Disgorgement

March 2013: White Collar Litigation Update

by Quinn Emanuel Urquhart & Sullivan, LLP on 3/29/2013

Second Circuit Declines to Apply Short-Swing Profit Rule to Transactions Involving Different Types of Stock. In a case of first impression, Gibbons v. Malone, No. 11–3620–cv, 2013 WL 57844 (2d Cir. Jan. 7, 2013), the Second...more

Argument Report: The Constitutional Implications of Advance Payment Retainers and Divorce Claw-Back

by Sedgwick LLP on 3/25/2013

Earlier this week, the Illinois Supreme Court heard oral arguments in Earlywine v. Earlywine. In a fascinating, albeit one-sided argument (there was no appearance for the appellee), the Justices actively debated a wide...more

Ticking Time Bomb: Private LIBOR Litigation

by Michael Volkov on 2/13/2013

One by one global banks are being ensnared in the LIBOR prosecution net. Late last year UBS, the Swiss banking giant, entered into a massive settlement in which it agreed to pay approximately $1.5 billion in fines and...more

The Second Circuit Finds No Section 16(b) Violation Where Different Securities of the Same Issuer Are Bought and Sold

by Rena Andoh, John Stigi | Sheppard Mullin Richter & Hampton LLP on 1/11/2013

In Gibbons v. Malone, No. 11-3620-cv, 2013 WL 57844 (2d Cir. Jan. 7, 2013), the United States Court of Appeals for the Second Circuit held that the “short-swing profits rule” imposed by Section 16(b) of the Securities...more

No Knowledge, but Hints of Omissions in the Allianz FCPA Settlement

by Mark Jensen, Matthew Riemer | Sheppard Mullin Richter & Hampton LLP on 1/10/2013

On December 17, 2012, the Securities and Exchange Commission (“SEC”) announced a settlement under the U.S. Foreign Corrupt Practices Act (“FCPA”) with Allianz SE (“Allianz”), the insurance company based in Germany, resulting...more

Allianz To Pay $12.3M To Settle SEC’s Bribery Allegations

by Raymond Banoun | Cadwalader, Wickersham & Taft LLP on 12/20/2012

On December 17, 2012, the Securities and Exchange Commission ("SEC") announced that Allianz SE ("Allianz"), a German-based insurance and asset management company, had agreed to pay approximately $12.3 million to settle...more

Former Hedge Fund Founder Ordered to Pay $5 Million for Securities Law Violations

by Michael S. Gordon, Elizabeth D. Langdale | Katten Muchin Rosenman LLP on 12/13/2012

The US District Court for the Southern District of New York recently ordered the investment adviser to two hedge funds, and its managing director, to pay nearly $5 million in disgorgement, prejudgment interest and civil...more

A Lesson In How Not to Do It: Vibra-Tech Engineers v. Kavalek

by Kenneth Vanko | Clingen Callow & McLean, LLC on 10/18/2012

Competition disputes fascinate me partly because of the ways people manage to screw things up. For my employee clients who are looking to leave and compete, the advice I often end up giving is simple and straightforward....more

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