Regulation

Goldman legal chief defends bank's actions after SEC fraud charge

By Legal Week | April 21, 2010

The co-general counsel of Goldman Sachs has strongly defended his company, telling investors that the suit against the Wall Street giant took him by surprise, reports The Am Law Daily. Speaking in a conference call on Goldman's first quarter earnings report, Gregory Palm said his legal department spent the past 18 months talking and providing records to the Securities and Exchange Commission (SEC), but that the agency did not notify the company that it was filing suit last Friday (16 April).

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A&O and Sullivan win key roles as SEC charges Goldman with fraud

By Legal Week | April 19, 2010

Sullivan & Cromwell and Allen & Overy (A&O) are taking key advisory roles after the US Securities and Exchange Commission (SEC) on Friday (16 April) filed a civil suit accusing Goldman Sachs of securities fraud. The suit, which claims Goldman created and sold a collateralised debt obligation (CDO) secretly designed to fail, is the first action by taken by regulators against those that capitalised on the collapse of the US housing market.

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Latest mega-fine shows the OFT means business

By Claire Ruckin | April 14, 2010

For years competition policy in the UK seemed to be a case of plenty of talk but little action. But the Office of Fair Trading's (OFT) move last month in fining Royal Bank of Scotland (RBS) a hefty £28.6m for breaching competition law is the latest in a series of recent reminders that the years of hot air are finally translating into a more robust enforcement policy.

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Bingham signs up former NY Stock Exchange enforcement chief

By Legal Week | April 12, 2010

Bingham McCutchen has sealed the hire of the former enforcement head at the regulatory arm of the New York Stock Exchange (NYSE), reports The Am Law Daily. Susan Merrill, who spent a total of six years as head of enforcement for the NYSE's regulatory arm and the entity that succeeded it, will join Bingham's broker-dealer group in New York this week.

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Postal regulator appoints Simmons partner as interim legal head

By Sofia Lind | April 1, 2010

The Postal Services Commission (Postcomm) has appointed a Simmons & Simmons partner to take on the role of legal director at the regulatory body. The unusual appointment sees Simmons City competition partner Jenny Block act as Postcomm legal director while also remaining a partner at Simmons, working part-time on her usual client work.

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FSA sustains City crackdown with seven charged for insider dealing

By Claire Ruckin | April 1, 2010

The Financial Services Authority (FSA) has charged seven people in relation to alleged insider dealing in the latest crackdown on market abuse by the City watchdog. The group faces charges on 13 counts of insider trading following a 21-month investigation which relates to dealing in shares of 12 companies, including Morgan Crucible, Misys, Reuters and Enodis, between 2006 and 2008. According to the FSA, activity during the two-year period involved alleged unlawful profits of around £2.5m.

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Ashurst hires regulatory partner to expand US practice

By Suzi Ring | March 31, 2010

Ashurst has moved to expand its Washington DC practice with its first lateral hire in the US since its high-profile American launch last year. Margaret Sheehan is set to join Ashurst after resigning from US law firm Alston & Bird. Sheehan has worked as a partner at Alston since 1996 in the firm's financial services and products department and will join Ashurst as a partner in its financial regulation group.

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FSA secures trophy conviction of ex-Cazenove partner

By Jeremy Hodges | March 11, 2010

The Financial Services Authority (FSA) has secured its most significant conviction to date with former Cazenove partner Malcolm Calvert this week being convicted on five counts of insider dealing. The verdict yesterday (10 March) represented the FSA's most high-profile conviction and the third successful prosecution for insider dealing by the City regulator, which hailed the result as a "milestone".

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US briefing: Second acts

By Legal Week | March 10, 2010

The 5 November 2009 was a good day for the Securities and Exchange Commission (SEC). At a press conference with the US attorney's office in Manhattan, new SEC enforcement director Robert Khuzami announced that his agency was bringing civil charges against 13 people associated with the Galleon Group insider trading scandal. In the post-Madoff era, it was a chance for the SEC to show that it is back on the beat, aggressively policing the securities markets. And it was an opportunity for Khuzami, who can mix financial crime gravitas with Jon Stewart-age ironical detachment, to set a different tone.

