Tag Archives: SEC enforcement actions

SEC Files Record Number of Independent Enforcement Actions in Fiscal 2015

According to the agency’s recently released enforcement activity statics, the SEC’s overall enforcement activity and the number of independent enforcement actions both increased in the fiscal year 2015 (which just ended on September 30) compared to prior years. More specifically, during fiscal 2015, the agency filed a record number of independent actions for violations of … Continue Reading

Politics and SEC Enforcement

A number of factors might be supposed to affect the SEC’s exercise of its judgment in deciding which firms to investigate. Some possibilities that immediately come to mind are the nature and seriousness of the suspected problem; the way the problem came to the agency’s attention; and the availability of resources to investigate the problem. … Continue Reading

A Whole Bunch of Interesting Litigation and Enforcement Statistics and Analyses

A single case may involve a host of interesting issues but sometimes the important lessons can only be discerned when many cases are considered collectively. This past week saw the release of some interesting analyses of aggregate litigation and enforcement statistics, each set of which told some interesting tales to tell and identified some important … Continue Reading

More About the D&O Insurance Implications of the SEC’s New Admissions Wrongdoing Requirements

Numerous questions surround the SEC’s new policy requiring enforcement action defendants in “egregious” cases to admit to wrongdoing in order to settle with the agency, rather than simply agreeing to neither admit nor deny the agency’s allegations. As I discussed in a prior post (here), among the questions is the issue of what the impact … Continue Reading

A Closer Look at JP Morgan’s $920 Million “London Whale” Regulatory Settlements

As part of its September 19, 2013 entry into a total of $920 million in regulatory settlements related to the “London Whale” trading loss debacle, and as part of the SEC’s new policy requiring admissions of wrongdoing in certain “egregious” cases, JP Morgan provided the SEC with an extensive set of factual admissions. The company’s … Continue Reading

The SEC’s New Policy Requiring Admissions of Wrongdoing: What Are the Implications?

On August 19, 2013, in connection with its entry into a settlement with New York-based hedge fund adviser Phillip Falcone and his advisory firm Harbinger Capital Partners, the SEC for the first time implemented its new policy requiring defendants seeking to settle civil enforcement actions to provide admissions of wrongdoing, in contrast to the long-standing … Continue Reading

Guest Post: Some Data on the Outcomes of Securities Class Actions and SEC Enforcement Actions

In recent years, Stanford Law School Professor Michael Klausner has led research on several critical issues involved with class action securiteis litigation and SEC enforcement actions.In the guest post below, Professor Klausner and his colleague Jason Hegland describe the two databases they have built in support of their research efforts and detail some additional findings … Continue Reading