News & Analysis as of

SEC Steps Up Scrutiny of Municipal Bonds: Recently Filed Enforcement Actions

As Bret Leone-Quick discussed in a post last week, the SEC has been stepping up its scrutiny of municipal bond offerings. Indeed, in the last year the SEC has filed a number of enforcement actions against municipal bond...more

Foreign Corrupt Practices Act Enforcement Activity: 2013 Year in Review and 2014 Preview

The 2013 calendar year saw several significant developments in the enforcement of the Foreign Corrupt Practices Act (FCPA). The United States Department of Justice (DOJ) and Securities and Exchange Commission (SEC) combined...more

OSC Adopts New Initiatives to Strengthen Enforcement

On March 11, 2014, the Ontario Securities Commission (OSC) issued Staff Notice 15-702 – Revised Credit for Cooperation Program (Staff Notice 15-702). Staff Notice 15-702 carries forward various existing codified or informal...more

Two Thoughts about Dewey LeBoeuf and Parallel Proceedings

You’ve probably read about the Manhattan district attorney’s office’s indictment of executives at former Big Law giant Dewey LeBoeuf. According to the WSJ Law Blog, the crux is this: “[F]ormer Dewey Chairman Steven...more

FTC Secures Seven Figure Judgment Against Single Co-Defendant in Scareware Case

After the FTC secured a $163MM judgment against Kristy Ross in the US District Court of Maryland, the 4th Circuit affirmed, and so ends the FTC’s six-year “scareware” enforcement action. From beginning to end, this odyssey...more

SEC Enforcement of Rule 105: The Hits Just Keep on Comin’

Last week, in In the Matter of Worldwide Capital, Inc. and Jeffrey W. Lynn, AP File No. 3-15772 (Mar. 5, 2014), the SEC announced the latest—and largest ever—settlement of an administrative enforcement action concerning...more

Update: Federal Government Aggressively Pursuing Health Care Fraud

The July 2013 alert, Federal Government Aggressively Pursuing Health Care Fraud, stressed the importance of self-audits for health care providers. With the Obama administration taking a hard-line approach to repeat offenders...more

Democratic Lawmakers Urge Federal Reserve Board To Increase Direct Role In Supervision And Enforcement

On February 11, Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD) sent a letter to newly appointed Federal Reserve Board Chairman Janet Yellen, asking that she reconsider the Board’s policy of...more

Game-changer: Harneys opens door to foreign enforcement actions in the BVI

Harneys has successfully brought an action that changes the law relating to the access of the BVI Courts to enforce a foreign judgment. The Court of Appeal victory was quickly followed by a change in the civil procedure rules...more

The National Labor Relations Board 2013 Year in Review - An Overview of the Board’s Significant Actions

Introduction - From the looks of it, 2013 was a very rough year for the National Labor Relations Board (Board)! Last year, we reported that the Board would face some serious legal battles in 2013. Some of those...more

FTC Steps Up Enforcement Action

Last week, the FTC announced that it had settled with a gaming company that falsely claimed to be certified under the US Safe Harbor. The Safe Harbor agreement is a self-certification arrangement under which you can transfer...more

The FTC Means It: Another Safe Harbor Enforcement Action

No doubt about it: the U.S. Federal Trade Commission (FTC) is serious about taking action against companies that misrepresent their U.S.-EU Safe Harbor certification status. On February 11, 2014, the FTC announced that...more

EEOC Releases FY 2013 Enforcement And Litigation Data: Employers Take Heed

The U.S. Equal Employment Opportunity Commission (EEOC) just released its fiscal year (FY) 2013 enforcement and litigation statistical report. Presented annually, the report is always a treasure trove of information for...more

Automobile Dealer Trade Group Issues Guidance In Response to Recent CFPB Enforcement Action

In response to a recent joint enforcement action by the CFPB and Department of Justice alleging violations of the Equal Opportunity Credit Act, and its implementing regulation, Regulation B, the National Automobile Dealers...more

The CFPB Targets Mortgage Reinsurance Yet Again

The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more

SEC Chair: It Will Be A Busy Year For Enforcement

SEC Chair Mary Jo White outlined the 2014 agenda for the SEC in recent remarks. SEC Chair Mary Jo White, 41st Annual Securities Regulation Institute, Coronado, California (Jan. 27, 2014)(here). Portions of the agenda focused...more

2013 Year-End Securities Litigation and Enforcement Highlights

We are pleased to share with you the 2013 Year-End Highlights Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team, a periodic survey, in addition to our Executive Alerts, which...more

Financial Reporting & Accounting Enforcement Annual Review - 2013

In This Issue: Introduction; Redesigning the SEC’s Division of Enforcement, Again; Focus Areas: What’s Next; Overview of 2013 Cases; Public Company, Officer, and Director Trends; Audit Firm and Auditor Trends; Rule...more

U.S. Privacy and Data Protection: 2013 Year in Review and a Look Ahead to 2014

In Boston, we celebrated Data Privacy Day (January 28) by presenting “U.S. Privacy and Data Protection: 2013 Year In Review and a Prediction of What’s to Come in 2014” for participants in an IAPP KnowledgeNet. Our panel of...more

2013 Review: SEC Municipal Market Enforcement Actions

In 2013, the Securities and Exchange Commission sought to demonstrate its resolve in enforcement by bringing more selective cases with a greater yield in financial penalties. Indeed, the SEC recently announced that its 2013...more

FTC Continues Aggressive FCRA Enforcement against Data Brokers

The Federal Trade Commission continues to aggressively enforce the Fair Credit Reporting Act (FCRA) against data brokers, as shown by its recent settlement with TeleCheck Services, Inc. The settlement requires TeleCheck to...more

Law Firms Forecast Strong FCPA Enforcement in 2014

Three law firms — Gibson, Dunn & Crutcher, Hughes Hubbard & Reed and Shearman & Sterling — recently issued reports in which they anticipated vigorous enforcement of the Foreign Corrupt Practices Act (FCPA) higher criminal...more

Regrouping And Refocusing: 2013 FCPA Year-In-Review And Enforcement Trends For 2014

Following a relatively flat enforcement landscape and some bumps in the 2013 prosecutorial road, the Department of Justice (‘‘DOJ’’) and the Securities and Exchange Commission (‘‘SEC’’) appear poised to spring back into...more

Congress Also Provides for Ramped-Up 340B Enforcement With Allocation of Additional Funding

The FY 2014 spending bill also allocates $6 million to “implement a new program integrity effort within the 340B Drug Pricing Program.” The Joint Explanatory Statement directs the Director of the 340B Program to brief the...more

CA federal court rejects challenge to CFPB’s constitutionality

The California federal district court hearing the CFPB’s enforcement action against Morgan Drexen has rejected Morgan Drexen’s challenge to the CFPB’s constitutionality. Although similar challenges have been made in other...more

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