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UK top 50 trio appointed to first-ever Ofwat legal panel

By Friederike Heine | March 10, 2010

Water and sewerage regulator Ofwat has finalised its first-ever external legal panel, appointing three firms to the roster. Addleshaw Goddard, Norton Rose and Wragge & Co have all won spots on the panel, with the trio appointed following a tender process that kicked off in November last year.

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National Law Journal

Ex-Chief of SEC Whistleblower Program Warns of Rising Activity

By Bruce Love | May 25, 2021

Jane Norberg, who headed the SEC's whistleblower program and is now a partner at Arnold & Porter, expects to see an escalation of investigations and enforcement activity after a surge in tips during the pandemic.

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Legaltech News

In-House Can Handle Government-Mandated Cyber Reporting—But Will It Work?

By Frank Ready | May 24, 2021

Lawmakers are pondering legislation that would require companies to report cyberattacks to the government. While many legal departments may be able to handle the strain that comes with additional reporting requirements, how effective such a law would be remains to be seen.

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Law.com

Law.com Cannabis Briefing: FTC Ramps Up CBD Enforcement | Connecticut Poised for Marijuana Legal Work | Norton Rose Advises HEXO Corp. | Comments Due on CA Marijuana Proposal

By Cheryl Miller | May 20, 2021

Welcome to Law.com's Cannabis Briefing: Higher Law. This week we're looking at: the FTC's latest complaint targeting a CBD company • Connecticut's move toward recreational-use legalization • Colorado's crackdown on Delta-8 THC • DEA's decision to allow more marijuana grows for research

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Legaltech News

Outlook Unclear: 3 Reasons EU's Data Privacy Future Remains Cloudy

By Rhys Dipshan | May 20, 2021

European privacy experts at Relativity Fest London discussed the complications facing the EU's data regulations, and why the impact of laws such as the GDPR is still being determined.

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Law.com

Law.com White-Collar Briefing: Walmart Questions Amicus Backing DOJ | Raising Need for Tax Talent | CFPB Probe Survives Post-SCOTUS | Headlines: Paul Weiss Sanction, and More | Mayer Brown Snags FTC Official

By Mike Scarcella | May 18, 2021

Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends. Your feedback is welcome and appreciated. Reach Mike Scarcella, senior editor in Washington, at [email protected].

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Legaltech News

Latest Big Tech Data Ban Could Herald Europe-Wide Crackdown, Lawyers Say

By James Carstensen | May 17, 2021

Hamburg's three-month ban on Facebook from collecting user data from WhatsApp in Germany could set a precedent that opens up tech giants in Ireland to challenges from data protection agencies across Europe, top lawyers have said.

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The Recorder

For Consumer Bureau, No Do-Over in Probe of California Firm

By Alaina Lancaster | May 14, 2021

Circuit Judge Patrick Bumatay dissented to the court's order denying rehearing in the case—which questions whether the former CFPB acting director validly ratified a civil investigative demand into Seila Law.

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Legaltech News

Should Your Clients' Involvement With Cryptocurrency Scare You?

By Ross Benson and Robert N. Driscoll, McGlinchey Stafford | May 14, 2021

It's not a matter of whether you think it's all a bizarre techno-bubble, the eventual replacement for fiat currency, or somewhere in between. Your clients, and future clients, are more likely than ever to have a connection to this market, and a brief review of the headlines can make this prospect seem terrifying.

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Daily Report Online

Landlords Are Ready to Restart Evictions Amid Pandemic; 11th Circuit Weighs Arguments

By Cedra Mayfield | May 14, 2021

"Our clients were able to file paperwork, but they can't achieve any meaningful remedy while this eviction moratorium is going on," said attorney Caleb Kruckenberg. "If they use state court systems to affect a lawful eviction under state law, that is a federal crime under the CDC eviction order."

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Law.com

Law.com Cannabis Briefing: The Delta-8 THC Frenzy | Cryptocurrency and Cannabis | 4 Firms' Work on Cannabis Mega-Merger | Cannabis Lobbying Ramps Up

By Cheryl Miller | May 13, 2021

Welcome back to Higher Law. This week we're looking at: • Delta-8 THC: What's the big deal? • Cryptocurrency and cannabis • Four firms' work on a billion-dollar cannabis deal • Red states' embrace of medical marijuana

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