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Task Force on Market Integrity and Consumer Fraud

On July 11, 2018, pursuant to a Presidential Executive Order, the Department of Justice announced the formation of a new multi-agency task force on Market Integrity and Consumer Fraud that will focus on combating consumer and market fraud.  Deputy Attorney General Rod Rosenstein, who will chair the new task force, unveiled plans for the initiative … Continue reading

Task Force on Market Integrity and Consumer Fraud

On July 11, 2018, pursuant to a Presidential Executive Order, the Department of Justice announced the formation of a new multi-agency task force on Market Integrity and Consumer Fraud that will focus on combating consumer and market fraud.  Deputy Attorney General Rod Rosenstein, who will chair the new task force, unveiled plans for the initiative … Continue reading

Is the Trump Administration Charting a New Course Away from the Duplicative Fines of the Financial Crisis?

By Neil Bloomfield and Kristen Kenley  Double jeopardy prevents criminal defendants from being convicted of the same crime twice.  Res judicata prevents civil litigants from facing repeated claims by an overly aggressive plaintiff. Unfortunately, in the years after the financial crisis financial institutions were essentially unprotected from receiving multi-million dollar demands by multiple regulators for the … Continue reading

The Clock is Ticking for Investment Advisers to Self-Report Mutual Fund Share Class Violations

On February 12, 2018, the U.S. Securities and Exchange Commission announced an initiative to address undisclosed conflicts of interest by investment advisers in the context of mutual fund share classes. Dubbed the Share Class Selection Disclosure (“SCSD”) Initiative, the program encourages investment advisers to self-report potential violations by June 12, 2018, in exchange for favorable … Continue reading

The Doors of State Courthouses Remain Open to Class Action Plaintiffs with Federal Securities Act of 1933 Claims Related to Offerings of Securities

In 2017, federal securities class actions were filed at a rapid clip, averaging more than one per day – a level not seen in nearly 20 years according to survey data. It was the third year of growth and a 44% increase over 2016. Only a small subset (25 or 5.7%) of the record-setting 432 … Continue reading

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SEC Releases Interpretive Guidance on Cybersecurity Risk and Incident Disclosures

On Feb. 22, 2018, the Securities and Exchange Commission (SEC) issued its first interpretive guidance since October 2011 on public companies’ cybersecurity risk and incident disclosure obligations. Although public companies are not subject to an express obligation to disclose data security threats under federal law or SEC regulations, the latest guidance confirms that “companies nonetheless … Continue reading

Cybersecurity Enforcement and Regulation—2017 In Review

By Neil Bloomfield and Lindsey Frye.  The legal and regulatory landscape continues to evolve in an effort to meet the pervasive and destructive effects of cyber attacks.  2017 brought a substantial increase in the number of attacks and the severity of the breaches.  Hacking victims disclosed former breaches to be more serious than originally reported, … Continue reading

O’Keefe to Present at 2018 Financial Markets Association Conference

Charlotte Litigation Member Ed O’Keefe will be presenting at the 2018 Financial Markets Association Conference on April 18. His presentation will discuss key legislative and regulatory initiatives affecting financial services companies, the rulemaking agenda for the SEC and the CFTC, and regulatory burden relief initiatives undertaken by the banking agencies to date. For additional information … Continue reading

Will They Blow the Whistle for $30 Million? Whistleblower Rewards are Rising, Companies and Individual Lawyers Warned Not to Stand in the Way

Last week, the U.S. Securities and Exchange Commission (“SEC”) announced that it expects to pay the largest whistleblower reward pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) that the agency has paid to date – “more than $30 million” to a foreign whistleblower.  The SEC’s announcement of this … Continue reading »

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The Dodd-Frank Burden the Energy Industry Must Bear: Will the SEC Lighten the Load Following a Federal Court’s Vacatur of Its Rule Requiring Oil & Natural Gas Companies to Publicly Disclose Payments to the U.S. & Foreign Governments?

            The Dodd-Frank Act has significantly affected the energy industry, with the ultimate implications of the Act’s reforms remaining to be seen.  Recent discussion has surrounded Section 1504’s requirement that companies disclose the type and total amount of payments made to foreign (and the U.S.) governments in connection with projects for the commercial development of […]

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