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Where There’s Smoke, There’s FIRREA
Few can ignite a legal firestorm like U.S. District Judge Jed Rakoff of the Southern District of New York. Last week, in a mortgage fraud suit against Bank of America and Countrywide, Judge Rakoff...
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Rare Securities Trial Over Credit Crises Claims Results in Defense Verdict
On May 28, 2013, in Delshah Group LLC v. Javeri, a rare securities trial regarding credit-crisis related claims, Judge Katherine B. Forrest of the United States District Court for the Southern District...
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Concerned About NSA Snooping? Perhaps You Should Be More Concerned About the...
In 2008, Rajat Gupta made a handful of short phone calls to his friend Raj Rajaratnam. The information that Gupta conveyed to Rajaratnam in those phone calls is now likely to cost Gupta millions of...
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The Smack of IndyMac: Second Circuit’s Decision in IndyMac Creates Palpable...
As noted in a previous blog, in Police & Fire Retirement Systems of City of Detroit v. IndyMac MBS, Inc., 721 F.3d 95 (2d Cir. 2013), the Second Circuit held that tolling under American Pipe –...
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Trading on Tips: SEC May Seek Disgorgement from Trader for Gains in...
A trader who uses material nonpublic information to execute trades but does not personally benefit from the resulting gains may nonetheless face disgorgement of all profits, according to a recent...
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Second Circuit Says Pragmatism Trumps “Cold, Hard” Facts, Limits District...
Summer is coming, but this is probably not the vacation Southern District of New York Judge Jed Rakoff had in mind. On June 4, 2014, the Second Circuit vacated Judge Rakoff’s order refusing to approve...
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SEC Bats 0-for-2 on Insider Trading
A California federal jury sided against the U.S. Securities and Exchange Commission on Friday, June 6, finding the founder of storage device maker STEC Inc. not guilty on insider trading charges. This...
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When the Whistle Blows, What Follows?
Real estate investment trust American Realty Capital Properties (“ARCP”) recently announced the preliminary findings of an Audit Committee investigation into accounting irregularities and the resulting...
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The Continuing Fall-Out from the Second Circuit’s Insider Trading Decision in...
Last week, a New York federal judge struck another blow to prosecutorial efforts to secure insider trading convictions in tipper-tippee cases. As discussed in detail here, the U.S. Attorney’s Office...
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Remote Tippees Beware: Even if the DOJ Can’t Reach You After Newman, The SEC Can
The fall-out from the Second Circuit’s decision in U.S. v. Newman continued last week in SEC v. Payton, when Southern District of New York Judge Jed S. Rakoff denied a motion to dismiss an SEC civil...
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Judge Berman Deflates SEC’s ALJ Appointment Process
United States District Court Judge Richard M. Berman of the Southern District of New York has been making headlines in recent weeks as he presides over the highly publicized case between the National...
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The Ripple Effects of U.S. v. Newman Continue: SEC Lifts Administrative Bar...
The ripple effects of the Second Circuit’s landmark insider trading decision, United States v. Newman, 773 F.3d 438 (2d Cir. 2014), were felt again last week. On Tuesday, February 23, 2016, the U.S....
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Pro-Golfer Phil Mickelson Pays $1M to SEC to Settle Civil Insider Trading...
On Thursday, May 19, 2016, the U.S. Attorney’s Office for the Southern District of New York announced the arrest of renowned sports bettor William “Billy” T. Walters on an alleged years-long insider...
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