News & Analysis as of

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

ITC Companies Settle FERC Enforcement Action Regarding Federal Power Act Section 203 and 205 Violations for $750,000

On March 11, 2014, the Federal Energy Regulatory Commission (FERC) issued an order approving a settlement between the FERC Office of Enforcement (OE) and four subsidiaries of ITC Holdings Corp. (the ITC Companies) that...more

Medical Device Manufacturer Settles False Billing Allegations for up to $5.25 Million

On February 19, 2014, the DOJ announced it reached a settlement with EndoGastric Solutions, Inc. (EndoGastric) to resolve a pending False Claims Act (FCA) suit. EndoGastric manufactures and sells a medical device called...more

"Government Enforcement: Aggressive Efforts Continue Around the Globe"

Government enforcement efforts in 2013 produced major settlements of matters relating to the global financial crisis, high-profile insider trading convictions, near-record amounts of FCPA settlements, and new pledges of...more

The Sussex Vampyre And The ADM FCPA Settlement

Today I want to use the story of The Sussex Vampyre as the starting point for an inquiry into the recent Archer-Daniels-Midland Corp (ADM) Foreign Corrupt Practices Act (FCPA) enforcement action. In the story, Holmes receives...more

ArthroCare to Pay $30 Million Fine to Settle DOJ Probe

On January 7, Texas-based surgical instrument maker ArthroCare Corp. entered into a deferred prosecution agreement (DPA) to resolve a six-year-long US Department of Justice (DOJ) investigation into allegations of a $400...more

Supermarket To The World – The ADM FCPA Enforcement Action

Last week, it was announced by the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) that it had settled an enforcement action with Archer-Daniels-Midland Company (ADM). The DOJ resolved a criminal...more

Federal, State Authorities Announce Coordinated Economic Sanctions Enforcement Actions Against Foreign Bank

On December 11, the Federal Reserve Board, the Treasury Department’s Office of Foreign Assets and Controls (OFAC), and the New York Department of Financial Services (DFS) announced that a foreign bank agreed to pay $100...more

The Investigative and Enforcement Priorities of the FERC Office of Enforcement

The past year has been marked by several record-breaking penalties imposed on companies and individuals by the Federal Energy Regulatory Commission (“FERC”) for alleged misconduct in the energy markets. On November 21, 2013,...more

2013 FERC Report Confirms Increased Enforcement Activity

On November 21, 2013, the Federal Energy Regulatory Commission (FERC) Office of Enforcement (Enforcement) issued its 2013 Report on Enforcement (Report). The annual Report provides an overview of and statistics regarding...more

Mobile Apps Remain Regulatory Focus as FTC Enforces Data Privacy of Popular Program

The provider of the immensely popular “Brightest Flashlight Free” mobile app for Android reached a settlement with the Federal Trade Commission (FTC) over charges that it collected sensitive personal information, including...more

FCPA Compliance and Ethics Report-Episode 21 Update on Current Enforcement Actions, Investigations and Settlement Negotiations [Video]

In this episode I review some of the recent FCPA news from the past couple of weeks. I take a look at the Diebold and Stryker enforcement actions, recent updates on the JPMorgan Chase and National Geographic FCPA...more

Deutsche Bank Settles Nevada AG’s RMBS Probe for $11.5 Million

On October 17, the Nevada Attorney General filed court documents disclosing a $11.5 million settlement with DB Structured Products, Inc., a unit of Deutsche Bank AG. The Nevada AG had investigated DB Structured Products’...more

Notes From The Diebold And Stryker FCPA Enforcement Actions

Last week was a heck of a week in the Foreign Corrupt Practices Act (FCPA) enforcement world. Both Diebold Incorporated (DBD) and the Stryker Corporation (SYK) agreed to resolutions of their outstanding FCPA violations....more

Diebold Resolves FCPA Charges for $48 Million

On October 22, 2013, the U.S. Department of Justice (“DOJ”) and the Securities & Exchange Commission (“SEC”) announced their agreements with Diebold Inc. (“Diebold”) regarding probes into alleged bribery of foreign bank...more

CFTC Settles Charges Against JPMorgan Chase for “London Whale” Swaps

On October 16, CFTC brought and settled charges of employing a manipulative device in connection with the JPMorgan Chase trading of certain credit default swaps (CDS), in violation of the new Dodd-Frank prohibition against...more

Massachusetts AG Announces RMBS Settlement

On September 9, Massachusetts Attorney General Martha Coakley (AG) announced the state’s fourth mortgage-securitization related enforcement action. The AG alleged that during 2006 and 2007 a U.K. bank financed, purchased, and...more

Federal Circuit Upholds Fee-Shifting Terms of Settlement Agreement

In Buckhorn Inc. v. Orbis Corp., the Federal Circuit reversed the district court’s refusal to enforce the fee-shifting terms of a licence and settlement agreement. The district court found that the terms did not apply because...more

FTC Announces First Settlement Involving Privacy and the "Internet of Things"

In its latest data security case, the Federal Trade Commission (FTC) announced its first settlement of an action involving a household product with Internet connectivity. Consistent with its prior data security actions, the...more

SEC Shows Its Teeth With Falcone Settlement

Hedge fund adviser Philip A. Falcone and his advisory firm, Harbinger Capital Partners, just became the first SEC targets to take part in the agency’s tough new settlement policy....more

Red Notice Newsletter - August 2013

Introduction - Welcome to the July/August 2013 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. In this month’s edition, the UK’s Serious Fraud Office files its first Bribery Act charges; a...more

FTC Enforcement Action against Debt Collector Ends in Record Settlement

The Federal Trade Commission’s recent announcement that it entered into a record settlement with “the world’s largest debt collection operation” demonstrates that it intends to continue its vigorous enforcement of the Fair...more

Litigation: The expanded role of courts in settling government investigations - A growing number of federal judges are closely...

Government investigations of companies typically end in settlements. These may be civil in nature, in which companies commonly agree to pay money and take remedial measures to deter and prevent the misconduct that the...more

Recent Notable Industry Developments

Following SEC Chair Mary Jo White’s recent remarks suggesting a change to the SEC’s long-standing policy of permitting defendants to settle cases “without admitting or denying” the SEC’s allegations of wrongdoing,...more

The SEC's New Policy on Seeking Admissions in Settlements

On June 18, 2013, in comments to the Wall Street Journal CFO Network Conference in Washington, D.C., SEC Chairman Mary Jo White announced that the Securities and Exchange Commission will begin to press for admissions of...more

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