This Week In Securities Litigation

Dorsey & Whitney LLP
Contact

The Manhattan U.S. Attorney announced the filing of motions to dismiss the insider trading conviction of Michael Steinberg, formerly a portfolio manager at SAC Capitol, and six others in the wake of the Second Circuit’s decision in Newman.

SEC released its enforcement statistics for the last fiscal year. The release highlights cases in a number of categories. It also breaks out the number of cases filed for the last three years by category – independent action, tag along and delinquent filings. The number of independent actions filed for the last fiscal year increased to 507 compared to 413 for the prior year and 341 for 2013.

This week the agency filed: two actions centered on offering frauds; one in which significant portions of an investor’s funds were misappropriated; another centered on a failure to disclose a shift in investment policy that eventually resulted in the demise of the fund; and one based on a cherry picking scheme.

SEC

Statistics: The SEC released its Enforcement statistics. The release highlights cases brought in a number of areas (here). It then breaks out its enforcement statistics in three categories: independent enforcement actions, follow-on actions and delinquent filings for 2013 -2015 by year. The number of independent actions is: 341 for 2013, 413 for 2014 and 507 for 216. That compares to totals of 676 for 2013, 755 for 2014 and 807 for 2015. Previously, the Commission did not break-out the number of cases into these categories, providing only the totals.

Remarks: Chair Mary Jo White delivered remarks titled “Taking Stock of Treasury Market Regulation” to the Evolving Structure of the U.S. Treasury Market Conference, New York City (October 20, 2015). Her remarks referenced the need for operational integrity, concerns about the vulnerability of electronic markets and the regulation of market intermediaries (here).

Remarks: Chair Mary Jo White delivered remarks titled “Five Years On: Regulation of Private Fund Advisers After Dodd-Frank” to the MFA Outlook 2015 Conference, New York City (October 16, 2015). Her remarks focused on the new insights obtained from the registration and reporting requirements and identified marketing, conflicts and fees as potential risk areas (here).

CFTC

Remarks: Chairman Timothy Massard delivered remarks to the Risk USA Conference (October 22, 2015). His remarks discussed clearing houses, recognition of U.S. clearing houses by European regulators, oversight of major market players and automated trading (here).

Remarks: Chairman Timothy Massard delivered remarks to the Conference on the Evolving Structure of the U.S. Treasury Market (October 21, 2015). His remarks included comments on “flash events” and the risks of electronic trading (here).

Remarks: Chairman Timothy Massad addressed the World Federation of Exchanges Annual Meeting, Doha, Qatar (October 19, 2015). His remarks included comments on the innovation in the futures markets and reforms in the swaps markets (here).

SEC Enforcement – Filed and Settled Actions

Statistics: During this period the SEC filed 2 civil injunctive cases and 3 administrative actions, excluding 12j and tag-along proceedings.

Offering fraud: In the Matter of Retirement Investment Advisors, Inc., Adm. Proc. File No. 3-16915 (October 21, 2015) is a proceeding which names as Respondents: the registered investment adviser; Research Holdings, LLC, a firm which manages five pooled investment funds; and Joseph Bowie, a co-founder and co-manager of Research Holdings and an affiliate of a registered broker-dealer affiliated with the majority owner of the investment adviser. Beginning in 2006, and continuing through 2009, Research Holdings and Mr. Bowie sold interests in five private funds co-managed by Mr. Bowie to advisory clients. The PPMs represented that the financial statements of the Funds would be prepared in accord with GAAP and, in two instances that they would be audited annually. These requirements were not met. The firm also valued investments at acquisition cost even though many had little or no value, contrary to the adviser’s valuation methodology in its policies and procedures. That resulted in an overcharge of the fees. The Order alleges violations of Advisers Act Sections 206(2), 206(4) and 204. Respondents resolved the proceeding. Retirement Investment entered into a series of undertakings including the retention of an independent consultant. Retirement Investment, Research Holdings and Mr. Bowie each consented to the entry of a cease and desist order based on, respectively: Advisers Act Section 206(4) and Sections 204; Advisers Act Sections 206(2) and 206(4); and Advisers Act Sections 204, 206(2), and 206(4). Both firms were censured. Retirement Investments will pay disgorgement of $144,243.09, prejudgment interest and a penalty of $37,500. Research Holdings will also pay a penalty of $37,500 while Mr. Bowie will pay $25,000. The disgorgement will be paid into a Disgorgement Fund.

