Archive for the ‘SEC’ Category

The Securities and Exchange Commission (“SEC”) announced on April 9, 2014, that it reached a settlement with Hewlett-Packard Company (“HP”) to resolve charges filed by the U.S. government alleging that HP violated the Foreign Corrupt Practices Act (“FCPA”) when HP officials made multiple multi-million dollar payments to Russian, Polish, and Mexican government officials to obtain [...]

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The Securities and Exchange Commission (“SEC”) Whistleblower Chief, Sean McKessy, appeared before the Georgetown University Law Center Corporate Counsel Institute earlier this month and offered some advice to in-house attorneys.  According to Law360, Mr. McKessy suggested that in-house attorneys  may be disciplined for drafting contracts that offer incentives for employees to keep alleged securities fraud [...]

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The Securities and Exchange Commission (“SEC”) Office of the Whistleblower posted its March 2014 “Notices of Covered Action” yesterday.  This list, which the SEC updates monthly, notifies the public, and in particular those who have provided information to the SEC regarding perceived securities violations through the SEC Whistleblower Program, of enforcement actions that the commission [...]

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Cornerstone Research, in conjunction with Stanford Law School, recently published a study entitled Securities Class Action Filings – 2013 Year in Review.  The study found that federal class-action securities cases had increased by approximately nine percent in 2013.  Moreover, the study determined that claims brought under Rule 10b-5, which prohibits acts or omissions resulting in [...]

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It’s good to hear that the U.S. Securities and Exchange Commission (“SEC”) remains committed to the Whistleblower Program that has begun to pay out significant awards to individuals who provide the SEC with information regarding potential violations of the nation’s securities laws. The SEC recently released a draft of its 2014-2018 Strategic Plan for public [...]

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The Chief of the Securities and Exchange Commission (“SEC”) Office of the Whistleblower, Sean McKessy, spoke last week at an American Bar Association event on whistleblower programs.  As we’ve discussed previously on this blog, Mr. McKessy has previously expressed his interest in involving the agency in taking action against employers that terminate or otherwise retaliate [...]

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Securities and financial services whistleblowers achieved another important victory in late October 2013 when the U.S. District Court for the Southern District of New York (“SDNY”) held in Rosenblum v. Thomson Reuters (Markets) LLC that the anti-retaliation provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) protects employees who suffer retaliation when they [...]

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The Securities and Exchange Commission (“SEC”) Enforcement Co-Director, Andrew Ceresney, spoke at a conference hosted by the American Law Institute (“ALI”) on September 19, 2013, entitled “Accountants’ Liability: Managing Risks in A Changing Environment.”  As Arian June wrote in an article for Law360, Ceresney described several initiatives planned for the SEC’s new Financial Reporting and [...]

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A sixth federal court has held that whistleblowers who make internal reports of securities violations are covered by the whistleblower protection provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) because such internal reports constitute “protected activity” under Dodd-Frank.  In reaching its holding, the court agreed with the five other [...]

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The Securities and Exchange Commission (“SEC”) announced on Tuesday, October 1, 2013, that it would award more than $14 million to a whistleblower who provided information that led to the recovery of “substantial investor funds.”  In order to best protect the whistleblower’s anonymity, neither the name of the company nor the exact size of the [...]

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