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Business Litigation Report - September 2017

September 2017: An Update on UK Tax Disputes Including the New UK Corporate Criminal Offense: What Is It and What Should You Do About It? - Introduction - Across the world, tax authorities are becoming more aggressive...more

Criminal Conviction Of De Facto Officer Does Not Preclude D&O Coverage

by Allen Matkins on

After a two week trial in 2013, a jury convicted Mitchell J. Stein, a lawyer, of mail, wire, and securities fraud based on evidence that he fabricated press releases and purchase orders to inflate the stock price of his...more

New UK Regime to Strengthen Senior Management Accountability

by Morgan Lewis on

On 7 March 2016, two new regulatory regimes governing the accountability of senior managers will take effect—the Senior Managers and Certification Regime will cover the banking sector, and the Senior Insurance Managers Regime...more

Court Of Chancery Explains Apportionment In Advancement Case

by Morris James LLP on

Not infrequently, a former director may seek to have his attorney fees advanced in two pending matters, only one of which is covered by a corporation’s advancement obligations. An example would be an SEC action coupled with a...more

Manhattan U.S. Attorney Prevails in Securities Fraud, RICO Case

by Dorsey & Whitney LLP on

The SEC has brought a series of investment fund fraud and Ponzi schemes. Indeed, the Commission has brought so many of these cases in recent years they have become a staple....more

Land of Confusion: Insurance Coverage for Pre-Suit FCPA Investigation Costs under D&O liability Policies

Bloomberg recently reported that Walmart spent $439 Million in the past two years related to a Foreign Corrupt Practices Act (“FCPA”) investigation . Moreover, Walmart predicts that it will spend an additional $200 Million to...more

STOA Schemes Face Increased Regulatory Scrutiny

by Carlton Fields on

Increased SEC and Justice Department prosecution is bad news for stranger-originated annuity (STOA) schemes. The SEC recently announced that enforcement actions were taken against brokers Michael A. Horowitz of California and...more

SEC’s Shift in No-Admit-or-Deny Policy Would Create Dilemma for Defendants if Applied in Close Cases

Last Tuesday, new SEC Chairman Mary Jo White said at The Wall Street Journal’s annual CFO Network Event that the SEC “in certain cases” will seek admissions of liability as part of settlements. The statement made headlines,...more

Wager, Insurance, Bucketing or Swap?

by Allen Matkins on

In yesterday’s post, I mentioned Professor Joan Heminway’s recent essay on crowdfunding. She notes that some crowd funding arrangements may “may look less like investment instruments commonly known as common stock or...more

DOJ Brings Civil Fraud Action Against S&P

On February 4, the Department of Justice filed a complaint in the Central District of California against two Standard & Poor’s entities in connection with credit ratings S&P provided for certain RMBS and CDOs....more

The Allianz FCPA Enforcement Action – What the Compliance Practitioner Needs to Know

by Thomas Fox on

Who is your favorite character from the Iliad? Is it Agamemnon the king who brings the Greek Armada to Troy for his brother’s honor; perhaps Ajax the mountain of a man who is the most loyal Greek warrior; how about Achilles...more

The FSA Bares its Teeth: Be Aware of International Enforcement Regimes

by Thomas Fox on

While many companies here in the US complain about the enforcement of the Foreign Corrupt Practices Act (FCPA), and are actively seeking to soften its enforcement by lobbying Congress to amend the FCPA, just imagine how they...more

Customer Due Diligence - CDD - as an Instrument For Combating Financial Crimes in Nigeria

by Jide Akinsoto on

The essay in exposing the damage caused by money laundering at national and global levels, highlights the importance of customer due diligence (CDD), an anti money laundering (AML) measure, in tackling financial crimes like...more

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