This Week In Securities Litigation (Week ending July 18, 2014)

by Dorsey & Whitney LLP
Contact

The SEC’s insider trading probe regarding the House Ways and Means Committee and a senior staff member, also involves 44 investment funds and other entities, according to a Bloomberg news report citing recently filed court papers. The investigation is on-going.

The Commission suffered another courtroom loss. This time the agency lost an insider trading claim brought in the Wyly case which was tried to the court after a jury found in favor of the SEC on other claims involving the concealment of the brothers’ shareholdings.

This week the SEC filed an insider trading action centered on a golf group, two stock manipulation cases and a group of actions centered on a claim that the identity of the real control persons of an issuer was concealed in view of their prior law enforcement difficulties. A settled action alleging that EY violated the auditor independence rules was also filed.

SEC

Remarks: Commissioner Michael S. Piwowar addressed the AEI Conference on Financial Stability, Washington, D.C. (July 15, 2014). His remarks focused on the FSOC and his concerns that the organization and some of its members are encroaching on the Commission’s area (here).

CFTC

Commissioner Scott D. O’Malia addressed the Quadrilateral Meeting of the European Financial Markets Lawyers Group, Financial Law Board, Financial Markets Law Committee and Financial Markets Lawyers Group at the Federal Reserve Bank of New York in remarks titled Regulators Must First Do No Harm (July 15, 2015). His remarks focused on fragmented markets, arguing for a holistic approach (here).

SEC Enforcement – Litigated Actions

Insider trading: SEC v. Wyly, Civil Action No. 10-cv-5760 (S.D. N.Y.) is an action in which the SEC prevailed on fraud claims presented to the jury. The agency lost on its insider trading claim which was tried to the court because the penalty was time barred. The claim centered on arrangements to sell Sterling Commerce in the Fall of 1999 and the idea of the Wyly brothers from the summer of that year that they would sell Sterling Commerce and Sterling Software. Between 1992 and 1996 Sam and Charles Wyly created a number of IOM trusts which typically followed their investment recommendations. The brothers had also co-founded Sterling Software in 1981 which later spun off its electronic commerce division which became Sterling Commerce. Both brothers continued as board members for each company.

In September 1999 there were discussions about taking a long position in Sterling Software among advisors to the brothers. Through a series of complex transactions in October 1999 the trusts owned the equivalent of 2 million shares of Sterling Software.

During the summer of 1999 Sam Wyly decided he wanted to sell both Sterling Software and Sterling Commerce. It was his belief that the tech area had reached “euphoric proportions.” No significant steps were taken to sell Sterling Software until November 1999, after which it merged with Computer Associates. In contrast, there were significant efforts to sell Sterling Commerce dating to the Summer 1999, including retaining an investment bank.

The insider trading claim, however, was tied to the sale of Sterling Software and the stock purchases. The agency argued that at the time of the securities acquisitions in October 1999 the Wylys were in possession of material non-public information. Specifically, the SEC claimed that “as Chairman and vice-Chairman of Sterling Software . . . [they] had agreed and resolved that the sale of Sterling Software to an external buyer should be pursued.” Stated differently, the brothers had an idea. The Court rejected this claim, concluding as a matter of law that the information was not material and thus could not be the predicate for an insider trading claim.

SEC Enforcement – Filed and Settled Actions

Statistics: This week the Commission filed, or announced the filing of, 3 civil injunctive actions, DPAs, NPAs or reports and 5 administrative proceedings (excluding follow-on and Section 12(j) proceedings).

Manipulation: SEC v. Discala, Civil Action No. CV 14-4346 (E.D.N.Y. Filed July 17, 2014) is an action against Abraxas Discala and Marc Wexler, respectively, the CEO and president of merchant bank OmniView Capital Advisors LLC; Matthew Bell and Craig Josephberg, registered representatives at a broker; and Ira Shapiro, CEO of CodeSmart Holdings, Inc., a firm created from a reverse merger with minimal assets and a loss from operations. The case centers on a pump and dump scheme in which a substantial number of shares were dumped in the market, the price of the stock was inflated to about $4.60 giving the shell a market capitalization of over $86 million and then the stock was dumped with the price crashing to about 10 cents. Messrs. Discala and Wexler reaped millions of dollars while Messrs. Bell and Josephberg made over $500,00. The Commission’s complaint alleges violations of Exchange Act Sections 9(a) and 10(b), Securities Act Sections 5(a) and (c) and each subsection of Section 17(a). The case is pending. Parallel criminal charges were brought. See Lit. Rel. No. 23046 (July 17, 2014).