Misappropriation: SEC v. Williams, Civil Action No. 15-cv-819 (W.D. MO. Filed October 20, 2015) is an action which names as a defendant John Williams. Over a period of five years, beginning in 2009, Mr. Williams induced Investor A to invest in a series of four projects. Collectively, the Investor paid Mr. Williams $8.1 million. In reality Mr. Williams diverted about $3.1 million of the investor’s funds to his personal use. The complaint alleges violations of Securities Act Section 17(a) and Exchange Act Section 10(b). The case is pending. See Lit. Rel. No. 23390 (October 22, 2015).

Misappropriation: SEC v. Donnelly, Civil Action No. 15 6873 (E.D. Pa. Filed October 19, 2015). Michael Donnelly has been a registered investment adviser and registered representative since the mid-1990s. Over the years he formed Donnelly Advisors Group, Inc., a second firm called Donnelly Steen & Co. which did business as Coastal Investment Advisors, Inc. and later acquired broker Coastal Equities, Inc. Mr. Donnelly began misappropriating client funds in 2007. To effectuate his scheme Mr. Donnelly typically told clients that he planned to invest their funds in various financial instruments. He then had the client write a check to Donnelly Advisors Group to fund the transaction. Most had been clients for years and trusted him. Clients were familiar with the Donnelly Advisors Group and thus did not question the point. At the same time using that name shielded the transactions from Donnelly & Steen and Coastal IA. The funds were then misappropriated. Subsequently, Mr. Donnelly would tell the clients that the investments had been made and were doing fine. Frequently documents were fabricated to support the lies told to the client. From 2007 through 2014 Mr. Donnelly defrauded at least thirteen clients for a total of $1,990,150.54. The scheme unraveled when he used the account of a firm employee as part of an effort to cover his malfeasance. The firm then terminated him. The Commission’s complaint alleges violations of Securities Act Section 17(a) and Exchange Act Section 10(b). Mr. Donnelly settled the charges by admitting the conduct and consenting to the entry of a permanent injunction prohibiting future violations of the Sections cited in the complaint. In addition, he was ordered to pay disgorgement of $1.9 million and prejudgment interest. Those obligations will be deemed satisfied by the entry of an order of restitution in the parallel criminal case. He also consented to the entry of an order permanently barring him from the securities business.

Disclosure: In the Matter of UBS Willow Management L.L.C., Adm. Proc. File No. 3-16909 (October 16, 2015). UBS Willow Management, which ceased operations in 2014, was a registered investment adviser. The firm was a joint venture between registered investment adviser UBS Fund Advisor, L.L.C., and Bond Street Capital L.L.C., a third part portfolio manager. Fund Adviser, a subsidiary of UBS AG, is also a Respondent. Willow Management advised UBS Willow Fund L.L.C., a closed-end Fund. UBS Fund Adviser was the controlling member of Willow Management. Willow Management began offering the Fund in May 2000 and continued through mid-2012. The Offering Memorandum stated that the Fund primarily invested in distressed debt. The document also specified that the Fund invested in other types of securities, including derivatives for hedging and speculation. In 2008 it shifted the composition of the portfolio to about 25% CDS which substantially changed the risk. It also contributed to significant losses starting in early 2009 and eventually led to the liquidation of the Fund in 2012. None of the disclosure documents reflected the change. Fund Advisor was aware of the change. Nevertheless, it never directed Willow Management to reduce the Fund’s CDS exposure. Fund Advisor thus failed to reasonably supervise Willow Management. The Order alleges violations of Securities Act Sections 17(a)(2), 17(a)(3), Advisers Act Sections 206(1), 206(2) and 206(4) and Investment Company Act Section 34(b). To resolve the proceedings Respondents will compensate Fund investors. In addition, Willow Management consented to the entry of a cease and desist order based on the Sections cited in the Order. Both Respondents were censured. Respondents, jointly and severally, will pay disgorgement of $8,223,110 and pay prejudgment interest.

