Gulf fisherman John Yates was cited by a federally-deputized Florida Fish & Wildlife officer for having caught a few red grouper that were about an inch under the 20” minimum limit at the time (they’d have been legal under...more
In 2014, a crewman aboard a Japanese cargo ship videotaped the vessel illegally dumping oily waste into the ocean and later turned the tape over to the U.S. Coast Guard. One year later, the resulting $1.8 million penalty for...more
On February 25, the United States Supreme Court issued a decision in Yates v. United States.1 This case involved the interpretation of Title 18, United States Code, Section 1519, a statute that was added as part of the...more
We now know that Sarbanes-Oxley does not apply to fish . . .
While conducting an offshore inspection of a commercial fishing vessel in the Gulf of Mexico, a federal agent found that the ship’s catch contained...more
In this issue:
- CFTC’s Energy and Environmental Markets Advisory Committee To Hold Meeting
- CFTC Announces Members of Market Risk Advisory Committee
- NFA Notifies SDs and MSPs of Annual Questionnaire...more
The Commission resolved its actions against the PRC based affiliates of five major accounting firms for failure to produce audit work papers. The settlement contains a series of procedures designed to facilitate production in...more
Two former CFOs have agreed to return nearly a half-million dollars in bonuses and stock sale profits they received while their Silicon Valley software company, Saba Software, was committing accounting fraud.
The Commission filed a settled administrative proceeding against two former CEOs of Saba Software, Inc. under the Sarbanes-Oxley claw back provisions. The action is based on the fact that the company has announced it will be...more
The Fourth Circuit recently held that SOX whistleblower retaliation claims are subject to a four-year statute of limitations and that emotional distress damages are available in SOX actions. Jones v. SouthPeak Interactive...more
We are pleased to present the 48th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases that address the common interest doctrine, the statute of limitations for...more
The starting point for every ethics and compliance program must always be an analysis of the ethics and compliance risks faced by the organization.
In that light, it’s important to listen to James Comey, Director, U.S....more
On Tuesday, the House Energy & Commerce Subcommittee on Commerce, Manufacturing, and Trade held a hearing entitled "What are the Elements of Sound Data Breach Legislation?" This hearing was the first of the new Congress to...more
The Fifth Circuit Court of Appeals recently ruled that a notice revealing a whistleblower's identity to other employees can be considered a "materially adverse" action and violates the Sarbanes-Oxley Act of 2002 (SOX). The...more
While ethics and compliance scandals that implicate brand name companies tend to grab the headlines, smaller organizations have always borne the brunt of regulatory enforcement. Over the years, U.S. Sentencing Commission data...more
Not too long ago, I wrote about the Shareholder Rights Project (SRP) at Harvard Law School, noting that the SRP’s website and correspondence to the Securities and Exchange Commission explicitly stated that the SRP was...more
Since the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in 2010, there has been a significant rise in complaints filed under the Consumer Financial Protection Act (CFPA), with a corresponding drop of...more
A federal judge is allowing an ex-fraud investigator for Dow Chemical Co. to pursue a wrongful termination claim. Kimberly Wood, who had worked for 25 years at Dow before the company fired her in October, alleges that the...more
Since the enactment of Dodd-Frank in 2010, the number of whistleblower complaints filed under the Consumer Financial Protection Act (“CFPA”) has risen significantly while the number of SOX complaints filed with OSHA has...more
SEC Whistleblower Office 2014 Annual Report Details Rising Number of Tips and Increasing Awards -
On November 17, 2014, the U.S. Securities and Exchange Commission (SEC) Whistleblower Office issued its Fiscal Year 2014...more
On December 10, a New York district court judge dismissed a securities fraud class action brought by investors in China North East Petroleum Holdings, Ltd. against former director Robert Bruce (and others) on the ground that...more
This year, we relaunched our blog with the goal of better serving the ethics and compliance community, providing deeper insights on topics that matter most to E&C professionals, as well as best practices and practical steps...more
In Khazin v. TD Ameritrade, No. 14-1689, 2014 WL 6871393 (3rd Cir. Dec. 8, 2014), the Third Circuit affirmed a lower court’s decision compelling arbitration of a Dodd-Frank whistleblower retaliation claim. This is the first...more
Two recent decisions have clarified the heightened burden facing employers addressing whistleblower retaliation claims under Section 806 of the Sarbanes-Oxley Act (SOX).
On October 9, 2014, in Fordham v. Fannie Mae,...more
Sometimes three red groupers are a “tangible object”, but mostly they are just, well, uh, fish.
In the summer of 2007, boat owner and Captain, John Yates was leading a fishing trip on his boat, the “Miss Katie”....more
In This Issue -
Welcome to the final issue of International News for 2014. As regulatory oversight of companies—from Sarbanes Oxley and the Dodd-Frank Act to the Foreign Corrupt Practices Act and the UK Bribery...more
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