News & Analysis as of

Disgorgement

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

D.C. Circuit Upholds CFPB’s Constitutionality: Why the PHH Case Underscores the Importance of Internal Agency Discipline

by Dorsey & Whitney LLP on

On January 31, the U.S. Court of Appeals for the D.C. Circuit issued a plurality opinion en banc that confirmed the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) governance by a sole Director, while...more

FTC Accuses Student Loan Debt Relief Operation of Deceiving Consumers

by Goodwin on

?On February 7, 2018, the Federal Trade Commission (“FTC”) announced an enforcement action against a student loan debt relief operation, claiming it deceived consumers out of $28 million by falsely promising that their...more

SEC Files Another Action Centered on Trading in Opaque Markets

by Dorsey & Whitney LLP on

The Commission filed another action centered misrepresentations made in opaque trading markets for mortgage backed securities. Unlike its earlier actions in this area, however, the case settled simultaneous with filing....more

Investment Services Regulatory Update - February 2018

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Reflections on Kokesh v. SEC: On the Lookout for “Elephants in Mouseholes”

by King & Spalding on

Until June 2017, when the Supreme Court issued its unanimous opinion in Kokesh v. SEC, the Securities and Exchange Commission (“SEC” or “Commission”) took the position that it could obtain disgorgement from defendants no...more

Impact of Compensation-Related Litigation on Public Companies

Compensation-related litigation and threats of litigation continued to significantly impact public companies in 2017. These companies should be mindful of issues that were raised in recent litigation: proxy disclosure,...more

Unfinished Business the continuing impact of Jewel v Boxer

by Dentons on

Like any other business, law firms sometimes fail. While the failures of large law firms are well-publicized, smaller law firms can be just as or even more susceptible to failure, as the unexpected departure of the firm’s...more

Respondents in FERC v. Powhatan Energy Fund, LLC To Receive “Trial De Novo”

by Pierce Atwood LLP on

On December 28, 2017, the U.S. District Court for the Eastern District of Virginia issued an opinion finding that a “trial de novo governed by the Federal Rules of Civil Procedure and the Federal Rules of Evidence” shall be...more

New Tax Bill Will Rewrite Rules for Deducting Disgorgement Payments to SEC

by Jones Day on

U.S. tax reform will mean new rules for deducting fines, penalties, and other amounts, including disgorgement, paid to the Securities and Exchange Commission ("SEC"). Currently, Internal Revenue Code section 162(f)...more

Tax Reform: Deductibility of Government Payments Materially Limited

by Ropes & Gray LLP on

On Wednesday, December 20, 2017, the House of Representatives and Senate passed comprehensive tax reform legislation. The bill, which is expected to be signed by President Trump in the coming weeks, amends the tax treatment...more

DOJ Deputy Attorney General Rod Rosenstein Announces FCPA Corporate Enforcement Policy

• The voluntary disclosure of a Foreign Corrupt Practices Act (FCPA) violation, “full cooperation” in an ensuing investigation, and timely and appropriate remediation, will create a presumption that the disclosing company...more

Building on Pilot Program, DOJ Announces New FCPA Corporate Enforcement Policy

by Morrison & Foerster LLP on

On November 29, 2017, Deputy Attorney General Rod Rosenstein announced a new “FCPA Corporate Enforcement Policy” (“Policy”) that extends and revises the FCPA Pilot Program. In his announcement, DAG Rosenstein explained that...more

DOJ Announces New FCPA Cooperation Policy

by Dorsey & Whitney LLP on

The Department of Justice announced a revised FCPA Corporate Enforcement Policy. The new policy, designed to enable the DOJ to efficiently identify and punish criminal conduct while encouraging voluntary disclosures of wrong...more

DOJ Announces Revised FCPA Corporate Enforcement Policy

In a speech yesterday at the 34th International Conference on the Foreign Corrupt Practices Act, U.S. Deputy Attorney General Rod Rosenstein announced the Department of Justice’s (DOJ) revised Foreign Corrupt Practices Act...more

SEC Enforcement Division Releases 2017 Annual Report as Industry Looks Ahead to 2018

by Dechert LLP on

Stephanie Avakian and Steven Peikin, the new Co-Directors of the U.S. SEC Enforcement Division (“Division”), released a report on November 15, 2017, summarizing the Division’s enforcement activity for the fiscal year ending...more

SEC Sees Fewer Filed Cases in 2017, But Signals Aggressive Enforcement Ahead in Financial Reporting, Cybersecurity and Other Key...

by Fenwick & West LLP on

After a record-breaking fiscal year 2016, the Securities and Exchange Commission’s Enforcement Division had a somewhat quieter year, at least in terms of the number of actions filed. The Enforcement Division released its...more

SEC Expected to Expedite FCPA Investigations in Light of Kokesh

by McGuireWoods LLP on

On November 9, 2017, Steven R. Peikin, Co-Director of the SEC’s Division of Enforcement, delivered a keynote speech at a conference commemorating the 40th anniversary of the enactment of the Foreign Corrupt Practices Act...more

The Future of FCPA Enforcement After Kokesh

Increased international cooperation, more aggressive investigations and greater focus on individual accountability. In light of the U.S. Supreme Court’s decision in Kokesh v. SEC, the SEC is expected to prioritize quicker,...more

Florida Federal Court Affirms FTC’s Available Remedies

Disgorgement and refunds are remedies available to the Federal Trade Commission, a Florida federal court ruled in a case involving a purported time-share scam....more

Breaking Down Telia: One of the Largest FCPA Settlements and the First of the Trump Administration

The recent settlement by Telia Company AB (“Telia”), the first of the U.S. Department of Justice (“DOJ”) under the Trump administration and one of the largest FCPA enforcement actions to date, has been touted by some as a...more

Fee Disgorgement Can Be The Least Of Your Problems

by Fox Rothschild LLP on

In a decision signed October 25, 2017, Judge Shannon of the Delaware Bankruptcy Court issued an opinion requiring a professional to disgorge fees, pay a sanction of $25,000, and enjoined him from taking various actions in...more

Second Circuit Affirms Dismissal Of Disgorgement Claim For Lack Of Standing Because Shares In Company Were Exchanged For Shares Of...

by Shearman & Sterling LLP on

On October 19, 2017, the United States Court of Appeals for the Second Circuit, in a summary order, affirmed dismissal of an action seeking disgorgement of alleged short-swing profits realized by Defendants Eminence Partners...more

Alternatives to prosecution in an age of global enforcement - Global alternatives to prosecution when a corporate is facing a...

by White & Case LLP on

Businesses are increasingly becoming global, and so are enforcement actions in response to alleged corporate wrongdoing around the world. The harsh reality is that wherever there is potential corporate criminal wrongdoing,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Most insiders are chalking up last week’s CVS/Aetna news to a recent Amazon push into the pharma world. The Journal breaks down exactly what that means—both for the industry and for Amazon, which faces a series of challenges...more

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