORS OF COMPANIES UNDER INDIAN LAWS

A company is legally separate and distinct from its members. It is ultimately an artificial creation and it acts through its servants or agents. The decisions of a majority of its members in general meetings are regarded as...more

COMMENTS ABOUT SEC V. THOR INDUSTRIES: THE ALLEGATIONS AND THE REMEDIES DAVID TATE ESQ 06092011

A summary and discussion about SEC v. Thor Industries, including the allegations, the remedies, who did or did not do what, and improvements that could be made by the SEC and in governance and risk....more

The Network of Trial Law Firms Offers FREE Online CLE

Shouldn't CLE be free? Now it is, as The Network of Trial Law Firms today launched its TRIAL.COM Online CLE Center at www.TRIAL.COM/cle. The service is 100% free and attorneys watching the videos can qualify for CLE credit in...more

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