News & Analysis as of

Disgorgement

Bridging the Weeks - May 2018 #3

The Securities and Exchange Commission and the Financial Industry Regulatory Authority collectively fined a broker-dealer over US $6.1 million for not having an anti-money laundering program reasonably designed to detect and...more

SEC Charges Texas-Based Municipal Advisor with Fraud and Breach of Fiduciary Duty

by Bracewell LLP on

On May 9, 2018, the U.S. Securities and Exchange Commission ("SEC") announced it charged a registered municipal advisor (the "MA Firm") and its owner (the "MA Owner") with defrauding their client, a Texas school district, in...more

Fresh From the Bench: Latest Federal Circuit Court Cases

Texas Advanced Optoelectronic Solutions, Inc. v. Renesas Electronics America, Inc., Appeal Nos. 2016-2121, -2208, -2235 (Fed. Cir. 2018)?- In an appeal from a jury trial, the Federal Circuit addressed numerous issues...more

Panasonic Avionics Pays $280 Million to Resolve FCPA Offenses in Middle East and Asia (Part I of II)

by Michael Volkov on

As the nattering nabobs of negativism continued to claim that FCPA enforcement was on the decline, the Justice Department and the SEC settled a major FCPA enforcement action with Panasonic Avionics (PAC), a subsidiary of...more

Texas Advanced Optoelectronic (“TAO”) v. Renesas Electronics America (“Intersil”)

by Knobbe Martens on

Federal Circuit Summaries - Before Dyk, Bryson, and Taranto. Appeal from the United States District Court for the Eastern District of Texas. Summary: A plaintiff has no 7th Amendment right to a jury trial for a claim...more

FINRA’s Disciplinary Actions in 2017 (and beyond): Increased restitution ordered with minimal changes in number of cases; variable...

In 2017, the Financial Industry Regulatory Authority (FINRA) ordered more than two times the restitution from the prior year, resulting in the fourth highest total of sanctions (fines combined with restitution and...more

Apotex fails to establish it would have obtained non-infringing perindopril from foreign third-party suppliers; original $61+...

by Smart & Biggar on

Servier and its related company ADIR were successful in another chapter of patent litigation relating to perindopril (Servier’s COVERSYL): the Federal Court again dismissed Apotex’s non-infringing alternative defence, finding...more

SEC Charges Broker With Theft From Pension Plan

by Dorsey & Whitney LLP on

The Commission frequently brings actions in which the defendant is charged with misappropriating investor funds. Typically those cases center on an offering fraud in which the defendant sold investors securities using false...more

Southern District Deals Blow to FCPA-Based Securities Class Actions

by Dechert LLP on

When a public company resolves a Foreign Corrupt Practices Act (FCPA) investigation by either the U.S. Department of Justice (DOJ) or Securities and Exchange Commission (SEC), private litigation by investors under the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

One firm and three of its officers were named as defendants in a Commission enforcement action that could have been cloned from earlier remarks of Chairman Clayton about cryptocurrency. In one speech the Chairman decried...more

What enforcement tools are in the armoury of prosecutors in the US, UK and France?

Summary: Deferred prosecution agreements have been widely used by US prosecutors since the early 2000s. Prosecutors in the UK and France only obtained this power in 2014 and 2016 respectively – but they are making up for...more

SEC Settles Financial Fraud Action – With Admissions In The U.K.

by Dorsey & Whitney LLP on

The Commission has settled one action in which admissions were required since Jay Clayton became Chairman. In resolving its most recent financial fraud action the agency did not require the settling parties to make admissions...more

Federal Court Upholds FERC’s Expansive Use of Anti-Market Manipulation Rule in Power Market “Gaming” Case

On March 30, 2018, the U.S. District Court for the Southern District of Ohio issued an order substantially denying defendants’ Motion to Dismiss the Federal Energy Regulatory Commission’s (FERC or the “Commission”) Complaint...more

Accounting of profits offers significant benefits to patent owners

by Smart & Biggar on

The Canadian “accounting of profits” remedy for patent infringement, which is not available in the U.S., provides a potentially significant opportunity for companies with Canadian IP rights. Recent court decisions have...more

Popular Insulated Cup Manufacturer In Hot Water Over Alleged Trade Secret Misappropriation

by Seyfarth Shaw LLP on

Tervis Tumbler Company, the maker of the infamous insulated tumblers, has found itself in hot water with a former supplier, Trinity Graphic. ...more

Kokesh on Remand: Applying the Statute of Limitations

by Dorsey & Whitney LLP on

In Kokesh the Supreme Court rejected the SEC’s claim that disgorgement is equitable, concluding that as used in agency enforcement actions it is in fact a penalty. The Court also reserved the questions of whether the...more

Tenth Circuit Considers Federal 5-Year SOL: Does It Involve Separately Accruing Causes of Action Or A Continuing Violation

On March 5, the U.S. Court of Appeals for the Tenth Circuit issued a ruling that the general federal five-year statute of limitations which is applicable to the enforcement of any civil fines, penalties or forfeitures (28...more

2017 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

by Morgan Lewis on

Executive Summary - The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and cases...more

SEC Disgorgement: A Path For Reform?

by Dorsey & Whitney LLP on

One of the guiding principles of the current SEC Enforcement program is to “Impose Sanctions That Most Effectively Further Enforcement Goals.” SEC Division of Enforcement Annual Report 2017. ...more

Airbus Pays €81 Million Fine to German Authorities for “Violation of Supervisory Duties”

by Morrison & Foerster LLP on

In one of Europe’s largest cross-border corruption investigations, involving multiple jurisdictions including Germany, the United Kingdom, France, and Austria, one chapter concluded at the end of last week: On February 9,...more

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

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Cybersecurity

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