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Fraudulent conveyance clawback: the "good faith" defense
- Ropes & Gray LLP
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- USA
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- October 26 2010
In a much-followed case given the recent publicity surrounding collapsed Ponzi schemes, the U.S. District Court for the Southern District of New York on September 17, 2010 reversed a decision of the Bankruptcy Court from the Southern District of New York that had broadened the scope of those facts and circumstances that may trigger inquiry notice under the "good faith" defense to a fraudulent conveyance claim
Khuzami testimony to Senate Judiciary Committee highlights SEC’s enforcement activities and initiatives
- Ropes & Gray LLP
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- USA
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- November 12 2010
On September 22, 2010, Robert KhuzamiDirector of Enforcement at the Securities and Exchange Commissiontestified before the United States Senate Judiciary Committee
“Expert networks” under investigation: insider trading probe into the use of consultants may “ensnare” hedge funds, mutual funds, and investment bankers across the country
- Ropes & Gray LLP
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- USA
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- November 22 2010
The Wall Street Journal reported on November 20 that a far-ranging insider trading probe into the use of outside expert consultants has the potential to "ensnare consultants, investment bankers, hedge-fund and mutual-fund traders and analysts across the nation."
Supreme Court forecloses primary liability for secondary actors in securities offerings
- Ropes & Gray LLP
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- USA
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- June 13 2011
The Supreme Court today held in Janus Capital Group, Inc. v. First Derivative Traders that investors cannot sue a mutual fund’s investment adviser for misrepresentations in a mutual fund prospectus, even though it was alleged to have participated in drafting the disclosure document
FDA chemist charged with trading on confidential information related to drug approvals
- Ropes & Gray LLP
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- USA
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- April 4 2011
The Securities and Exchange Commission ("SEC") and the Department of Justice ("DOJ") announced on March 29, 2011, that civil and criminal proceedings are being brought against Cheng Yi Liang, a chemist employed by the Food and Drug Administration ("FDA"), for alleged insider trading
Supreme Court rejects bright-line test for materiality in Rule 10b-5 class action with respect to adverse event reports
- Ropes & Gray LLP
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- USA
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- March 24 2011
In Matrixx Initiatives, Inc. et al. v. Siracusano, et al., decided on March 22, 2011, the Supreme Court addressed the circumstances under which adverse event reports (“AERs”), i.e., reports by users of a drug that they experienced an adverse medical event at some point during or following the use of that drug, will be considered “material” for purposes of Rule 10b-5 fraud claims under the Securities Exchange Act of 1934
The SEC’s new whistleblower compensation rules
- Ropes & Gray LLP
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- USA
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- June 2 2011
On May 25, 2011, by a vote of 3 to 2, the SEC approved its whistleblower compensation rules substantially as proposed
SEC files enforcement actions targeting “suspicious investment returns”
- Ropes & Gray LLP
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- USA
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- December 21 2011
On December 1, 2011, the SEC announced four separate enforcement actions as part of a new initiativethe “Aberrational Performance Inquiry”to combat fraud by identifying “abnormally” high-performing funds and targeting them for greater scrutiny
US$10 million fine highlights the extra-territorial reach of the European market abuse regime
- Ropes & Gray LLP
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- United Kingdom
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- December 21 2011
The UK Financial Services Authority (“FSA”) fined a Dubai-based private investor (the “Investor”) $9,621,240 (approximately £6 million) for manipulating the closing price of securities (“Securities”) traded on the London Stock Exchange (“LSE”
WaMu court allows equity committee to pursue “equitable disallowance” of noteholder claims based on allegations of insider trading
- Ropes & Gray LLP
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- USA
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- September 22 2011
On September 13, 2011, Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware granted standing for an equity committee in In re Washington Mutual, Inc. (“WaMu”) to seek “equitable disallowance” of claims held by noteholders that had traded claims after engaging in negotiations with WaMu over the terms of a global restructuring
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