Tag Archives: gatekeeper liability

Guest Post: Beware ICO Lawyers: As Regulatory Gatekeepers, You’re the Next SEC Target

Many readers may have noted SEC Jay Clayton’s January 22, 2018 speech about his agency’s scrutiny of cryptocurrencies, as well as the January 24, 2018 opinion piece Clayton wrote in the Wall Street Journal along with his counterpart from the CFTC, J. Christopher Giancarlo. In both statements, Clayton made in clear that the SEC intends … Continue Reading

Guest Post: Managing Gatekeeper Anxiety

In the following guest post, Michael W. Peregrine, a partner at the McDermott, Will & Emery law firm, take a look at regulators’ new “gatekeeper” expectations that now face corporate directors. This article is reprinted with permission from Corporate Board Member, First Quarter, 2016. I would like to thank Michael for his willingness to publish … Continue Reading

Lehman Bankruptcy Examiner Cites Company’s “Balance Sheet Manipulation”

According to the March 11, 2010 bankruptcy examiner’s report, the collapse of Lehman Brothers was a result of the deteriorating economic climate, exacerbated by Lehman’s executives, whose conduct ranged from "serious but non-culpable errors of business judgment to actionable balance sheet manipulation."   The Report was prepared pursuant to a January 2009 bankruptcy court order … Continue Reading

KPMG Settles Options Backdating Gatekeeper Claim for $22.5 Million

In the latest twist in the long-running options backdating saga, and in what appears to be a significant milestone in the options backdating-related gatekeeper claims, on June 15, 2009, Vitesse Semiconductor announced (here) that it had reached a settlement with its former auditor, KPMG LLP, in connection with the option backdating related allegations. In the … Continue Reading

Gatekeeper Case Against Securitization Attorneys Survives Dismissal Motion:

In an earlier post (here) in which I raised the question whether lawyers would find themselves the targets of gatekeeper blame from the subprime meltdown, I discussed a malpractice action that had been brought against the Cadwalader law firm by Nomura Securities, in connection with a commercial mortgage securitization transaction in which Cadwalader had acted … Continue Reading