• U.S. Supreme Court declines review of United States v. NewmanOn 10/5/15, the U.S. Supreme Court denied cert. in U.S. v. Newman, leaving in place the Second Circuit's controversial decision making it more difficult for the government to prove insider trading against "downstream" tippees. We previously reported on the government's petition for certiorari in this case in our August 2015 newsletter under "Are the Circuits A-Splitting? The Ninth Circuit Declines to Follow the Second Circuit's Insider Trading Decision in U.S. v. Newman."
  • DOJ Yates Memo: On 9/22/15, Assistant Attorney General Leslie Caldwell delivered remarks at the Second Annual Global Investigations Review Conference about the 9/9/15 Yates Memo, which announced the six specific steps the DOJ will be taking to hold individual "corporate wrongdoers" accountable. Caldwell's main message was that the Yates Memo "strongly reinforced what we have been doing for a long time." After citing several corporate investigations in which individual employees were also charged, Caldwell reviewed the six steps highlighted in the Yates Memo and provided helpful guidance. For example, with respect to the first step requiring corporations to turn over information about their culpable employees in order to get mitigating cooperation credit, Caldwell emphasized that "a company cannot provide what it does not have" and that it will still be eligible for cooperation credit even if it does not, in good faith, have information about individual employees to turn over. We previously reported on the Yates Memo in our 9/21/15 bulletin titled "New DOJ Policy Alert: Here's Looking at You, Kid—DOJ Announces Six Specific Steps to Hold Individual 'Corporate Wrongdoers' Accountable."
  • Guilty plea in massive cyber data breach conspiracy: On 9/15/15, the DOJ announced that a Russian national pleaded guilty in the District of New Jersey in connection with the largest cyber data breach conspiracy prosecuted in the United States. The Russian national defendant and four co defendants allegedly hacked into the networks of corporate victims, including NASDAQ, 7-Eleven, Carrefour, JCP, Hannaford, Heartland, Wet Seal, Commidea, Dexia, JetBlue, Dow Jones, Euronet, Visa Jordan, Global Payment, Diners Singapore and Ingenicard. The worldwide hacking and data breach scheme compromised more than 160 million credit card numbers and resulted in hundreds of millions of dollars in losses. The original indictment in the case was filed in 2009.
  • First settlement in newswire insider trading case: On 9/14/15, the SEC announced that Ukraine-based Jaspen Capital Partners Limited and its CEO agreed to pay $30 million to settle allegations that they profited from trading on nonpublic corporate information hacked from newswire services. We previously reported on this case in our September 2015 newsletter under "No Dog Days of August for the SEC—A Recap of a Busy Month."
  • DOJ FIFA investigation: On 9/14/15, U.S. Attorney General Loretta Lynch gave an update on the DOJ's ongoing FIFA investigation and indicated that more charges will be forthcoming against both "individuals and entities." Attorney General Lynch made these remarks at a 9/14/15 press conference with the Swiss Attorney General in Zurich, Switzerland. We previously reported on the FIFA investigation in our June 2015 newsletter under "The Unfolding FIFA Scandal: Will the DOJ Show the Banks a Red Card?"