The United States Sentencing Commission is considering promulgating certain amendments to the sentencing guidelines, policy statements, and commentary. With respect to the Dodd-Frank Act the action includes: An issue for comment in response to the issue of harm to the public and financial markets, as raised by each of two... Read More
The SEC recently commenced an enforcement action against a registered investment adviser who allegedly “offered more than $500 billion in fictitious securities through various social media websites. For example, he used LinkedIn discussions to promote fictitious “bank guarantees” and “medium-term notes.”” Obviously a situation to be dealt with harshly. We... Read More
Cincinnati Bell has agreed to settle one of the say-on-pay law suits which is pending against it in the Hamilton County Court of Common Pleas. The lawsuit arises out of the shareholder’s “say on pay” vote taken at Cincinnati Bell’s May 2011 annual meeting. The Dodd-Frank Wall Street Reform and... Read More
FINRA has filed a proposed rule change to amend FINRA Rule 13201 of the Code of Arbitration Procedure for Industry Disputes to align the rule with statutes that invalidate predispute arbitration agreements for whistleblower claims. The proposed rule change also would make a conforming amendment to FINRA Rule 2263. The... Read More
Each spring, Fordham University School of Law hosts the Irving R. Kaufman Memorial Securities Law Moot Court Competition. Held in honor of Chief Judge Kaufman, a Fordham Alumnus who served on the United States Court of Appeals for the Second Circuit, the Kaufman Competition has a rich tradition of bringing... Read More
The SEC has announced that the former chief executive officer and chairman of CSK Auto Corporation, Maynard Jenkins, has agreed to return $2.8 million in bonus compensation and stock profits that he received while the company was committing accounting fraud. Mr. Jenkins was not personally charged by the SEC with... Read More
The SEC announced that three former directors of DHB have agreed to more than $1.6 million in monetary sanctions to settle charges that they were involved in an accounting fraud. The SEC stated “These directors failed to comply with their responsibilities by ignoring the repeated red flags of the massive... Read More
The CFPB has released its Supervision and Examination Manual. The Manual is a guide to how the CFPB will supervise and examine consumer financial service providers under its jurisdiction for compliance with Federal consumer financial law. The Manual is divided into three parts. The first part describes the supervision and... Read More
In Cincinnati Bell, the United States District Court declined to grant a motion to dismiss a law suit resulting from a failed say-on-pay vote (a copy of the decision is available on thecorporatecounsel.net). A Georgia Court reached the opposite result in the Beazer case (a copy of the decision is... Read More
As we noted, the United States District Court for the Southern District of Ohio recently declined to grant a motion to dismiss filed by the officers and directors of Cincinnati Bell that resulted from a failed say-on-pay vote required by the Dodd-Frank Act. The Court’s decision appears to be poorly... Read More