Orrick - Securities Litigation and Regulatory Enforcement Group

SEC Expands its Focus in the Municipal Bond Market, Bringing First-Ever Charges Against an Underwriter for Pricing Violations Related to Primary Offerings

Coming on the heels of the SEC’s first wave of settlements with underwriters as part of its Municipalities Continuing Disclosure Cooperation (“MCDC”) initiative, the agency has brought yet another precedent-setting enforcement…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

Judge Berman Deflates SEC’s ALJ Appointment Process

United States District Court Judge Richard M. Berman of the Southern District of New York has been making headlines in recent weeks as he presides over the highly publicized case between the National Football League (“NFL”) and…more
| Administrative Law, Commercial Law & Contracts, Constitutional Law, Elections & Politics, Securities Law

International Hacking and Insider Trading Scheme Exposes Cybersecurity Vulnerabilities at Third-Party Vendors

On August 11, 2015, the SEC announced that it was bringing fraud charges against 32 defendants for their alleged participation in a five-year, international hacking and insider trading scheme. According to the SEC, two…more
| Commercial Law & Contracts, Privacy, International Law & Trade, Science, Computers, & Technology, Securities Law

The Boss Makes HOW much more than me? SEC Issues Final Pay Ratio Rule

On August 5, 2015, the Securities and Exchange Commission approved its final rule subjecting most public companies to the so-called “Pay Ratio Disclosure” mandated by the 2010 Dodd-Frank Wall Street Reform and Consumer…more
| Commercial Law & Contracts, Securities Law

SEC Guidance Supports its Position That Internal Whistleblowers are Protected Under Dodd-Frank

On August 4, 2015 the Securities and Exchange Commission issued interpretive guidance elaborating its view that the anti-retaliation provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act apply equally to…more
| Civil Rights, Commercial Law & Contracts, Labor & Employment Law, Securities Law

Carrying the Halli-burden: District Court Takes Up Price Impact at Class Certification in the Wake of Halliburton v. Erica P. John Fund

In a lengthy ruling containing a detailed analysis of dueling economic expert reports, a federal court in Texas held on July 25, 2015 that defendant Halliburton Company demonstrated a lack of price impact at the…more
| Civil Procedure, Commercial Law & Contracts, Securities Law

United States Supreme Court Poised to Address Standard for Insider Trading Following Second Circuit’s Decision in United States v. Newman

Today, the Solicitor General filed a petition for a writ of certiorari in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), asking the United States Supreme Court to address the standard for insider trading in a…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

Flawed Valuation Leads Delaware Court to Award Damages to Option Holders

On July 28, 2015, the Delaware Court of Chancery issued a post-trial opinion in which it criticized in particularly strong terms the analysis performed by a financial firm that was retained to value companies that were being…more
| Commercial Law & Contracts, Mergers & Acquisitions, Securities Law

SEC Awards Third Highest Whistleblower Award to Date

On July 17, 2015, the SEC announced a whistleblower award of over $3 million to a company insider who provided information that “helped the SEC crack a complex fraud.” This payout represents the third highest award under the…more
| Civil Rights, Commercial Law & Contracts, Labor & Employment Law, Securities Law

Don’t touch that remote (tippee)? Salman reflects Ninth Circuit’s view on Newman

In United States v. Salman, the Ninth Circuit recently held that a remote tippee could be liable for insider trading in the absence of any “personal benefit” to the insider/tipper where the insider had a close personal…more
| Commercial Law & Contracts, Securities Law

You Can’t Cover Up Fraud with TARP Funds: US Government Sues Bank President’s Estate

On July 1, 2015, the United States for the District of Columbia sued the estate and trusts of the late Layton P. Stuart – the former owner of One Financial Corporation and its subsidiary One Bank & Trust– and the trust’s…more
| Finance & Banking

Chamber of Commerce Airs Grievances Related To Internal Controls Inspections

In recent months, issues related to internal control systems and reporting have taken on an increased profile and significance. For example, as previously noted by the authors here and here, the SEC has sought to prioritize…more
| Commercial Law & Contracts, Finance & Banking, International Law & Trade, Securities Law

One Step Forward and One Step Back: Southern District of New York Denies Motion to Enjoin SEC’s Administrative Proceedings, Despite Recent Defense Bar Victory Against SEC

Last week, the SEC scored a victory in its battle to defend the use of administrative proceedings in enforcement actions seeking penalties against unregulated entities or persons. On June 30, 2015, Southern District of New York…more
| Administrative Law, Commercial Law & Contracts, Constitutional Law, Finance & Banking, Securities Law

Merger Price and Process Win the Day Yet Again In Delaware Appraisal Action

On June 30, 2015, the Delaware Court of Chancery issued a post-trial opinion in which it yet again rejected a dissenting shareholder’s attempt to extract consideration for its shares above the merger price through appraisal…more
| Commercial Law & Contracts, Mergers & Acquisitions, Securities Law

SEC Rolls Out First Wave of MCDC Settlements with Underwriters

Last Thursday, the SEC announced it reached settlement agreements with 36 municipal securities underwriting firms pursuant to its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative.  These settlements mark…more
| Commercial Law & Contracts, Finance & Banking, Securities Law
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Contact

The Orrick Building 405 Howard Street
San Francisco, CA 94105-2669, United States

Contact: Michael Torpey

  • 415-773-5700
  • 415-773-5972

Areas of Practice
  • Class Action
  • Finance & Banking
  • Litigation
  • Mergers & Acquisitions
  • Securities Law
  • Taxation
Locations
Other U.S. Locations
  • California
  • D.C.
  • New York
  • Washington
Other Countries
  • China
  • France
  • Germany
  • Hong Kong
  • Italy
  • Japan
  • Russia
  • Taiwan
  • United Kingdom
Number of Attorneys

50-100 Attorneys

This profile may constitute attorney advertising. Prior results do not guarantee a similar outcome. Any correspondence with this profile holder does not constitute a client/attorney relationship. Neither the content on this profile nor transmissions between you and the profile holder through this profile are intended to provide legal or other advice or to create an attorney-client relationship.

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