During 2023, securities lawsuit filings rose for the first time in four years. Settlements declined last year; there were nine mega-settlements of more than $100 million, including a $1 billion settlement. Case filings...more
2/28/2024
/ Class Certification ,
Cryptocurrency ,
False Statements ,
Fiduciary Duty ,
Financial Institutions ,
Financial Services Industry ,
Misleading Statements ,
Scienter ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Securities Litigation ,
Securities Regulation ,
Securities Violations ,
Special Purpose Acquisition Companies (SPACs) ,
Standing ,
Statute of Limitations
In light of the DOJ’s most recent guidance on the use of personal devices and third-party messaging applications by corporate personnel, this White Paper addresses issues and challenges that companies are facing in this area...more
10/18/2023
/ CFTC ,
Compliance ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Data Protection ,
Department of Justice (DOJ) ,
Electronic Communications ,
Financial Industry Regulatory Authority (FINRA) ,
Guidance Update ,
Instant Messaging Apps ,
Mobile Devices ,
Policies and Procedures ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes ,
Workplace Communication
During 2022, securities case filings fell for the fourth consecutive year and were down slightly from 2021. The number of announced settlements rose substantially last year, as did total settlement amounts. The 2022...more
2/8/2023
/ Class Action ,
Class Certification ,
Corporate Counsel ,
Cryptocurrency ,
Cybersecurity ,
Initial Public Offering (IPO) ,
Popular ,
Scienter ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Special Purpose Acquisition Companies (SPACs)
During 2021, securities case filings fell for the second consecutive year and, for the first time since 2016, fewer than 300 federal securities class actions were filed. Despite the ongoing pandemic, the number of announced...more
2/24/2022
/ Class Certification ,
Denial of Certiorari ,
False Statements ,
Jurisdiction ,
Loss Causation ,
Presumption of Reliance ,
Scienter ,
SCOTUS ,
Securities Litigation ,
Securities Regulation ,
Securities Violations ,
Standing ,
Statute of Limitations
On January 28, 2022, the U.S. Securities and Exchange Commission ("SEC") announced a settled fraud case with HeadSpin, Inc., a technology start-up, that allegedly engaged in a scheme to boost the company's valuation to more...more
The proposed amendments to the rules governing the whistleblower program, if adopted, would reverse prior amendments and provide further and significant financial incentives for whistleblowers to report potential violations...more
2/14/2022
/ Corporate Counsel ,
Corporate Misconduct ,
Enforcement Actions ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
The accelerated pace and size of awards to whistleblowers totaling more than $530 million in SEC Fiscal Year 2021 underscores the commitment to the whistleblower program under new SEC leadership. On September 15, 2021, the...more
The Situation: The SEC has brought another in a growing list of whistleblower cases critical of entities for potentially attempting to impede an individual from communicating with the agency. In July 2010, the Dodd-Frank Wall...more
On May 19, 2021, the SEC announced an award of more than $28 million to a whistleblower whose tip led the SEC and the DOJ to reach a combined $281 million FCPA settlement with a U.S.-based manufacturer of electronic systems...more
6/23/2021
/ Anti-Corruption ,
Biden Administration ,
Compliance Management Systems ,
Corruption ,
Enforcement Actions ,
Enforcement Guidance ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Reporting ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblowers ,
White Collar Crimes
The risk of detention or seizure of products imported into the United States warrants renewed attention to responsible business practices on forced labor risk in global supply chains.
United States Customs and Border...more
SEC Whistleblower Awards to 40 individuals in 2021 surpass total awards in fiscal year 2020.
On March 29, 2021, the Securities and Exchange Commission ("SEC") announced an award of more than $500,000 to a whistleblower who...more
Renewed government focus on imported products made with forced or indentured labor warrants attention to global supply chains best practices.
On March 29, 2021, United States Customs and Border Protection ("CBP") announced...more
2020 was another active year for securities litigation in the United States. Federal securities class actions continued to be filed at record levels notwithstanding the COVID-19 pandemic. In fact, a number of those newly...more
2/8/2021
/ Attorney-Client Privilege ,
Class Action ,
Class Certification ,
Corporate Counsel ,
D&O Insurance ,
Derivative Suit ,
Forum Selection ,
Loss Causation ,
Pleading Standards ,
Scienter ,
Securities Exchange Act ,
Securities Fraud ,
Securities Litigation ,
Short-Swing Trading ,
Special Purpose Acquisition Companies (SPACs)
The Kleptocracy Asset Recovery Rewards Act ("KARRA") authorizes a U.S. Treasury Department ("Treasury") pilot program aimed at rewarding whistleblowers who provide information leading to the restraint, seizure, forfeiture, or...more
The highest award in the history of the SEC whistleblower program is issued to an employee who repeatedly reported misconduct internally before alerting the SEC.
On October 22, 2020, the U.S. Securities and Exchange...more
Companies should consider review of their compliance programs and procedures for addressing internal complaints or tips of potential misconduct.
On September 23, 2020, the Securities and Exchange Commission ("SEC") adopted...more
9/29/2020
/ Anti-Retaliation Provisions ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Internal Reporting ,
Policies and Procedures ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
New efforts by states to incentivize whistleblowers financially underscore the importance of comprehensive corporate compliance programs that effectively address all internal reports of potential misconduct that may...more
8/18/2020
/ Anti-Retaliation Provisions ,
CFTC ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
Hedge Funds ,
NASAA ,
Policies and Procedures ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Whistleblower Protection Policies ,
Whistleblowers
The Situation: The Securities and Exchange Commission ("SEC") has announced a string of substantial whistleblower awards totaling $54 million since April 1, 2020.
The Result: The financial incentives for employees or third...more
The United States Department of Justice, the U.S. Securities and Exchange Commission, and non-U.S. governments and agencies have recently emphasized their continued commitments to pursuing both corporate and individual...more
2/1/2018
/ Anti-Corruption ,
Board of Directors ,
Chief Compliance Officers ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Due Diligence ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Investigations ,
Policies and Procedures ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes