News & Analysis as of

Enforcement Actions

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Chairman Jay Clayton gave definition to his views on the manner in which the agency should allocate its limited resources. Specifically, the Chairman stated that the agency should focus on “pressing and significant issues for...more

Recent Debarments Highlight Growing Risk of Sanctions By Multilateral Development Banks

by Holland & Knight LLP on

• Companies that operate globally face substantial risks associated with activities funded by multilateral development banks (MDBs). • Several recent debarment actions by the World Bank highlight those risks. • To...more

CFPB seeks comment on adopted regulations

by Ballard Spahr LLP on

The CFPB has issued a request for information that seeks comment on its adopted regulations and new rulemaking authorities....more

California DBO Reaches $160,000 Settlement with Payday Lender

by Goodwin on

?On March 12, 2018, the California Department of Business Oversight (California DBO) announced that it reached a settlement with a payday lender over allegations that the lender improperly raised the principal value of its...more

How to Get Out of EPA Hot Water Penalty Free

To disclose or not to disclose, that is the question. Although self-disclosure will bring the matter to the Environmental Protection Agency’s attention, it is a great mechanism for reducing penalties for any enforcement...more

Recent Anti-Kickback Cases Emphasize Government Scrutiny of Speaker’s Bureaus and Lavish Meals Funded by Pharmaceutical and Device...

The Department of Justice (DOJ) recently resolved two health care fraud cases – one criminal and one civil – that demonstrate the government’s continued scrutiny of lavish meals and “speaker’s bureaus” sponsored by...more

SEC Fines Private Company in First Enforcement Action Resulting from Rule 701 Option Grants Investigation

by Fenwick & West LLP on

The U.S. Securities and Exchange Commission brought an action against San Francisco-based Credit Karma on March 12 for issuing employee stock options without a valid registration exemption because the issuer failed to satisfy...more

Alert: SEC Issues New Guidance on Cybersecurity Disclosure and Policies

by Cooley LLP on

In February, the SEC announced that it had adopted long-awaited new guidance on cybersecurity disclosure. While the new guidance builds on Corp Fin's 2011 guidance on this topic, it carries more weight because it bears the...more

Financial Regulatory Developments Focus - March 2018 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Court Reminds SEC That Rule 144 Is A Non-Exclusive Safe Harbor

by Allen Matkins on

Just over five years ago, Barry Epling went to breakfast with two of his business colleagues. At the breakfast, he discussed his relationship with Hemp, Inc., explaining that he and his long-time friend and business advisor,...more

SEC Disrupts the Disrupters – Theranos and Its Executives

by Dorsey & Whitney LLP on

Silicon Valley is reputed to be the home of the disrupter – the firm with the revolutionary new business that moves past all the existing models. To be a disrupter there has to be something new, innovative and beyond what...more

Recent FCA Settlement Shows That What’s Old Is New in Health Care Fraud Enforcement

Last week, the U.S. Attorney’s Office for the District of Massachusetts announced that it had entered into an agreement with a Massachusetts-based medical device manufacturer to settle allegations that the Company had...more

Recent Changes Expected to Impact Environmental Enforcement

by Holland & Knight LLP on

• Two recent developments have the potential to significantly impact governmental enforcement actions under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, or Superfund), the Clean Water Act...more

Federal Judge Adopts CFTC Position That Cryptocurrencies Are Commodities

• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act. • This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more

Hogan Lovells Represents Sears in Achieving First-Ever Modification to FTC Privacy Consent Order

by Hogan Lovells on

The FTC has approved the first-ever petition to reopen and modify a privacy-related consent order. The petition, filed by Sears Holdings Management Corporation, sought to amend the terms of Sears’ 2009 consent order (the...more

Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court

Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court. Last year, the Administrator of Colorado's Uniform Consumer Credit Code filed suits in...more

SEC Issues Guidance to Cryptocurrency Exchanges

by White and Williams LLP on

On March 7, 2018, the US Securities and Exchange Commission (SEC) issued additional guidance with respect to digital assets trading platforms, affirming that platforms that offer trading of cryptocurrencies that are...more

PA Treasurer Opens Inquiry into Lending Disparities at Financial Institutions

by Weiner Brodsky Kider PC on

Pennsylvania Treasurer, Joe Torsella, recently announced that his office has opened an official inquiry into three financial institutions regarding alleged racial and ethnic disparities in home mortgage approval rates and...more

SEC Settles Four Auditing Cases With Major Accounting Firms

by Dorsey & Whitney LLP on

The Commission brought four auditing actions centered on members of international accounting firms working with a local affiliates in violation of the applicable professional standards and The Sarbanes-Oxley Act....more

3 Ways to Avoid Surprises in Cross-Border Investigations Involving the Hong Kong SFC

by Kobre & Kim on

As global securities investigations and enforcement actions continue to proliferate, Hong Kong’s Securities and Futures Commission (SFC) recently strengthened its cross-border cooperation with peer agencies around the world,...more

Mixed Signals on The Future of SEC Cyber Enforcement

by McGuireWoods LLP on

As previously reported, the U.S. Securities and Exchange Commission (SEC) unanimously voted to approve additional guidance for reporting cybersecurity risks last month. However, it is unclear what, if any, impact the new...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS – U.S. Agencies Decline to Prosecute Teradata for Alleged FCPA Violations – On February 26, 2018, Teradata Corporation, an Ohio-based enterprise software database management company,...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS – U.S. Agencies Decline to Prosecute Teradata for Alleged FCPA Violations – On February 26, 2018, Teradata Corporation, an Ohio-based enterprise software database management company,...more

SEC Settles FCPA Books and Records and Internal Controls Action

by Dorsey & Whitney LLP on

The SEC moved past virtual currencies for the moment, returning to a long established staple – the Foreign Corrupt Practices Act. The Commission filed a settled books and records action involving an Israeli based firm whose...more

Who Is Watching The Watchmen?: CFTC Penalizes Registrant For Outsourced IT Security Lapses

by Bracewell LLP on

On February 12, 2018, the Commodity Futures Trading Commission (CFTC) settled charges against AMP Global Clearing LLC (AMP), a futures commission merchant (FCM), for the company’s failure to adequately supervise one of its IT...more

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