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Securities Law Prof Blog

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Post Frequency: 38.1/day

Last Entry: March 31, 2011 at 16:18:26

SEC & CFTC Approve Novel Derivative Products

Posted on June 03, 2008
The SEC and the CFTC announced that each has approved the trading and clearing of two novel derivative products ? futures and option contracts based on shares of the SPDRŽ Gold Trust (Gold Trust), an exchange traded fund (ETF). The...

Brocade Agrees to $160 Million Settlement of Backdating Charges

Posted on June 02, 2008
Brocade Communications Systems agreed to settle a securities fraud class action involving backdating stock options for $160 million, the largest settlement to date on this issue. Two of its former executives, including former CEO Gregory Reyes, were previously convicted on...

Dow Chemical and Former Employees Settle Litigation Over Unauthorized Discussions

Posted on June 02, 2008
Dow Chemical, J. Pedro Reinhard and Romeo Kreinberg settled their litigation over the board's firing of the individuals because they engaged in unauthorized discussions about a LBO. Reinhard and Kreinberg acknowledged participating in unauthorized discussions and acknowledged that the actions...

Weiss Sentenced to 30 Months

Posted on June 02, 2008
Melvyn Weiss was sentenced today to 30 months in prison and ordered to pay $10 million in forfeitures and fines. He pleaded guilty to a federal racketeering conspiracy, admitting that he entered into "secret payment arrangements" with individuals who served...

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Court Sentences 4 Defendants in Insider Trading Rings

Posted on June 02, 2008
On May 22, 2008, the United States District Court for the Southern District of New York entered final consent judgments against defendants Eugene Plotkin ("Plotkin") and Jason C. Smith ("Smith"), and on May 29, 2008, entered final consent judgments against...

RiskMetrics Faces Shareholders' Complaints Over Governance

Posted on June 02, 2008
RiskMetrics, the parent of ISS Government Services, will hold its first shareholders meeting this week after going public earlier this year, and some shareholders complain that the company does not live up to its own corporate governance standards. Specifically, Ethan...

Government and Milberg Firm Are Expected to Settle

Posted on June 02, 2008
The government and Milberg LLP are close to settling the government's prosecution of the firm for alleged kickbacks to plaintiffs in exchange for being named lead counsel in private class actions. The settlement would include payment of penalties of around...

Brickey on Media & Corporate Governance Scandals

Posted on May 31, 2008
From Boardroom to Courtroom to Newsroom: The Media and the Corporate Governance Scandals, by KATHLEEN F. BRICKEY, Washington University School of Law, was recently posted on SSRN. Here is the abstract: Enron and its progeny spawned an unprecedented amount of...

Arlen & Talley on Shareholder Choice

Posted on May 31, 2008
Unregulable Defenses and the Perils of Shareholder Choice, by JENNIFER ARLEN, New York University School of Law and ERIC L. TALLEY, UC Berkeley (Boalt Hall) School of Law; RAND Corporation; University of Southern California - Law School, was recently posted...

Jagolinzer et alia on General Counsel and Corporate Governance

Posted on May 31, 2008
The Impact of the General Counsel on Corporate Governance, by ALAN D. JAGOLINZER, Stanford Graduate School of Business, DAVID F. LARCKER, Stanford University, DANIEL TAYLOR, Stanford University, was recently posted on SSRN. Here is the abstract: Most corporate governance research...

SEC Proposes Rule on Interactive Data to Improve Financial Reporting

Posted on May 30, 2008
The SEC has published for comment proposed rules requiring companies to provide financial statement information in a form that would improve its usefulness to investors. Under the proposed rules, financial statement information could be downloaded directly into spreadsheets, analyzed in...

Cox Addresses Int'l Organization of Securities Commissions on IFRS

Posted on May 30, 2008
Excerpt from SEC Chairman Cox's speech on "International Financial Reporting Standards: The Promise of Transparency and Comparability for the Benefit of Investors Around the Globe," the Annual Conference of the International Organization of Securities Commissions, Paris, France, May 28, 2008:...

Former Centerpulse CFO Settles SEC Charges of Inflating Income

Posted on May 30, 2008
The SEC announced that Urs Kamber, the former Chief Financial Officer of Centerpulse Ltd., agreed to settle the Commission's charges against him arising from his alleged involvement in the fraudulent inflation of Centerpulse's income during the third and fourth quarters...

SEC Charges Analog and CEO with Backdating Options

Posted on May 30, 2008
The SEC charged Massachusetts high tech company Analog Devices, Inc. and its CEO Jerald Fishman with reporting false compensation and related financial information to investors by backdating stock option grants to officers, directors and employees. Without admitting or denying the...

