News & Analysis as of

White Collar Crimes Supreme Court of the United States

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

Jones Day’s Review of Business-Related Cases in the Supreme Court’s October Term 2016

by Jones Day on

During what many have labeled a “quiet Term,” the U.S. Supreme Court, working with only eight justices for most of the session, still delivered at least 30 rulings of particular interest to business and industry. These...more

Red Notice Newsletter - June 2017

ANTICORRUPTION DEVELOPMENTS - Linde Group Receives DOJ Declination Pursuant to FCPA Pilot Program - On June 16, 2017, German based chemical and gas company Linde Group’s American affiliates, Linde North America Inc....more

Supreme Court Deals Blow to SEC By Applying Five-Year Statute of Limitations to Disgorgement Remedies in SEC Enforcement Actions

On June 5, 2017 the Supreme Court dealt a significant setback to the Securities and Exchange Commission (“SEC”) by limiting its power to extract ill-gotten profits from securities laws violators....more

Reflections on Kokesh v. SEC: Potential Ramifications of SEC Disgorgement Being a Penalty

by King & Spalding on

In the week since the Supreme Court’s unanimous decision in Kokesh v. SEC, which rejected the Securities and Exchange Commission’s longstanding position that disgorgement was an equitable remedy not subject to the five-year...more

SEC’s Negotiating Power Curbed - U.S. Supreme Court holds disgorgement subject to a five-year statute of limitations

Earlier this week, the U.S. Supreme Court resolved a circuit split among the Tenth and Eleventh Circuit Courts of Appeals by holding that because disgorgement in a Securities and Exchange Commission (SEC) enforcement action...more

In Two Unanimous Rulings, U.S. Supreme Court Limits Penalties in SEC Enforcement and Criminal Actions

In a pair of decisions issued on June 5, the Supreme Court sharply curtailed the scope of financial sanctions available in civil securities enforcement and criminal drug trafficking cases. In addition to the results, which...more

Supreme Court Provides New Leverage for Defendants in SEC Enforcement Actions

by Pepper Hamilton LLP on

For many years, the U.S. Securities and Exchange Commission (SEC) has sought both civil monetary penalties and disgorgement of unlawful gains from those alleged to have violated federal securities laws. While civil monetary...more

Supreme Court Limits SEC Disgorgement Orders With Five-Year Statute of Limitations

by Seyfarth Shaw LLP on

Seyfarth Synopsis: On June 5, 2017, the United States Supreme Court resolved a split among the federal circuit courts by unanimously holding that disgorgement collected by the Securities and Exchange Commission is subject to...more

Supreme Court Limits SEC Disgorgement Orders to a Five-Year Statute of Limitations

by Hogan Lovells on

Recently, the Supreme Court unanimously held in Kokesh v. SEC that disgorgement orders in enforcement actions by the Securities and Exchange Commission are subject to the same five-year statute of limitations as monetary...more

Supreme Court Decision Provides Significant Protection to Securities Industry, Limits SEC Enforcement

In a decision previewed in an earlier post, the United States Supreme Court ruled unanimously in Kokesh v. Securities and Exchange Commission that the five-year statute of limitations in 28 U.S.C. section 2462 applies to SEC...more

Supreme Court Limits SEC Disgorgement to Five Years

by LeClairRyan on

In a unanimous decision handed down on June 5, 2017, the U.S. Supreme Court has imposed what in many cases may be a substantial limitation on the amount of disgorgement the Securities and Exchange Commission (SEC) may seek as...more

The Kokesh Decision – One Question Answered, Others Left Open

by Thomas Fox on

In the case of Kokesh v. SEC, the US Supreme Court held the profit disgorgements operate as a penalty under the Securities and Exchange Act of 1934, as amended. As such “any claim for disgorgement in an SEC enforcement action...more

Supreme Court: SEC Disgorgement a Penalty Subject to 5-Year Limitations

by Burr & Forman on

A unanimous Supreme Court held June 5 that SEC disgorgement is a “penalty” subject to five-year limitations under 28 U.S.C. §2462 and Gabelli v. SEC, 568 U.S. 442 (2013)(5-year limitations applies to civil monetary...more

The Responsible Corporate Officer Doctrine in the Wake of DeCoster

Executive Summary: The most important Park doctrine case in over forty years may be heading to the Supreme Court – but not if the federal government has its way. The Responsible Corporate Officer doctrine (“RCO doctrine”),...more

On the Border: Lawmakers Seek to End Warrantless Searches of Electronic Devices by Border Authorities

by Snell & Wilmer on

The controversial practice of U.S. Customs and Border Protection (CBP) agents randomly demanding that Americans turn over passwords to their mobile devices so they can be searched at the border and at ports of entry may be...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The feud between Big Billy Gross and his former firm, Pimco, over BBG’s 2014 ouster is officially finished. The terms weren’t officially disclosed, but both sides noted that “any proceeds from the suit will be donated to...more

Business Litigation Alert: "U.S. Supreme Court Upholds Broader Reach of Insider Trading Laws – What Does this Mean for...

by Porter Hedges LLP on

In December 2016, the U. S. Supreme Court announced its decision in the closely watched insider trading case Salman v. US, ruling that if someone leaks confidential information to a friend or family member with the goal of...more

7 Things You Should Consider To Avoid Criminal Prosecution

In its first insider trading ruling in almost 20 years, the U.S. Supreme Court upheld a ruling by the 9th Circuit Court of Appeals that a person can be held criminally liable for passing inside information to a friend or...more

Is That What Friends (and Family) Are For? Supreme Court Resolves Circuit Split in Insider Trading Case But Questions Remain

by Polsinelli on

A recent Supreme Court decision provides new guidance in the area of insider trading liability without personal benefit, and resolves an existing split between the Ninth Circuit and Second Circuit Court of Appeals. In Salman...more

Salman v. U.S.: Supreme Court Resolves Insider Trading Split

On December 6, 2016, the United States Supreme Court affirmed an insider trading conviction in a case where the “insider” obtained no direct pecuniary benefit from the disclosure. Justice Samuel Alito, writing for a...more

Supreme Court Lowers Burden in Insider Trading Prosecutions

by Pierce Atwood LLP on

On December 6, 2016, the U.S. Supreme Court issued its first insider trading decision in nearly two decades unanimously affirming the Ninth Circuit and holding that an insider’s “gift” of confidential information to a...more

The Supreme Court Restores Implied Benefit Theory in Insider Trading Prosecutions of Downstream Tippees

Friends and relatives of corporate insiders who knowingly receive and trade on inside information now confront greater exposure for federal securities laws violations. On December 6, 2016, the Supreme Court held in United...more

DOJ Moves to Dismiss Public Corruption Charges Against Former VA Governor

Last week, the U.S. Attorney’s Office for the Eastern District of Virginia moved to dismiss public corruption charges against former Virginia Governor Robert McDonnell, and his wife, Maureen McDonnell. The decision comes...more

Corporate Investigations and White Collar Defense - July 2016

“Official Acts”—What They Are… and Are Not - Why it matters: On June 27, 2016, the Supreme Court decided McDonnell v. U.S., holding that, for purposes of the federal public corruption statutes, an “official act”...more

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