Offering fraud: In the Matter of Edward M. Daspin, Adm. Proc. File No. 3-16509 is a previously filed action in which Respondent Lawrence Lux settled with the SEC. The other Respondents in the proceeding, initially filed on April 23, 2015, are Edward Daspin, founder and control person of three related Companies, and Luigi Agostini, a director and COB of the Companies. Related entities include three Companies and two entities that are consultants to the three Companies. Beginning in December 2010, and continuing for another 18 months, two of the Companies raised about $2.47 million from seven investors, at least $2 million of which was raised fraudulently. Mr. Daspin, the organizer of the scheme, targeted unemployed professional and solicited them for what was called a job interview. At the interview the executives were solicited to invest in the Companies with a series of false statements. The Companies never generated any revenue and quickly burned through the investor funds. Respondent Lux served as a director and CEO of the Companies. He was aware, according to the Order, that they were controlled by Mr. Daspin. He also knew that Mr. Daspin had a criminal conviction and a string of failed ventures. A key part of Mr. Lux’s job was to solicit investors. He thus acted, along with Mr. Daspin, as an unregistered broker. The Order alleged violations of Exchange Act Sections 10(b) and 15(a) and Securities Act Sections 5(a), 5(c) and 17(a)(2) and (3). The action was initially to be set for hearing. Mr. Lux settled with the Division, consenting to the entry of a cease and desist order based on Securities Act Sections 5(a), 5(c) and 17(a)(3) and Exchange Act Section 15(a). He also agreed to be barred from the securities business and from engaging in any penny stock offering. In addition, Mr. Lux will pay disgorgement of $36,853.21 and prejudgment interest. Payment is waived based on financial condition. In addition to cooperating, Mr. Lux agreed to accept service of a subpoena from the staff and appear for testimony.

Offering fraud: SEC v. Lester, Civil Action No. 1:15-cv-02301 (D. Colo. Filed October 167, 2015). Defendant Donald Lester controlled the group of companies at the center of the claimed fraud. Defendant Rubicon Alliance, LLC, formed for the central purpose of managing alternative investments, is controlled by Mr. Lester. It also owns Defendants CFI Fund LLC and NuPower, LLC. CFI, a pooled investment vehicle, claims to be engaged in the business of investing in securities. It does not have any employees or a board of directors. NuPower claims to be to be in the business of investing in securities. It does not have any employees or a board of directors. Equity Edge, named as a relief defendant, is also controlled by Rubicon. It is a group of affiliated companies. Rubicon began in 2006 as a private equity firm. Beginning in January 2010 it conducted offerings for CFI and NuPower, raising about $10.5 million. By about 2010 Equity Edge was unable to generate sufficient revenue to pay its operational expenses and the interest owed to its investors. Thus, in late 2010 Rubicon transferred NuPower to Equity Edge. No consideration was paid. CFI purchased a 50% interest in NuPower from Equity Edge. The purchase price was $2.8 million. Both the purchase and conflict of interest imbedded in the transaction were concealed from CFI investors. The purchase was also contrary to the offering memorandum. The CFI and NuPower offerings were not registered. Nor were they covered by any exemption. Both firms acted as unregistered investment companies. Mr. Lester and Rubicon acted as unregistered brokers. The complaint alleges violations of each subsection of Securities Act Sections 5(a), 5(c) and 17(a), Exchange Act Sections 10(b), 15(a) and 20(a), Advisers Act Sections 206(1), 206(2) and 206(4) and Investment Company Act Section 7(a). The case is in litigation. See Lit. Rel. No. 23388 (October 16, 2015).

Cherry picking: In the Matter of Welhouse & Associates, Inc., Adm. Proc. File No. 3-1657 (October 16, 2015) is a proceeding which names as Respondents the state registered investment adviser and its owner, principal and CCO, Mark Welhouse. Beginning in February 2010, and continuing for the next three years, Respondents engaged in a cherry picking scheme regarding trades in an S&P 500 ETF called SPY. Respondents disproportionately allocated profitable options trades to his personal and business account and others to client accounts. He did this by purchasing options in an omnibus account and delaying allocation of the purchases until later in the day. The Order alleges violations of Exchange Act Section 10(b) and Advisers Act Sections 206(1) and 206(2). To resolve the proceeding each Respondent consented to the entry of a cease and desist order based on the Sections cited in the Order. The firm was censured while Mr. Welhouse was barred from the securities business. Respondents will also pay disgorgement of $418,141, prejudgment interest and, on a joint and several basis, a penalty of $300,000.

FINRA

Discounts: The regulator fined twelve firms a total of $2.6 million and directed them to collectively pay $4 million for failing to apply available sales charge discounts to customer purchases of Unit Investment Trusts. A list of the firms in here.

Australia

Misuse of position: The Australian Investment Commission announced that Oliver Wood, formerly a company director, was convicted on three counts of misusing his position dishonestly for personal advantage. He also pleaded guilty to four counts of making false statements in a document filed with the ASIC. Mr. Wood was sentenced to serve 10 months in prison which was suspended on a $5,000 bond to be of good behavior for 10 months. He was also fined $40,000.

New articles

Venue selection: David Zaring, Enforcement Discretion at the SEC, forthcoming in Texas L. Rev. [available SSRN]. The article argues that suits challenging the SEC’s forum selection decisions are without merit.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dorsey & Whitney LLP | Attorney Advertising

Written by:

Dorsey & Whitney LLP
Contact
more
less

Dorsey & Whitney LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.