• CFTC Whistleblower Program Issues $10 Million Award

    The Commodity Futures Trading Commission (“CFTC”) announced on April 4, 2016, that it would make a $10 million award to a whistleblower through authority provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This is the third whistleblower award made by the CFTC, dwarfing the prior awards of $290,000, announced on September 29, 2015, and $240,000, announced on May 20, 2014.

  • Financial Institutions Brace For Impact Of Panama Papers
    Law 360 (Subscription Required) | (04/07/2016)

    The international financial and legal community has spent the past week focused intently on the initial reports arising from a journalistic investigation now known as the Panama Papers matter. The investigation centers on a leak of documents from Panamanian law firm Mossack Fonseca involving multiple high-profile and politically connected individuals — 140 politicians and 29 billionaires, according to some reports. Allegedly, the documents encompass some 40 years of the firm’s files. The International Consortium of Investigative Journalists — the group that has been investigating Mossack Fonseca — has alleged that the firm incorporated offshore shell companies for the benefit of famous individuals, including government officials and their relatives, in order to enable those parties to evade taxes, launder money, and dodge sanctions by hiding their money in the shell companies. Mossack Fonseca has stated that many of its clients come to Mossack through some of the largest financial institutions across the world.

  • Hot Topics in Securities Litigation & Enforcement – Omnicare, Halliburton III, Home Courts, and the Financial Reporting and Audit Task Force
    04/06/2016 | (04/06/2016)

    James Goldfarb is the Program Co-Chair and Panel Moderator for “Hot Topics in Securities Litigation & Enforcement – Omnicare, Halliburton III, Home Courts, and the Financial Reporting and Audit Task Force” and “The Financial Reporting and Audit Task Force - The SEC Goes Back to the Future”, New York City Bar Association.

  • Campbell-Ewald And 'Prepaid Offers' In Securities Suits
    Law 360 (Subscription Required) | (03/25/2016)

    The class action bar eagerly awaited the U.S. Supreme Court’s January opinion in Campbell-Ewald Co. v. Gomez. At issue was what happens when a defendant makes a settlement offer or Rule 68 offer of judgment that would give the lead plaintiff full relief on his or her individual claims, but the lead plaintiff does not accept the offer. Does an unaccepted offer of full relief mean, as the defendant-petitioner argued, that a case or controversy no longer exists concerning the lead plaintiff’s individual claims, thereby divesting the district court of Article III jurisdiction, mooting the case and, in turn, mooting the putative class action? Or does the case simply continue because the court may not force a plaintiff to accept a settlement, as the plaintiff-respondent argued? The court had the potential to clarify a defendant’s ability to dispatch individual and class claims early, even when the lead plaintiff won’t take “yes” for an answer, to use the chief justice’s colorful quip.

  • Prominent Securities Regulatory Attorney Joins Murphy & McGonigle

    Murphy & McGonigle, P.C. announced today that Howard Kramer has joined the firm as a shareholder in its Washington office.  Mr. Kramer’s arrival continues the strong trend of top regulatory and litigation talent joining the financial services boutique law firm founded in 2010.

  • Some Insight Into SEC’s Focus On Accounting Misconduct
    Law 360 (Subscription Required) | (03/15/2016)

    In 2013, with financial crisis enforcement cases winding down, the U.S. Securities and Exchange Commission announced a renewed focus on audit, accounting and financial reporting misconduct.  (Subscription required.)