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International Edition

OFT set to keep on keeping on after collapse of BA trial

"Those responsible for conducting criminal prosecutions within the Office of Fair Trading (OFT) have in this instance been guilty of incompetence on a monumental scale." The words expressed by defence counsel Ben Emmerson QC, albeit quickly retracted, give some indication of the sentiments in the legal community in reaction to the OFT's decision to drop its much-touted criminal trial against four present and past British Airways (BA) executives last week.
3 minute read

International Edition

Goldman lines up big-name legal team to fight SEC fraud charge

Goldman Sachs has put together a high-profile legal team to defend itself against the fraud charges brought by the Securities and Exchange Commission (SEC), reports The Am Law Daily. The global financial services firm has recruited a number of big-name lawyers to work alongside its current legal team, which consists of litigation specialists Richard Klapper and Gregory Craig of Sullivan & Cromwell and Skadden Arps Slate Meagher & Flom respectively.
3 minute read

International Edition

Is there anything Goldman GC Gregory Palm isn't telling us?

Now that keeping secrets about an investor has landed Goldman Sachs in hot water with the Securities and Exchange Commission (SEC), a new disclosure issue has arisen. The question, in a nutshell, is: why didn't Goldman tell its investors that it was being investigated? In a conference call on Tuesday, Goldman general counsel Gregory Palm first defended the company against the SEC's fraud suit. He said Goldman was not legally required to disclose that an investor that helped choose a portfolio of subprime mortgage debt was taking a short position - meaning that the investor was betting the portfolio would lose money.
3 minute read

International Edition

DLA Piper appoints new managing partner in Paris office

DLA Piper has appointed Jean- Philippe Sorba to manage its Paris office, replacing Steven De Keyser, who has been acting as interim managing partner since 2009. Sorba has headed up DLA Piper's local litigation and regulatory group since joining the firm from Orrick Herrington & Sutcliffe in 2008. He will continue to act as group head until a replacement is found. His new role is effective as of 1 May.
2 minute read

International Edition

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

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).
3 minute read

International Edition

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

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.
2 minute read

International Edition

Latest mega-fine shows the OFT means business

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.
4 minute read

International Edition

Bingham signs up former NY Stock Exchange enforcement chief

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.
2 minute read

International Edition

Postal regulator appoints Simmons partner as interim legal head

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.
2 minute read

International Edition

FSA sustains City crackdown with seven charged for insider dealing

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.
3 minute read

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