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Securities Law Prof Blog

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Post Frequency: 38.1/day

Last Entry: March 31, 2011 at 16:18:26

Stewart Enterprises Consents to Order Regarding Revenue Recognition Policies

Posted on December 30, 2008
On December 29, the SEC issued an Order Instituting Administrative Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings and Imposing a Cease-and-Desist Order (Order) against Stewart Enterprises, Inc. (Stewart), Kenneth C...

SEC Completes Report on Mark-to-Market Accounting

Posted on December 30, 2008
The SEC delivered to Congress its Report and Recommendations Pursuant to Section 133 of the Emergency Economic Stabilization Act of 2008: Study on Mark-To-Market Accounting that recommends against the suspension of fair value accounting standards. Instead the report recommends improvements...

SEC Approves New Oil & Gas Reporting Requirements

Posted on December 29, 2008
The SEC today announced that it has unanimously approved revisions to modernize its oil and gas company reporting requirements to help investors evaluate the value of their investments in these companies. It has been over 25 years since the SEC...

The Death of Lehman Brothers

Posted on December 29, 2008
Must reading in today's Wall St. Journal is the article on the last days of Lehman Brothers; the title says it all: The Weekend That Wall Street Died. It reports how it was every firm for itself as Lehman Brothers...

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Cox, Thomas, & Bai on Forum Shopping in Class Actions

Posted on December 28, 2008
Shopping in Securities Class Actions?: Doctrinal and Empirical Analyses, by James D. Cox, Duke University School of Law; Randall S. Thomas, Vanderbilt University - School of Law and Vanderbilt University - Owen Graduate School of Management; and Lynn Bai, University...

Weiss on FCPA

Posted on December 28, 2008
The Foreign Corrupt Practices Act, SEC Disgorgement of Profits, and the Evolving International Bribery Regime: Weighing Proportionality, Retribution, and Deterrence, by David C. Weiss, University of Michigan at Ann Arbor, was recently posted on SSRN. Here is the abstract: The...

SEC Approves Exemptions for Central Counterparty in CDS

Posted on December 23, 2008
The SEC today approved temporary exemptions allowing LCH.Clearnet Ltd. to operate as a central counterparty for credit default swaps with the expectation of stabilizing financial markets by reducing counterparty risk and helping to promote efficiency in the credit default swap...

SEC Settles Backdating Charges Against UnitedHealth Group and Its Former GC

Posted on December 22, 2008
The SEC today settled charges against UnitedHealth Group Inc. relating to the backdating of stock options. The SEC also settled charges against former UnitedHealth General Counsel David J. Lubben relating to his participation in the stock option backdating scheme...

Fiat Settles FCPA Charges Involving Iraq Oil for Food Program

Posted on December 22, 2008
The SEC today filed Foreign Corrupt Practices Act books and records and internal controls charges against Fiat S.p.A. and CNH Global N.V. in the U.S. District Court for the District of Columbia. Fiat S.p.A., an Italian company, provides automobiles, trucks...

Court Extends SEC Injunction Against Madoff

Posted on December 22, 2008
In a fine example of closing the barn door etc.: The SEC announced that on December 18, 2008, the federal district court in the Southern District of New York entered a preliminary injunction order, by consent, against Bernard L. Madoff...

SEC Enjoins Participant in Universal Leases Fraud

Posted on December 22, 2008
On December 22, the SEC issued an administrative Order Imposing Remedial Sanctions (Order) against George L. Phelps (Phelps), finding that on December 2, 2008, an order of permanent injunction was entered by consent against Phelps, permanently enjoining him from future...

Greabe on Gartenberg

Posted on December 21, 2008
Moving Beyond Gartenberg: A Process-Based and Comparative Approach to Section 36(b) of the Investment Company Act of 1940, by John Greabe, Vermont Law School; Michael Brickman; James C. Bradley; and Nina H. Fields, was recently posted on SSRN. Here is...

Dickinson on Credit Default Swaps

Posted on December 21, 2008
Credit Default Swaps: So Dear to Us, So Dangerous, by Eric Dickinson, Fordham University - School of Law, was recently posted on SSRN. Here is the abstract: Credit-default swaps (CDS) are a valuable financial tool that has created system-wide benefits...

SEC Will Require Interactive Data from Public Companies and Mutual Funds

Posted on December 18, 2008
The SEC voted to require public companies and mutual funds to use interactive data for financial information. With interactive data, all of the facts in a financial statement are labeled with unique computer-readable tags, which function like bar codes to...

SEC Files Insider Trading Charges Against Former Lehman Broker and Others

Posted on December 18, 2008
The SEC filed insider trading charges in another pillow-talk case, alleging that a former registered representative at Lehman Brothers misappropriated confidential information from his wife, a partner in an international public relations firms, and tipped a number of clients and...

