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DOJ Launches FCPA Pilot Program to Promote Company Self-Reporting
In a speech delivered last Wednesday by Assistant Attorney General Leslie Caldwell, the Justice Department’s (“DOJ”) Criminal Division announced the launch of a new Foreign Corrupt Practices Act (“FCPA”) “pilot program” that encourages companies to voluntarily self-disclose FCPA-related misconduct in...
VimpelCom's Global FCPA Settlement - A Multinational Resolution
The U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) and the Public Prosecution Service of the Netherlands (OM) announced a coordinated criminal and civil Foreign Corrupt Practices Act (FCPA) resolution with VimpelCom, a Dutch telecommunications company...
SEC: 2015 Examination Priorities – Cybersecurity Compliance and Controls
Registered broker-dealers and investment advisers received a stern warning to strengthen their cybersecurity programs or face further regulatory scrutiny. On September 15, 2015, the SEC announced a plan to sharpen its focus on securities firms’ cybersecurity programs through the National...
Second Circuit Overturns Insider Trading Convictions of Two Portfolio Managers
To listen to the podcast, please click here . In a blow to the Southern District of New York’s impressive run of insider trading convictions, the United States Court of Appeals for the Second Circuit held yesterday that insider trading...
Private Equity Fund Charged by SEC with Violation of the Pay-to-Play Rules for Investment Advisors
The Securities and Exchange Commission ("SEC") recently announced that it had charged TL Ventures, a Philadelphia-area private equity firm (the "Firm") with the first ever case involving a violation of the "pay-to-play rules," Rule 206 (4)-5. The Firm agreed to...
SDNY Judge Orders Microsoft to Produce Emails Stored Abroad
Chief Judge Loretta A. Preska of the U.S. District Court for the Southern District of New York affirmed Magistrate Judge James C. Francis IV’s opinion and ordered that the U.S. Department of Justice (DOJ) could compel Microsoft Corporation (Microsoft) to...
S.D.N.Y. Issues Spoliation Sanctions Against Foot Locker
The sanctions recently levied against Foot Locker serve as a potent reminder that understanding data and document preservation requirements is imperative. A New York federal judge issued sanctions against Foot Locker last week for negligently failing to issue and implement...
D.C. Circuit Court Clarifies Scope of Attorney-Client Privilege in Internal Investigations
To listen to the podcast, please click here . On June 27, 2014, the United States Court of Appeals for the District of Columbia Circuit issued an opinion clarifying the application of the attorney-client privilege in internal investigations. In In...
Protecting Yourself Against Data Breach: Don't Be a Target
To listen to the podcast, please click here . On May 5, 2014, Target Corporation Chief Executive Officer Gregg Steinhafel resigned after having been with the company for 35 years, another casualty of the massive data breach that continues to...
The Debate Rages On Regarding Whether Default Fiduciary Duties Apply to LLC Managers Under Delaware Law
Earlier this year, we reported on the Delaware Court of Chancery's decision in Auriga Capital Corp. v. Gatz Properties, LLC , wherein Chancellor Strine held that traditional fiduciary principles apply to LLC managers or members by default. See Delaware Chancery...
Delaware Chancery Court Clarifies that Default Fiduciary Duties Apply to LLC Managers
In 2004, the Delaware General Assembly amended both the Delaware Revised Limited Uniform Partnership Act (“DRULPA”) and the Delaware Limited Liability Company Act (the “LLC Act”) to permit the wholesale elimination of fiduciary duties in an LLC Agreement. Specifically, the...