AALS Section on Securities Regulation Call for Papers

Posted on May 30, 2008
Call for Papers: AALS Section on Securities Regulation New Challenges in Dynamic Markets AALS Annual Meeting January 6-10, 2009 in San Diego, California The subprime crisis and the resulting fallout have placed new pressures on the financial markets, reflected perhaps...

AALS Section on Business Associations Call for Papers

Posted on May 30, 2008
AALS SECTION ON BUSINESS ASSOCIATIONS Call for Papers JANUARY 2009 ANNUAL MEETING The AALS Section on Business Associations will meet during the AALS Annual Meeting in San Diego, from 9:00am-noon on Saturday, January 10, 2009. The topic for this year's...

A Profile of New York Fed's Timothy Geithner

Posted on May 30, 2008
Timothy Geithner, President of the New York Fed, has been praised and blamed for his role in orchestrating the rescue of Bear Stearns. Did his actions avert a major financial disaster or create moral hazard that will lead Wall St....

Bear Shareholders Approve JPMorgan Chase Merger

Posted on May 29, 2008
Bear Stearns shareholders approved the merger of the company into JP Morgan Chase for $1.4 million in a brief shareholders meeting. Bear CEO James Cayne apologized to the shareholders and said that Bear ran into "a hurricane." WSJ, Bear's Final...

SEC and Canadian Regulators Agree on Schedule for Mutual Recognition Agreement

Posted on May 29, 2008
The Chairmen of four Canadian securities regulators and the Chairman of the U.S. Securities and Exchange Commission (SEC), following a series of meetings coinciding with the annual conference of the International Organization of Securities Commissions (IOSCO), announced today a schedule...

SEC Charges Ernst & Young Partner with Insider Trading

Posted on May 29, 2008
The SEC alleged in an insider trading case filed today that from at least the summer of 2006 through the fall of 2007, James E. Gansman ("Gansman"), a partner at a Big Four accounting firm, tipped his friend concerning the...

SEC Will Consider New Risk Ratings for Mortgage Securities

Posted on May 29, 2008
The SEC will consider proposals to reform credit ratings agencies at its June 11 meeting, including a staff proposal to change the ratings for mortgage-related securities to include an S (for structured) or a V (for volatility) to rate the...

In the final installment of its

Posted on May 29, 2008
In the final installment of its three-part series on the collapse of Bear Stearns, the Wall St. Journal focuses on the negotiations over the sale of Bear Stearns to J.P. Morgan Chase, including the mistake in the agreement that gave...

SEC Obtains Asset Freeze Against Clearing Broker

Posted on May 28, 2008
The SEC obtained an asset freeze and other emergency relief to protect investors whose funds were at risk due to fraudulent misconduct at North American Clearing, Inc., a Florida based general securities and clearing brokerage firm that services approximately 40...

Securities Lawyer Charged with Stealing Client's Funds

Posted on May 28, 2008
Martin E. Weisberg, a former partner at Baker & McKenzie, was charged in federal court in Brooklyn with stealing over $1 million from an unidentified corporate client's escrow account. He pleaded not guilty. Last year Weisberg was indicted, and pleaded...

Whole Foods CEO Is Blogging Again

Posted on May 28, 2008
Whole Foods CEO John Mackey, whose blogging under an anonymous screen name got him into legal trouble with the SEC last summer and caused embarrassment for the company, is Back to Blogging again on the Whole Foods website under his...

Moody's Employees Who Covered Up Errors May Get the Sack

Posted on May 28, 2008
As the SEC expands its investigation into credit ratings agencies, Moody's, which is conducting its own internal investigation, led by law firm Sullivan & Cromwell, into errors in calculating credit ratings for certain complex securities,said it may fire employees if...

The Collapse of Bear Stearns: Part Two

Posted on May 28, 2008
The Wall St. Journal, in the second part of its series on the collapse of Bear Stearns, describes the events leading up to March 14, 2008 when the Fed agreed to provide financing for JP Morgan Chase's bailout of Bear...

SEC Expands Inquiry into Credit Ratings Agencies

Posted on May 27, 2008
The SEC expanded its investigation into credit ratings agencies to look at how the agencies detect and handle errors in their ratings. Last week it was reported that Moody's failed promptly to correct triple-A ratings that resulted from errors in...

Former VP of Drug Company Settles Insider Trading Charges

Posted on May 27, 2008
The federal district court for the Southern District of New York entered a Final Judgment against defendant Alexander Yaroshinsky in SEC v. Yaroshinsky, restraining and enjoining him from future violations of Section 10(b) of the Securities Exchange Act of 1934...

Broker-Dealer Settles Charges It Intervened in ARS Auctions

Posted on May 27, 2008
The SEC settled administrative proceedings against broker-dealer First Southwest Co., which, as part of its broker-dealer business, underwrote and managed a limited number of auctions for auction rate securities. The SEC alleged that the firm had, without adequate disclosure, intervened...

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