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Financial services update February 9 2015 judicial developments

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • February 9 2015

On February 4th, the First Circuit affirmed the dismissal of a shareholder derivative suit alleging that Smith & Wesson made misleading statements

Former chief compliance officer of WG Trading Company (“WG”) avoids a custodial sentence by helping prosecutors convict the firm’s two partners in a US $554 million fraud scheme

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • February 6 2015

Two WG partners pleaded guilty and were sentenced to 10 and 20 years respectively. The ex-compliance chief was sentenced to one year of supervised

FCA bans and fines two former senior executives of Martin Brokers (UK) Limited (“Martins”) in aggregate of £315,000 for compliance and cultural failings that contributed towards Martins’ LIBOR misconduct

  • Winston & Strawn LLP
  • -
  • United Kingdom
  • -
  • February 6 2015

In a Final Notice issued on 22 January 2015, the FCA fined David Caplin, former Chief Executive of Martins, £210,000 (Stage 1: 30 discount) and

The founding director of Weavering Capital (UK) Limited, and former investment manager of the Weavering Macro Fund (the “Fund”), Ulf Magnus Michael Peterson, has been convicted of fraud

  • Winston & Strawn LLP
  • -
  • United Kingdom
  • -
  • February 6 2015

On 19 January 2015, Mr Peterson was found guilty of eight counts of fraud, forgery, false accounting, and fraudulent trading in one of the first

The US Security and Exchange Commission (“SEC”) has made a preliminary determination to recommend enforcement actions for FCPA violations related to the Bank of New York Mellon Corporation’s (“BNY”) sovereign wealth fund practices

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • February 6 2015

BNY received a notice at the end of 2014 from the SEC informing BNY that a preliminary SEC investigation had recommended enforcement actions. The

The Presidency of the Council of the European Union (“EU Council”) has invited the Permanent Representatives Committee (“COREPER”) to endorse and approve the money laundering directive (“MLD4”) and the wire transfer regulation (“WTR”)

  • Winston & Strawn LLP
  • -
  • European Union
  • -
  • February 6 2015

On 13 January 2015, the EU Council published an 'I Item Note' (note 511615) with accompanying addenda 1, 2 and 3, in relation to the amendment and

The U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) fines Oppenheimer & Co. Inc. (“Oppenheimer”) US $20 million for “willfully violating” the Bank Secrecy Act

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • February 6 2015

Oppenheimer admitted that it failed to implement an adequate anti-money laundering program and failed to conduct due diligence on a foreign

Financial services update February 3 2015 judicial developments

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • February 3 2015

On January 26th, the Fourth Circuit affirmed a jury award in favor of a whistleblower that came forward under the SarbanesOxley Act ("SOX"

Financial services update January 26 2015 judicial developments

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • January 26 2015

On January 20th, the Third Circuit addressed whether the purchases and sales of securities issued by U.S. companies through U.S. market makers

Plaintiffs’ lawyers continue to press new theories in executive compensation litigation with some success

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • January 22 2015

Today, I want to mention an important case from June 2014, George Leon Family Trust v. Johnson & Johnson (D.N.J. 2014), that did not receive