This Week In Securities Litigation

by Dorsey & Whitney LLP

The fate of SEC ALJs was debated this week before the Supreme Court. Despite the fact that the Commission and Solicitor General confessed error, switched sides and joined with Petitioner to argue that historically the agency had violated the Constitution’s Appointments Clause, the Justices appeared skeptical about the resolution of the case. The Court expressed concern regarding Petitioner’s claim that the administrative proceeding in which he was found liable was not fair while arguing for a process that would make SEC ALJs more accountable to the political process, the precise test to be used in assessing the applicability of the Clause and the remedies.

SEC Enforcement filed settled cases in three of its key focus areas: Cyber security, conflicts and FCPA. The agency resolved a huge data breach case where a giant internet media issuer failed for years to disclose a massive data breach regarding what the firm called the “crown jewels.” Another action centered on undisclosed conflicts involving an investment adviser was filed. And, a third involved a settled FCPA action based on books and records and internal controls was filed.


Remarks: Commissioner Robert Jackson delivered remarks at the Greater Cleveland Middle Market Forum titled The Middle-Market IPO Tax, Cleveland, Ohio (April 25, 2018). His remarks focused on the costs of an IPO and, in particular, the costs for a mid-sized IPOs.

Supreme Court

Raymond J. Lucia v. SEC, No. 17-130 was heard this week by the Supreme Court. The question being considered centers on the Appointments Clause of the Constitution and whether SEC ALJs are Officers within the meaning of the Clause. The parties agree that the Clause creates three categories of federal civil servants: Principal Officers, Inferior Officers and employees. Principal Officers are appointed by the President with the advice and consent of the Senate; Inferior Officers (usually referred to as Officers) can be appointed under law by the President, a department head or an agency; employees can simply be hired. While SEC ALJs traditionally had been viewed as employees, when Lucia reached the Supreme Court after the D.C. Circuit rejected challenges to the SEC’s approach to hiring ALJs, the agency and Solicitor General switched sides, adopting Petitioner’s view that they are Officers. The SEC implemented a ratification process to try and correct the error confessed.

Briefs for each of the parties – Petitioner, Solicitor General and Court appointed Amicus who defended the decision below – all discussed the Court’s prior decisions at length. While each side adopted different views of what the Clause required to be an Officer, each claimed its view was consistent with the Court’s jurisprudence. The arguments did not seem to yield any clear consensus on the appropriate resolution of the dispute. Nevertheless, the decision could have wide impact on federal agency practice. A decision is expected by the end of June.

SEC Enforcement – Filed and Settled Actions

Statistics: Last week the SEC filed 2 civil injunctive case and 3 administrative proceedings, excluding 12j and tag-along proceedings.

Prohibited transaction: In the Matter of SEI Investments Global Fund Services, Adm. File No. 3-18457 (April 26, 2018) is a proceeding which names as a Respondent the statutory trust which is a wholly owned subsidiary of SEI Investments Company. From 2008 through 2012 SEI Global caused the Liquidity Fund – a vehicle for investing cash collateral from the securities lending activities of certain Funds – to fail to satisfy the conditions necessary for SEI Funds to rely on an exemption that permitted funds in certain instances to deal with affiliated funds. While SEI Global Funds priced shares of the Liquidity Fund at a stable $1 in accord with the applicable rule under the Investment Company Act, due to significant decreases in the value of certain holdings in July 2008 it adopted an alternate market based approach to price its shares. Over the next four years however, the method used was flawed. Further, in August 2009 five new SEI Funds began participating in the securities lending program. While they priced at a stable $1 this created a “senior share class” of Liquidity Fund securities which took the Liquidity Fund out of compliance with Section 18 of the Investment Company Act. In addition, having two different pricing methods was inconsistent with the rules. As a result SEI Global Caused the Liquidity Fund to violate sections 17(a)(1) and (2) from 2008 through 2012. To resolve the proceedings SEI Global consented to the entry of a cease and desist order based on the sections cited in the Order. In addition, Respondent will pay a penalty of $225,000.

Cyber security: In the Matter of Altaba Inc., f/d/b/a Yahoo! Inc., Adm. Proc. File No. 3-18448 (April 24, 2018). Yahoo was one of the largest internet media firms in the world. Its shares were traded on the NASDAQ Global Select Market. Following the sale of its operating business in July 2017 to Verizon Communications Inc., the firm changed its name to Altaba Inc. Its shares continued to be registered for trading with the Commission but as a publicly traded non-diversified, closed-ended management investment company. Altaba’s shares are traded on the NASDAQ Global Select Market. In late 2014 Yahoo suffered a massive breach of its user database. It resulted in the theft, unauthorized access, or acquisition of hundreds of millions of its users’ personal data. The firm’s internal information security team learned that the company information technology networks and systems suffered a widespread intrusion by hackers associated with the Russian Federation. By December 2014 the security team, as well as the Chief Information Security Officer, determined that the hackers had stolen copies of user database files containing the personal data of at least 108 million users. This included information called the “crown jewels” – email addresses, telephone numbers, dates of birth, hashed passwords, and security questions and answers. The hackers also accessed a separate data source – 26 Yahoo customer accounts connected to Russia. Senior management and the internal legal team received reports from the CISO within days. The firm did not disclose the information until the fall of 2017. In the interim the firm’s public filings continued to list cyber security as a significant risk and its MD&A reviewed trends without discussing the event. The firm also sold its internet business to Verizon for $4.8 billion without disclosing the breach while representing that the firm had over the years only suffered minor intrusions. Finally, on September 22, 2016, Yahoo disclosed the 2014 breach. Its stock price plunged and Verizon required that the deal be renegotiated. The Order alleges violations of Securities Act sections 17(a)(2) and (3) and Exchange Act section 13(a) and related rules. To resolve the proceedings Respondent consented to the entry of a cease and desist order based on the sections cited in the Order. The firm also agreed to pay a $35 million penalty.

