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Securities Law Prof Blog

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

SEC Charges Fidelity and Lynch with Accepting Improper Gifts

Posted on March 05, 2008
The SEC filed charges against Fidelity Investments and 13 current or former employees including Peter Lynch, for improperly accepting more than $1.6 million in travel, entertainment, and other gifts paid for by outside brokers courting the massive trading business Fidelity...

SEC Approves Two New Rule Proposals

Posted on March 05, 2008
In its meeting yesterday, the SEC approved two significant rule proposals. One is an anti-fraud rule to crack down on abuses involving naked short sales. WSJ, SEC Proposes Teeth for Short-Selling Rules. The other would allow for quicker marketing of....

SEC Trial Against Specialists May Turn on Accuracy of Data

Posted on March 05, 2008
The accuracy of NYSE trading data is a key issue in the SEC administrative proceeding against 14 NYSE traders charged with illegally profiting from trading ahead of customers and interpositioning between customer trades. The defense introduced a 12-minute tape that...

Master Disqualifies Law Firm in Coca-Cola Suit

Posted on March 05, 2008
The special master in a securities fraud class action against Coca-Cola recommended that Coughlin Stoia Geller Rudman & Robbins not be appointed lead counsel because the law firm purchased Coca-Cola documents from a disgruntled former executive. WSJ, How 'Smoking Gun'...

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Yahoo Looks For Alternatives to Microsoft

Posted on March 05, 2008
Negotiations between Yahoo and Time Warner about a combination of Yahoo and AOL continue as Yahoo looks for alternatives to a Microsoft deal. Yahoo also is engaged in talks with News Corp., in which News Corp. would buy a stake...

Ninth Circuit Upholds Earlier Statute of Limitations Decision

Posted on March 04, 2008
In the latest opinion in Betz v. Trainer, Wortham & Co. (Feb. 26, 2008), the Ninth Circuit confirmed its earlier interpretation of an "inquiry notice plus reasonable diligence" standard to determine when the statute of limitations for Rule 10b-5 actions...

SEC Reproposes Amendments to Form ADV

Posted on March 04, 2008
The SEC is reproposing amendments to Part 2 of Form ADV, and related rules under the Investment Advisers Act, to require registered investment advisers to deliver to clients and prospective clients a brochure written in plain English. These amendments are...

SEC Files Insider Trading Charges Involving Synergetics-Valley Forge Merger

Posted on March 04, 2008
The SEC settled an insider trading action against Stanley Manne, for engaging in unlawful insider trading in the securities of Valley Forge Scientific, Inc. ("Valley Forge"), which was located in Oaks, Pennsylvania. The complaint alleges that the defendant, a retired...

SEC Affirms Disciplinary Action Against Former Jesup & Lamont CCO

Posted on March 04, 2008
The SEC sustained NASD disciplinary action against Robert E. Strong, former chief compliance officer of Jesup & Lamont Securities Corp. (J&L), an NASD member. The Commission also sustained NASD's imposition of a total of $10,000 in fines for Strong's misconduct...

SEC Files Fraud Charges Against Thompson Consulting

Posted on March 04, 2008
The SEC filed an enforcement action against a Salt Lake City investment adviser and three of its principals for making undisclosed high-risk investments that resulted in the near total loss of the assets in two hedge funds managed by the...

Buffett Says Recession

Posted on March 04, 2008
Warren Buffett says the U.S. economy is in a recession, based on the bottom line at Bershire Hathaway, whose 76 operating units sell a variety of goods and services, where he sees "a significant slowdown." Buffett also said his previous...

Diebold Calls UTC's Bid "Opportunistic"

Posted on March 04, 2008
Diebold rebuffed United Technologies Corporation's $2.64 billion bid. According to John N. Lauer, Diebold's nonexecutive chairman, ?U.T.C.?s proposal is an opportunistic attempt to buy Diebold at a time when shareholders do not have sufficient data to evaluate the offer and...

Jury Finds Former Applix CFO Committed Fraud

Posted on March 03, 2008
The SEC announced that on February 15, 2008 a jury found Walter T. Hilger, former Chief Financial Officer of Applix, Inc, an Internet software company, liable for fraudulent conduct, including the falsification of books and records, in a civil injunctive...

SEC Proposes New Rules for Foreign Private Issuers

Posted on March 03, 2008
The SEC proposed changes to its rules relating to foreign private issuers that are intended to improve the accessibility of the U.S. public capital markets to these issuers, as well as to enhance the information that is available to investors....

Genesco and Finish Line Settle Dispute over Merger

Posted on March 03, 2008
Genesco Inc. and The Finish Line reached a settlement that terminated both their merger agreement and the financial commitment that Finish Line had with UBS, just before start of a trial in Tennessee. UBS and Finish Line will pay Genesco...

