News & Analysis as of

Enforcement Actions

Due Diligence Defence Deemed Available for Issuance of Securities in Breach of Securities Laws

by Bennett Jones LLP on

The B.C. Securities Commission's (the Commission) decision in Re SunCentro (2017 BCSECCOM 58) provides rare guidance on the availability of a due diligence defence to parties that have illegally distributed securities. The...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court heard argument this week in a case that may have a significant impact on remedies in SEC enforcement actions. In Kokesh v. SEC the High Court is considering whether the five year statute of limitations it...more

FTC announces streamlining initiatives

by Ballard Spahr LLP on

The FTC issued a press release earlier this week in which it stated that it is “moving aggressively to implement Presidential directives aimed at eliminating wasteful, unnecessary regulations and processes.” ...more

Changing the Game, Again: Supreme Court Could Limit SEC’s Authority to Seek Disgorgement

This week, the Supreme Court heard argument regarding whether the SEC’s actions to disgorge ill-gotten gains are subject to a five-year statute of limitations for “any civil fine, penalty, or forfeiture.”...more

It’s Wise to Make Certain that Contracts Properly Allocate Future Environmental Compliance Costs

Last week, the 6th Circuit Court of Appeals ruled that AEP, which entered into a consent decree requiring it to install certain pollution controls at its Rockport 1 and 2 power plants, could not force the owner of those...more

"Southern District Decision Highlights Challenges for Private Litigants Pursuing Manipulation Claims Under the CEA"

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more

Massachusetts AG Settles With Mortgage Broker and Insurance Agent Over Alleged Deceptive Practices

by Goodwin on

On April 12, 2017, the Massachusetts Attorney General’s Office (AG) announced that it had reached a settlement with a mortgage broker, its employee, and an insurance agent, resolving allegations that they had preyed on...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

China’s infamous shadow banking industry—an $8.5 trillion marketplace that’s sprung up in reaction to the government’s “campaign against financial leverage”—is back and bigger than ever these days....more

California DBO Enters Into $1.4 Million Consent Order With Mortgage Lender Over Interest Charges

by Goodwin on

On April 10, 2017, the California Department of Business Oversight (DBO) announced? that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was...more

CFPB Files Complaint Against Ohio Debt Collection Law Firm Over Misrepresentations

by Goodwin on

?On April 17, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint in the U.S. District Court for the Northern District of Ohio against an Ohio-based debt collection law firm, alleging...more

DOJ’s Antitrust Fashion Show - Awaiting a price-fixing investigation in the U.S. modeling industry?

As the United Kingdom’s Competition and Markets Authority (CMA), Italy’s Autorità Garante della Concorrenza e del Mercato and France’s Autorité de la Concurrence are wrapping up their prosecutions of Europe’s top modeling...more

The Financial Report, Volume 6, Number 7

by DLA Piper on

Does it ever make sense to file something with the US government when it is not clear whether the filing is required, or what might need to be filed? Recently, the staff of the US SEC’s Division of Investment Management...more

News Round Up - April 2017

by Morrison & Foerster LLP on

Momentum Builds in the U.S. IPO Market - Renaissance Capital reported a strong start to the year in its U.S. IPO Market 1Q 2017 Quarterly Review. The first quarter of 2017 saw 25 IPOs, which raised $9.9 billion, a jump...more

Colorado AG Secures $491,000 Judgment Against Debt Collection Agency

by Goodwin on

On April 5, 2017, the Colorado Attorney General’s Office (“Colorado AG”) announced that it had secured a judgment against a debt collection agency and two of its principals. The Colorado AG had accused the company of...more

SEC Files Another Suspicious Trading Case

by Dorsey & Whitney LLP on

The SEC filed its third “suspicious trading” case this year as last week drew to a close. SEC v. One or More Unknown Traders, Civil Action No. 17 CV 2659 (S.D.N.Y. Filed April 13, 2017). ...more

When Independent Commentary Isn’t

by Fox Rothschild LLP on

The SEC has recently issued an Investor Alert regarding commentary provided about investors from what appear to be independent sources. It turns out, many of those independent sources are not independent at all. Instead, they...more

Compensation to Newsletter Writers Must Be Disclosed

by Dorsey & Whitney LLP on

On April 10, 2017, the SEC’s Division of Enforcement brought enforcement actions against 27 individuals and entities behind various alleged stock promotion schemes. These actions arose when public companies, through promoters...more

SEC Files Enforcement Actions Against Multiple Defendants In "Trolling-Type" Scheme To Generate False Publicity For Certain...

by Shearman & Sterling LLP on

On April 10, 2017, the Securities and Exchange Commission (”SEC”) announced fourteen enforcement actions, charging 28 businesses and individuals in connection with alleged schemes to pay writers to generate “bullish” articles...more

Long-Running Corruption Scheme Exposed in Brazil: Operation "Exposed Invoice" Provides Continuous Improvement Opportunity for...

by Pepper Hamilton LLP on

A massive scheme involving medical products sales to Brazilian public entities has led to recent high-profile arrests. The events highlight the importance to a well-functioning compliance program of keeping up with new...more

Five Trends in False Claims Act Enforcement: Take Two

In July 2015, we posted about the N.Y. Attorney General’s False Claims Act (FCA) settlements with Trinity HomeCare and its related entities, and how the case provided insight into the future of FCA enforcement. We identified...more

OSHA Issues First Enforcement Action Press Release Since Start of Trump Administration

by Jackson Lewis P.C. on

Until day 82 of the Trump Administration, renewed partnerships and “guidance” for employers to improve workplace safety have been the subjects of the Occupational Safety and Health Administration’s announcements. On April 12,...more

Private Equity and the New Trump Administration: Your Top Ten Questions Answered

by Foley & Lardner LLP on

The election of President Trump contained some positive signs for Private Equity (PE) fund managers. These included potential lower corporate taxes, a ten-percent tax holiday for funds parked overseas, large infrastructure...more

Senior CFPB representatives chime in from audience to defend enforcement initiatives

by Ballard Spahr LLP on

Last Friday in New Orleans, the ABA Business Law Section Consumer Financial Services Committee hosted a fascinating program about CFPB enforcement at the Section’s 2017 Spring Meeting. The program was entitled: “Too Much or...more

Circuits Split Over Constitutionality of SEC’s Administrative Law Judges

by Carlton Fields on

The Tenth Circuit Court of Appeals, in Bandimere v. SEC, recently held that the SEC’s administrative law judges (ALJs) are “inferior officers” whose appointments violate the Appointments Clause of the U.S. Constitution...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

REGULATORY UPDATE - Ten Investment Advisory Firms Subject to Steep Penalties after Violating Pay-to-Play Rules - In January 2017, 10 investment advisory firms agreed to settle with the U.S. Securities and Exchange...more

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