Conflicts: In the Matter of WCAS Management Corporation, Adm. Proc. File No. 3-18449 (April 24, 2018) is a proceeding which names as a Respondent the registered investment adviser. Respondent is the adviser to several private equity funds. The fund clients use a group purchasing organization or GPO to secure discounts as a result of volume purchases. Under the WCAS service agreement the adviser received a rebate from the GPO. This created certain conflicts revolving around the acceptance of that payment which required the consent of the clients – the adviser could not consent because of the conflict. That is in accord with the operating agreement. Respondent failed to disclose the conflicts and obtain the consents. The Order alleges violations of Advisers Act sections 206(2) and 206(4). To resolve the proceedings Respondent consented to the entry of a cease and desist order based on the sections cited in the Order and to a censure. In addition, Respondent will pay disgorgement of $623,035, prejudgment interest of $65,784.78 and a penalty of $90,000.

Offering fraud: SEC v. Pixarbio Corp. Civil Action No. 1:18-cv-10797 (D. Mass. Filed April 24, 2018) is an action which names as defendants the firm, a biotech company with no revenue, Francis Reynolds, the firms president, Kenneth Stromsland, the CIO, and M. Jay Herod, a long time friend of Reynolds. Since at least December 2015 Defendants have raised about $12.7 million from the sale of firm shares to 211 investors. To sell the shares a series of false statements were used which included claims that: The FDA had permitted clinical trials to begin on humans; that the firm had a $10 million line of credit; that it had sufficient capital to operate through 2017; and that Mr. Reynolds had personally invested in the company. In addition, Defendants Reynolds, Herod and Stromsland essentially engaged in a pump and dump scheme using the company shares to raise another $500,000 to keep the firm afloat. The complaint alleges violations of Securities Act sections 5(a), 15(c) and 17(a) and Exchange Act sections 9(a), 10(b) and 15(a). The case is pending. See Lit. Rel. No. 1:18-cv-10797 (April 24, 2018); see also U.S. v. Reynolds, No. 1:18-mj-06151 (D. Mass. Filed Apr. 19, 2018)(criminal complaint charging Frank Reynolds and Kenneth Stromsland with securities fraud).

Investment fraud: SEC v. Glick, Civil Action No. 24118 (N.D. Ill.) is a previously filed action against investment adviser Daniel Glick and his firm, Financial Management Strategies, Inc. The action alleged that Defendants targeted elderly investors in soliciting funds from investors. Much of the investor money was misappropriated. The Commission resolved the proceedings with Defendants consenting to the entry of a permanent injunction and orders to pay disgorgement and penalties in amounts to be determined later. See Lit. Rel. No. 24118 (April 23, 2018); See also U.S. v. Glick, No. 17-cr-739 (N.D. Ill.)(Parallel criminal case in which Defendant was sentenced to serve 151 months in prison).

Financial fraud: SEC v. Davis, Civil Action No. 14-cv-01528 (S.D.N.Y.) is a previously filed action against Stephen DiCarmine and Joel Sanders, respectively the former CFO and executive director, of Dewey & LeBoeuf. Both men were alleged to have been involved with a financial fraud at the now collapsed law firm which was designed to permit the firm to meet lender covenants. The false financial information was also used in a $150 million private place of bonds. Mr. Sanders resolved the matter, consenting to the entry of a permanent injunction based on Securities Act section 17(a) and Exchange Act section 10(b). The amount of disgorgement and a penalty will be determined by the Court at a later date. Mr. DiCarmine consented to the entry of a permanent injunction based on Securities Act sections 17(a)(2). He will pay a penalty of $35,000. See Lit. Rel. No. 24119 (April 23, 2018).

Investment fraud: SEC v. Newsholme, Civil Action No. 3:17-cv-06813 (D.N.J.) is a previously filed action against financial planner Scott Newsholme. The complaint alleged that at his financial planning business the Defendant induced clients to trust him to invest their money and handle their financial affairs as directed. In fact he misappropriated their funds. Defendant resolved the action by consenting to the entry of a permanent injunction based on Securities Act section 17(a), Exchange Act section 10(b) and Advisers Act sections 206(1) and (2). The judgment also requires him to pay disgorgement, prejudgment interest and penalties in amounts to be determined later. In a parallel criminal action Mr. Newsholme pleaded guilty to wire fraud, aggravated identity theft and aiding and abetting filing false tax returns. He is awaiting sentencing. See Lit. Rel. No. 24120 (April 23, 2018).

