Regulatory Enforcement

Those who can’t get enough of the ongoing haggling about how to bring over-the-counter derivatives under the regulatory umbrella are in luck: The Securities and Exchange Commission and the Commodity Futures Trading Commission announced two joint meetings next month to seek input from the public on the “harmonization of market regulation.” The Obama administration’s plan […]

Corporate legal departments are buzzing about a recent U.S. Supreme Court ruling over federal detention policies for would-be terrorists that could inadvertently have profound consequences for corporate litigation. Lawyers increasingly suspect—or worry, depending on which side of the lawsuit you’re on—that the Ashcroft v. Iqbal decision handed down in May could sharply raise the standard […]

The Securities and Exchange Commission recently unveiled more details about its plan to invigorate enforcement, with the announcement of sweeping changes aimed at bringing and resolving cases more quickly. The changes, detailed in an Aug. 5 speech by the agency’s top cop, Enforcement Division Director Robert Khuzami, include a flatter management structure, streamlined processes and […]

Well, it’s finally happened: The Securities and Exchange Commission has decided to claw back money from a chief executive that it believes the CEO should never have received. The Commission filed a civil action on July 22 against Maynard Jenkins, former CEO of CSK Auto Corp., seeking to recoup more than $4 million in bonuses […]

Back in January, U.S. Rep. Gary Ackerman (D-N.Y.) was recognized to speak at a House sub-committee hearing about the Madoff Ponzi scheme and the need for better regulatory oversight to prevent such fraud. He promptly lashed out at a witness from the Securities and Exchange Commission, stating: “I want to know who is responsible for […]

I’m pretty much flabbergasted to learn that (a) someone saw fit to write a play about the Enron scandal, and (b) it is getting rave reviews! Via Enforcement Action’s London bureau (actually, via the Twitter feed of Werner Kranenburg, of London), I learned today that “Enron” the play opened last month in Chichester and starts […]

Corporate and white-collar defendants wondering what the cost of settling a Securities and Exchange Commission enforcement action is these days should take note—it isn’t cheap. That’s according to the latest research by NERA Economic Consulting, which shows that the median value of SEC settlements for both companies and individuals in 2009 could match or outpace […]

The Foreign Corrupt Practices Act recently came into stark relief again, this time in the form of a criminal trial and conviction—a relatively rare thing in FCPA enforcement—that underscored the importance of due diligence. Frederic Bourke, co-founder of the firm Dooney & Bourke (a maker of handbags and other accessories), was convicted by a federal […]

A new study of regulatory enforcement actions shows that there is little evidence to support the conventional wisdom that strong, effective corporate compliance programs help companies secure better treatment when under investigation. Published by the Conference Board, the report says the government has no clear, easily understood framework to explain how it awards credit for […]