Where was the SEC in the Madoff Scandal?

Posted on December 17, 2008
Christopher Cox's mea culpa on the SEC's failure to heed credible and specific allegations, going back to 1999, about Madoff's fraud: Since Commissioners were first informed of the Madoff investigation last week, the Commission has met multiple times on an...

Mary Schapiro Expected to be Named SEC Chair

Posted on December 17, 2008
The Wall St. Journal reports that President-Elect Obama will appoint Mary Schapiro as Chair of the SEC. Ms. Schapiro is currently CEO of FINRA; she has previously served on both the SEC and CFTC -- useful if consideration will be...

SEC Approves Rule Subjecting Most Indexed Annuities to SEC Regulation

Posted on December 17, 2008
Today the SEC approved a rule, 151A, that will bring most, if not all, indexed annuities within the definition of security and subject them to the registration and antifraud provisions of the securities laws. The distributors of indexed annuities took...

FINRA Announces Special Arb Procedures for ARS Consequential Damages Cases

Posted on December 16, 2008
FINRA announced details of a special arbitration procedure for investors seeking recovery of consequential damages related to their investments in Auction Rate Securities (ARS). Customers entitled to file for consequential damages under ARS-related settlements that firms have concluded with FINRA...

SEC Charges National Lampoon with Market Manipulation

Posted on December 16, 2008
The SEC charged seven individuals and two corporations, including National Lampoon, Inc., with engaging in three separate fraudulent schemes to manipulate the market for publicly traded securities through the payment of prearranged kickbacks. Other defendants include National Lampoon's CEO, Daniel...

SEC Settles SEC Charges Involving Former S&P Analyst

Posted on December 16, 2008
The SEC settled insider trading chargese against Carl Loizzi, Rick A. Marano and William Marano. The SEC charged that, on two separate occasions, Rick Marano, a former senior analyst in the Life Insurance Group at Standard & Poor's Financial Rating...

Court Orders Disgorgement from One Wall St and Other Defendants for Sales of Unregistered Securities

Posted on December 16, 2008
On December 11, 2008 the United States District Court for the Eastern District of New York entered final judgments against defendants One Wall Street, Inc. ("One Wall Street"), Donte C. Jarvis, Willis "Bill" White III, and Cecil Baptiste, also known....

Siemens Settles FCPA Charges

Posted on December 15, 2008
The SEC settled charges that Siemens Aktiengesellschaft ("Siemens"), a Munich, Germany-based manufacturer of industrial and consumer products, violated the anti-bribery, books and records, and internal controls provisions of the Foreign Corrupt Practices Act ("FCPA")...

Coates on Mutual Fund Reform

Posted on December 14, 2008
Reforming the Taxation and Regulation of Mutual Funds: A Comparative Legal and Economic Analysis, by John C. Coates IV, Harvard Law School, was recently posted on SSRN. Here is the abstract: Most Americans invest through mutual funds. A comparison of...

Law Profs File Amicus Brief in Sec. 36(b) Investment Co. Appeal

Posted on December 14, 2008
Supreme Court Amicus Brief of Law Professors in Support of Certiorari, Jones v. Harris Associates, No. 08-586, was recently posted on SSRN by William A. Birdthistle, Chicago-Kent College of Law. Amici curiae law professors filed this brief to urge the...

Langevoort on Global Competition

Posted on December 14, 2008
U.S. Securities Regulation and Global Competition, by Donald C. Langevoort, Georgetown University Law Center, was recently posted on SSRN. Here is the abstract: This essay introduces and comments on three articles in the Virginia Law & Business Review that address...

The Rich are Stupid Investors too

Posted on December 14, 2008
Since courts and commentators frequently like to bemoan the naivete and greed of retail investors, I get a deep sense of satisfaction when the "smart money" turns out to be equally stupid. We have seen many examples of this in...

SEC Charges Bernard Madoff with Running a Ponzi Scheme

Posted on December 12, 2008
Following on the arrest of Bernard L. Madoff for criminal securities fraud, the SEC charged Madoff and his investment firm, Bernard L. Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme that he perpetrated on advisory...

FBI Arrests Bernie Madoff

Posted on December 11, 2008
The Wall St. Journal reports that Bernard L. Madoff, founder of Bernard L. Madoff Investment Securities, was arrested by the FBI and charged with criminal securities fraud. The complaint states that he told some employees that his business was a...

SEC Open Meeting Dec. 17

Posted on December 11, 2008
SEC Open Meeting - December 17, 2008 - 10:00 a.m. The subject matter of the open meeting will be: The Commission will consider whether to approve the 2009 budget of the Public Company Accounting Oversight Board and will consider the...

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