SEC Permanently Suspends Attorney From SEC Practice

Posted on March 03, 2008
The SEC has permanently suspended from practicing before the Commission an attorney who took a primary role in his client's fraud and filed false and misleading documents with the SEC. Moneesh K. Bakshi was suspended based on an injunction entered...

NY Attorney General Enters Agreements with Freddie Mac, Fannie Mae

Posted on March 03, 2008
New York Attorney General Cuomo announced agreements with Fannie Mae, Freddie Mac and OFHEO that require Fannie Mae and Freddie Mac to buy loans only from banks that meet new standards designed to ensure independent and reliable appraisals. The agreements...

What's Michael Eisner Up To?

Posted on March 03, 2008
Have you been wondering what Michael Eisner has been doing since he left Disney in 2005? He invested in a video-sharing website and digital studio and can claim as an early success "Prom Queen," a murder mystery series distributed on...

United Technologies Makes Unsolicited Bid for Diebold

Posted on March 03, 2008
United Technologies Corp. announced an unsolicited cash bid to acquire all the shares of Diebold, the maker of ATMs and voting machines, for $2.63 billion, or $40 per share, a 66% premium. UTC announced the offer, saying that Diebold had...

U.K. Committee Warns of Increased Regulation of CDOs

Posted on March 03, 2008
An influential committee in the U.K. investigating the collapse of the credit markets concludes that the complex debt products were so hard to understand that no one, including bank executives, understood their risks. The Treasury Select Committee's report on Stability...

Rose on Securities Litigation Reform

Posted on March 02, 2008
Reforming Securities Litigation Reform: A Proposal for Restructuring the Relationship Between Public and Private Enforcement of Rule 10b-5, by AMANDA M. ROSE, Vanderbilt University Law School, was recently posted on SSRN. Here is the abstract: For years, commentators have debated...

Bainbridge on Insider Trading

Posted on March 02, 2008
The Iconic Insider Trading Cases, by STEPHEN M. BAINBRIDGE, University of California, Los Angeles - School of Law, was recently posted on SSRN. Here is the abstract: This essay traces the evolution of insider trading jurisprudence, focusing on the three...

Bhagat & Romano on Event Studies Part II

Posted on March 02, 2008
Event Studies and the Law: Part II: Empirical Studies of Corporate Law, by SANJAI BHAGAT, University of Colorado at Boulder - Department of Finance, and ROBERTA ROMANO, Yale Law School; National Bureau of Economic Research (NBER), was recently posted on...

Bhagat & Romano on Event Studies Part I

Posted on March 02, 2008
Event Studies and the Law: Part I: Technique and Corporate Litigation, by SANJAI BHAGAT, University of Colorado at Boulder - Department of Finance, and ROBERTA ROMANO, Yale Law School; National Bureau of Economic Research (NBER), was recently posted on SSRN...

GAO Issues Report on Foreign Investment

Posted on February 29, 2008
The GAO issued a report (GAO-08-320) on Laws and Policies Regulating Foreign Investment in 10 Countries, conducted at the request of the Honorable Richard Shelby, Ranking Member, Committee on Banking, Housing, and Urban Affairs, U.S. Senate and updating a 1996...

SEC Announces Distribution of Xerox Fair Fund

Posted on February 29, 2008
The SEC announced that checks totaling nearly $50 million were mailed to investors harmed by the financial fraud at Xerox Corporation between 1997 and 2000. The distribution totals $45,867,740, representing the penalties and disgorgement, plus interest, paid by five Xerox...

SIFMA Files Comments on Mutual Fund Reform

Posted on February 29, 2008
SIFMA today filed a comment letter in support of most aspects of the SEC's proposed disclosure and new prospectus delivery option for mutual funds. The SEC reforms would require preparation and delivery of a summary prospectus written in plain English...

MF Global Loses $141.5 Million in Unauthorized Trades

Posted on February 29, 2008
MF Global, the commodities brokerage firm, accused one of its traders, Evan Dooley, of making unauthorized trades on early on Wednesday that resulted in a $141.5 million loss for the firm. Dooley bought as many as 15,000 wheat futures (about...

Freddie Mae Reports Loss, Forms SLC

Posted on February 29, 2008
Freddie Mac reported a $2.5 billion loss in the fourth quarter of 2007 and a $3.1 billion loss for fiscal year 2007. In addition, it announced that the board formed a special litigation committee in response to two demand letters...

Cox Announces Expansion of SEC Office of Risk Assessment

Posted on February 28, 2008
Chair Cox recently announced an expansion of the SEC's Office of Risk Assessment, which was created in 2004 and which is responsible for helping SEC Divisions and Offices develop new ways to anticipate emerging issues and address potential problems in...

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