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Institutional Investor Class Action Recovery IICAR Viewpoints Thumbnail
The August 20, 2020 decision in In re: Volkswagen “Clean Diesel” Mktg., Sales Practices, and Prods. Liab. Litig., MDL No. 2672 CRB (JSC) by the United States District Court for the Northern District of California (“the Opinion”), dismissing a significant portion of the SEC’s federal securities claims against Volkswagen as having been previously released by the DOJ, serves as an important reminder for why such coordination is important and how defendants may take advantage of the failure to coordinate, as did Volkswagen.
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FinCen Issues Statement Regarding Publication of Suspicious Activity Reports (SARs)

September 3, 2020 | Blog | By Eoin Beirne, Cory S. Flashner, Pete Michaels, Jason Burrell

On September 1, 2020, the Financial Crimes Network (“FinCEN”) issued a statement regarding various media outlets’ intent to publish Suspicious Activity Reports (“SARs”) and “other sensitive government documents”.
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Insurance and Financial Services Thumbnail

Massachusetts Securities Division Begins Enforcement Of New State Fiduciary Conduct Standard

September 2, 2020 | Blog | By Pete Michaels, David L. Ward, Michael Pastore

On September 1, 2020, the Massachusetts Securities Division (“MSD”) began enforcing a new state regulation that holds all broker-dealers and their agents to a fiduciary conduct standard requiring them to “make recommendations and provide investment advice without regard to the financial or any other interest of any party other than the customer”.
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Insurance and Financial Services Thumbnail

NASAA’s COVID-19 Task Force Uncovers Investment Scams Related to the Pandemic

August 26, 2020 | Blog | By David L. Ward, Jason Burrell

In response to the COVID-19 pandemic, the North America Securities Administrators Association (NASAA) put together a task force in April 2020 specifically targeted to use “online investigative techniques to identify websites and social media posts that may be offering or promoting fraudulent offerings, investment frauds, or improper unregistered regulated activities” which were related to any aspect of COVID-19.
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Securities Litigation Viewpoints Thumbnail

SEC Whistleblower Complaints Swell to a Flood: How to Find the High Ground of Sound Compliance

June 9, 2020 | Alert | By Adam Sisitsky, Megan Gates, Bryan J. Jennings

This article lists five best practices that employers can adopt to improve their compliance efforts and reduce the risk of a substantiated SEC whistleblower complaint.
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Insurance and Financial Services Thumbnail

FINRA Again Reminds Firms to Beware of Fraud during COVID-19 Pandemic

May 6, 2020 | Blog | By Pete Michaels, David L. Ward

As we previously discussed, FINRA issued guidance to member firms and their associated persons in April 2020 to remain “vigilant in their surveillance against cyber threats and take steps to reduce the risk of cyber events.”
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Insurance and Financial Services Thumbnail
In what will likely be the first of many, the SEC brought an action against a company for false and misleading press releases related to the COVID-19 pandemic.
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Insurance and Financial Services Thumbnail

SEC (OCIE) Issues Risk Alerts Concerning Reg. BI

April 9, 2020 | Blog | By David L. Ward

The SEC’s Office of Compliance Inspection and Examinations (OCIE) issued two risk alerts relating to Regulation Best Interest (Reg. BI).
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Insurance and Financial Services Thumbnail

State Securities Regulators Adapt in Response to COVID-19

April 3, 2020 | Blog | By Pete Michaels, Michael Pastore

As financial professionals struggle to adapt during these trying times, securities regulators are also revising their processes and procedures to address the current realities of investor protection in the time of COVID-19 while being fair to the regulated entities.
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Securities & Capital Markets Viewpoints Thumbnail

Material Non-Public Information in the Time of COVID-19: SEC Warning on Insider Trading

March 30, 2020 | Blog | By Pete Michaels, Michael Pastore

On March 23, 2020 the SEC issued a statement warning about the risks of insider trading posed by the COVID-19 pandemic.
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Real Estate, Construction & Infrastructure Viewpoints Thumbnail

Newly Expanded CFIUS Jurisdiction

February 12, 2020 | Alert | By Cory S. Flashner, Steve Ganis, Robert Kidwell, Alyssa C. Scruggs

This alert covers new regulations taking effect on February 13, 2020 that significantly broaden CFIUS’s jurisdiction by granting it significant new review power over foreign investments in US businesses and real estate.
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In my post of April 2, Divided Supreme Court Restricts Provider Challenges to State Medicaid Rates, I wrote about the March 31st Supreme Court decision that providers may not sue in federal court over the adequacy of state Medicaid rates (See Armstrong v. Exceptional Child Ctr., Inc. (“Exceptional Child Center”).
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A unanimous U.S. Consumer Product Safety Commission (“CPSC”) announced that Ross Stores Inc. (“Ross”), a national discount retailer, agreed to pay a $3.9 million civil penalty to settle allegations that it failed to report its continued sale of banned children’s upper outerwear containing drawstrings.
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