Diversion of funds: In the Matter of Lakeside Capital Management, LLC, Adm. Proc. File No. 3-15976 (July 17, 2014) is a proceeding naming as respondents the registered investment adviser and its owner and portfolio manager, Dennis H. Daugs, Jr. From 2008 through 2012 Mr. Daugs diverted over $8 million in client assets to his use. First he invested $3.1 million of a client’s funds in a loan to himself. Second, he used over $560,000 from a private fund to make settlement payments to several of his clients. The funds were eventually repaid. The Order alleges violations Exchange Act Section 10(b) and Advisers Act Sections 206(1), (2) and (4). The Respondents resolved the action, with each consenting to the entry of a cease and desist order based on the Sections cited in the Order. Mr. Daugs was barred from the securities business with a right to reapply after five years. Respondents, jointly and severally, will also pay disgorgement of $302,451, prejudgment interest and a civil penalty of $250,000.

Misappropriation: SEC v. Pearson, Civil Action No. 1:14-cv-03875 (N.D. Ill.) is a previously filed action against Robert Pearson and Illinois Stock Transfer Company from which he misappropriated about $1.3 million. The defendants consented to the entry of a permanent injunctions prohibiting future violations of Exchange Act Sections 10(b) and 17A(d)(1). Issues concerning disgorgement and penalties will be decided in the future on motion by the Commission. See, Lit. Rel. No. 23043 (July 11, 2014).

Concealed control: In the Matter of Natural Blue Resources, Inc. Adm. Proc. File No. 3-15974 (July 16, 2014); In the Matter of Erik H. Perry, Adm. Proc. File No. 3-15975 (July 18, 2014); In the Matter of Toney Anaya, Adm. Proc. File No. 3-15973 (July 16, 2014). This is a group of proceedings center on OTC traded Natural Blue, an issuer which filed reports with the SEC. The proceeding against the company also names as Respondents James Cohen and Joseph Corazzi. Messrs. Cohen and Corazzi created the company. Each had a consulting agreement. From August 2009 through late January 2011 Mr. Anaya was the CEO of the company after which Mr. Perry assumed that role. In fact Messrs. Cohen and Corazzi secretly ran the company. Both had backgrounds which included violations of the law for fraud. Investors were thus not told who was running the company, which also maintained a website that contained false statements. The Order as to the company and Messrs. Cohen and Corazzi alleges violations of each subsection of Securities Act Section 17(a) and Exchange Act Sections 10(b) and 15(d). That case will be set for hearing. The proceeding as to Mr. Anaya alleges violations of Securities Act Section 17(a)(2). Mr. Anaya entered into a cooperation agreement with the SEC. He also consented to the entry of a cease and desist order based on the Section cited in the Order. He was barred from participating in any penny stock offering with a right to apply for reentry after five years. A hearing will be held to determine any monetary sanctions. The proceeding against Mr. Perry alleged violations of Securities Act Section 17(a) and Exchange Act Section 10(b). Mr. Perry resolved the action, consenting to the entry of a cease and desist order based on the Sections cited in the Order. Mr. Perry was also barred from serving as an office or director of a public company and participating in a penny stock offering. In addition, he was directed to pay a penalty of $150,000.

Investment fund fraud: SEC v. Rooney, Civil Action No. 11-8264 (N.D. IL.) is a previously filed action brought against Patrick Rooney and his controlled entity, Solaris Management, LLC. The complaint alleged that the defendants radically changed the investments of the managed fund, contrary to its documents, by becoming wholly invested in a financially troubled company of which Mr. Rooney was chairman. Previously, the defendants settled, agreeing to the entry of consent injunctions based on Securities Act Section 17(a), Advisers Act Sections 206(1) and (2) and Exchange Act Sections 10(b) and 13(d). This week the Court entered an order requiring the defendants to pay disgorgement of $715,700, prejudgment interest and a civil penalty equal to the disgorgement. Mr. Rooney was also barred from operating a private investment fund and serving as an officer or director of any public company except the one involved here since he is CEO and Chairman. See Lit. Rel. No. 23045 (July 16, 2014).

