The pace of settlements in class-action securities settlements crept up last year and the actual payouts of those deals ballooned 35 percent, a probable harbinger of more litigation to come. 2009 saw a total of 103 court-approved settlements, up slightly from 97 in 2008, according to an annual report published by Cornerstone Research and the […]
Regulatory Enforcement
Posted inInternal Controls
OIG Issues Recs to Overhaul SEC Bounty Program
The Securities and Exchange Commission’s bounty program for rewarding whistleblowers is sorely in need of an overhaul, according to the agency’s Inspector General, which issued nine recommendations for improving the program. An OIG review of the program, which stemmed from an issue identified during its investigation of the SEC Madoff examination and investigations, concluded that […]
Posted inAccounting & Auditing
FCIC to Focus on Subprime Lending, Securitization, GSEs
As Congressional lawmakers continue political maneuvering on the sweeping legislation to overhaul U.S. financial services regulation in the aftermath of the financial crisis, the independent panel investigating the causes of the crisis is setting its sights on sub-prime lending, securitization, and government-sponsored enterprises. Representatives from the Board of Governors of the Federal Reserve System, the […]
Posted inRegulatory Enforcement
OECD Anti-Bribery Guide as Path to FCPA Compliance
The compliance community is perking up to new anti-bribery guidance recently published by the Organization for Economic Co-operation and Development that could serve as a blueprint for stronger compliance with the U.S. Foreign Corrupt Practices Act. The document, “Good Practice Guidance on Internal Controls, Ethics, and Compliance,” was published in March and lists numerous steps […]
Posted inRegulatory Enforcement
FSA Launches Biggest Ever Insider Dealing Operation
The U.K Financial Services Authority’s determination to get tough on insider dealing continues. Last week it sought to extradite a suspect for the first time, now it has raided addresses and made arrests in what it says is its biggest ever operation against insider dealing. In its first joint operation with officers from the Serious […]
Posted inAnti-Bribery
Campaigners Lose Bid to Block BAE Plea
Two anti-corruption groups have lost their court battle to delay approval of a controversial plea bargain between the U.K. Serious Fraud Office and arms company BAE Systems. The defeat for protest groups Corner House and Campaign Against Arms Trade clears the way for BAE to plead guilty to charges it agreed upon with the SFO […]
Posted inRegulatory Enforcement
Eli Lilly Beefs Up Compliance, Adds Four New Positions
Pharmaceutical giant Eli Lilly & Co. has agreed to create four new senior-level ethics and compliance positions as part of a deal to settle various shareholder lawsuits stemming from the illegal marketing and promotion of a handful of its drugs. The proposed settlement, which still must be approved by a federal judge, addresses off-label promotion […]
Posted inInternal Controls
SOX Clock Ticking, Senate Financial Reform Bill Advances
A key Senate committee has passed sweeping financial reform legislation, advancing the Dodd regulatory bill for consideration by the full Senate, moving lawmakers a small step forward in their effort to overhaul the U.S. regulatory system. The Senate Banking Committee on Monday evening voted 13-10 along party lines to approve the controversial reform bill put […]
Posted inRegulatory Enforcement
Judge Uncorks True Feelings About Compliance Monitors
God, I love it when a federal judge goes off-script. Most events in federal court are terribly dull, the carefully scripted culmination of legal briefs fired back and forth among various parties for years. But once in a great while, a judge goes a little nuts—as happened last week with the new hero of compliance […]
