James Murphy, Joseph Lombard and Theodore Snyder get high-frequency trading suits nixed. A New York federal judge dismissed five cases Wednesday alleging exchanges and dark pools, including one operated by Barclays PLC, have given high-frequency trading firms market advantages, claims spotlighted by Michael Lewis' 2014 book, “Flash Boys.”
Steve Crimmins quoted in Law360 article on the D.C. Circuit’s say on the SEC’s powers under the Dodd-Frank Act. Over 40 days this summer, the D.C. Circuit has weighed in three times on the U.S. Securities and Exchange Commission’s powers under the Dodd-Frank Act, giving the agency alternatively passing and failing grades for steps it’s taken since the law’s passage in 2010.
Murphy & McGonigle, P.C. announced today that Stephen J. Crimmins has joined the firm as a shareholder in its Washington DC and New York offices. Mr. Crimmins’ arrival continues the strong trend of top litigation and regulatory talent joining the financial services law firm that was founded in 2010 and now numbers 43 lawyers.
Robertson Park quoted in Law 360 article, "1st UK Conviction Gives More Ammunition To Libor Plaintiffs." Monday's conviction of a former UBS AG trader over the manipulation of the London Interbank Offered Rate will hand U.S. class action plaintiffs another weapon to fire at big banks in their ongoing litigation over the benchmark interest rate, experts say.
Former SEC enforcement official and Murphy & McGonigle partner, Stephen Crimmins discusses the SEC’s in-house court in Law 360 article, SEC Won’t Back Down After Latest In-House Court Setback. An ultimatum from a New York federal judge on Monday gives the U.S. Securities and Exchange Commission another reason to reconsider an aspect of how its controversial in-house court is run, yet attorneys expect the agency won’t give up so easily and address what another federal jurist has said is an “easily cured” problem.
On July 20, The New York Times reported that the New York State Department of Financial Services has stepped up its investigation of Promontory Financial Group, a leading global financial services consulting firm. Promontory is under the department's scrutiny for having allegedly doctored a report on international sanctions compliance, which Promontory prepared for a client bank to submit to federal and state regulators. If New York takes action against Promontory, it would be the third major consulting firm in as many years that the regulator will have punished for sanitizing problematic regulatory reports in response to bank pressure. The department has already fined Deloitte $10 million and imposed a one-year ban on agency-related work for similar misconduct, and has likewise fined PricewaterhouseCoopers $25 million and imposed a two-year agency ban.