Independence: In the Matter of Ernst & Young, Adm. Proc. File No. 3-15970 (July 14, 2014). In 2000 EY acquired Washington Counsel, P.C., a legislative advisory services provider. In 2009 EY, through Washington Counsel, provided legislative advisor services for Firm A and Firm B. For example, for Firm A Washington Counsel urged the passage of legislation to congressional staff on behalf of the client on two different occasions. For Firm B on one occasion the advisory firm attempted to persuade congressional offices to withdraw support for a proposal that would have been detrimental to the client. In both instances Washington Counsel acted as an advocate for the Firms. Both Firms were audit clients of E&Y. At the time EY had issued audit opinions for each Firm, representing that it was independent despite the fact that the audit firm was not since it was acting as an advocate for each client. The Order alleges violations of the independence rules. Specifically, it alleges violations of Rule 2-02(b)(1) of Regulation S-X. It also alleges that the audit firm caused violations of Exchange Act Section 13(a) and Rule 13a-1 by the two audit clients. To resolve the proceeding EY consented to the entry of a cease and desist order based on the provisions cited in the Order and to a censure. The firm also agreed to pay disgorgement of $1,240,000, prejudgment interest and a civil penalty of $2,480,000.

Insider trading: SEC v. McPhail, Civil Action No. 1:14-cv-12958 (D. Mass Filed July 11, 2014) names as defendants Eric McPhail and a group of his friends, Douglas Parigian, John Gilmartin, Douglas Clapp, James “Andy” Drohen, John Drohen and Jamie Meadows. Mr. McPhail became close friends with an Executive at American Superconductor through their country club. The two men frequently played golf together and socialized. Over time they became close and shared confidences with the understanding that the information would be kept confidential. Beginning in July 2009 Mr. McPhail periodically obtained inside information from his friend the Executive. He circulated that to his other friends through e-mail. Mr. McPhail and various of his friends repeatedly traded on the information. The complaint alleges violations of Exchange Act Section 10(b). Messrs. Gilmartin, Clapp, Andy Drohen and John Drohen settled with the Commission, with each consenting to the entry of a permanent injunction prohibiting future violations of Exchange Act Section 10(b). In addition, each paid disgorgement, prejudgment interest and a civil penalty equal to their trading profits: Mr. Gilmartin $23,713 in disgorgement; Mr. Clapp, $11,848 in disgorgement; Andy Drohen $22,543 in disgorgement; and John Drohen $8,972 in disgorgement. See Lit. Rel. No. 23040 (July 11, 2014).

Manipulation: SEC v. Affa, Civil Action No. 1:14-cv-12959 (D. Mass. Filed July 11, 2014) names as defendants Michael Affa, Andrew Affa, Mitchell Brown, Christopher Putnam and Christopher Nix. The scheme centers on trading in the shares of Amogear Inc. in the over-the-counter markets beginning in August 2012. Amogear is a shell which has no business operations. During the period it was controlled by a Confidential FBI Informant. At one point the CFO of the company was an undercover FBI agent. Messrs. Nix and Putnam put together a scheme to manipulate the stock price and trading of Amogear. Mr. Nix owned a promotional firm called Global Marketing Media LLC and websites that touted and promoted penny stocks. Messrs. Nix and Putnam planned a promotional campaign for Amogear shares. The plan was to run a pump and dump scheme. Various defendants had specific roles such as manipulative trading. The defendants and the Confidential Informant agreed that the scheme would kick-off in early February 2014. On the kick-off date the websites controlled by Global Marketing Media released e-mail blasts containing misrepresentations about the company. On the same date the Commission suspended trading in the shares of the company. The Commission’s complaint alleges violations of Exchange Act Section 10(b) and Securities Act Sections 17(a)(1) and (3). The action is in litigation. Parallel criminal charges were brought by the U.S. Attorney’s Office.

Prime bank fraud: SEC v. Butts, Civil Action No. 13-23115 (S.D. Fla.) is a previously filed action against, among others, attorney Bernard H. Butts who served as the escrow agent for the scheme. The Court entered an order directing Mr. Butts to pay disgorgement of $1,691,608, prejudgment interest and a penalty of $2,059,284.19. Mr. Butts also consented to the entry of an order barring him from the securities business, from participating in any penny stock offering and suspending him from practicing as an attorney on behalf of any entity regulated by the SEC. See Lit. Rel. No. 23044 (July 15, 2014).

FCPA

U.S. v. Pomponi (D. Conn.) is an action in which William Pomponi, formerly vice president of regional sales at Alstom Power Inc., pleaded guilty to a criminal information charging conspiracy to violate the FCPA in connection with the awarding of the Tarahan power project in Indonesia. In the underlying scheme the defendant, and others, paid bribes to officials in Indonesia, including a member of Parliament and high-ranking members of Perusahaan Listrik Negara or PLN, the state owned and controlled electricity company, in exchange for assistance in securing a $118 million contract known as the Tarahan project to provide power related services. Mr. Pomponi is the fourth Alstrom executive to plead guilty.

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.