Criminal Cases

Front running: U.S. v. Johnson, No. 16-cr-457 (E.D.N.Y.) is an action in which Mark Johnson, the former head of HSBC’s Global Foreign Exchange Cash Trading was sentenced to serve 24 months in prison and pay a $300,000 fine. Mr. Johnson had been convicted of wire fraud and wire fraud conspiracy following a four week trial. The case was based on trades in late 2011 during which HSBC had been retained to convert about $3.5 billon into British Pounds Sterling. The client had required strict confidentiality. Shortly before the transaction was to take place Mr. Johnson and those under him traded in the currency in a manner that inflated the price for the benefit of the firm and to the detriment of the client. The resulting profits for HSBC were about $7.3 million. I

Insider trading: U.S. v. Chow, No. 1:17-cr-00667 (S.D.N.Y.) names as a Defendant Benjamin Chow, the managing director of one hedge fund and the managing partner of another. The two hedge funds with which Mr. Chow was affiliated entered into a transaction to acquire Lattice Semiconductor Corporation in the fall of 2016. While the transaction was being negotiated Mr. Chow repeatedly told his friend about the transaction. The friend traded, reaping profits of about $5 million. Mr. Chow was charged with conspiracy and securities fraud. Following trial a jury found Mr. Chow guilty of one count of conspiracy and seven counts of securities fraud. Sentencing is scheduled for August 20, 2018.


In the Matter of The Dun & Bradstreet Corporation, Adm. Proc. File No. 3-18446 (April 23, 2018). D&B manages a global business providing reliable credit information. Its shares are listed on the New York Stock Exchange. Critical to the firm’s business model is the continual acquisition of credit profiles and other related information. It is essential that its data bases remain current. The firm first entered the market in China in the early 1990s through a joint venture. Over time that business approach was modified. In 2006 the President of the Asia-Pacific region established a relationship with Huaxia International Credit Consulting Co. Limited. Ultimately a joint venture was formed between D&B’s Chinese subsidiary and Huaxia. D&B owned 51%.

Huaxia was targeted because of its government connections. The firm was able to source financial statement information directly from provincial offices of the Chinese State Administration of Industry and Commerce, the Chinese National Bureau of Statistics, lawyers and other individuals rather than public sources. Following the completion of the deal D&B Greater China management and staff were aware that it was possible to obtain such information through illicit arrangements. This continued until mid-2012 when the firm’s Shanghai based subsidiary eliminated improperly obtained financial statement data from its information products as a remedial measure.

In June 2009 D&B entered into a business arrangement with Roadway, a Chinese firm that was ultimately acquired by a subsidiary. Roadway was a leading provider of direct marketing services in China. D&B identified as a key risk of this acquisition the February 2009 amendments to the Chinese criminal laws concerning citizens’ data privacy. Essentially those amendments criminalized the acquisition of a citizen’s personal information through theft or certain other means. Roadway had, according to what D&B learned, significant amounts of such data from independent vendors. The firm continued to acquire this type of data and, in a March 15, 2012 television broadcast, discussed its data collection. This lead to the seizure of the firm’s servers by government prosecutors, the conviction of the firm and several executives on criminal charges and the payment of a criminal fine.

Subsequently, D&B self-reported to the DOJ and the SEC. The DOJ declined to prosecute. The Order alleges violations of Exchange Act sections 13(b)(2)(A) and 13(b)(2)(B). In resolving the matter the Commission considered the remedial actions of D&B which included ceasing the Roadway operations and illicit practices, terminating certain employees, disciplining others and re-evaluating and supplementing its anti-corruption compliance programs.

To resolve the matter D&B consented to the entry of a cease and desist order based on the sections cited in the Order. In addition, the firm will pay disgorgement of $6,077,820, prejudgment interest of $1,143,664, and a penalty of $2 million.

Hong Kong

Compliance: The Securities and Futures Commission sanctioned CN Capital Management Limited and two of its executives, George Chan and Stephen Ng. Specifically, the firm was reprimanded and fined $1 million while the executives were fined $100,000 each. The sanctions were imposed for breaches of the Fund Manager Code of Conduct and basic principles of management and not avoiding conflicts. The SFC investigation concluded that beginning in January 2011, and continuing through October 2016, none of the firm staff members disclosed their personal investment holdings to the firm in writing, Messrs. Chan and Ng conducted thousands of personal trades without any written pre-clearance from the designated officer, in numerous instances the two executives held their personal investments for less than thirty days without prior written approval and in a number of instances the two men conducted personal trades in the same stock on the same day as those placed by the fund. In resolving the case the regulator considered the cooperation give, the lack of evidence of front running and the fact that there was no evidence of client impact.

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

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 (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

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 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 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 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

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:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (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
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit 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 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:

- 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.