On July 7, 2015, attorneys general from 47 states and territories sent a letter to Congressional leaders urging them to consider federal data breach notification legislation that does not preempt the states. The move comes on the heels of a data breach announcement made by the Office of Personnel Management, and renewed interest on the … Continue Reading
This post was written by Erin Felix. On December 3, 2013, the Armed Services Board of Contract Appeals (“ASBCA”) issued its decision in Case No. 57409, a termination for convenience settlement appeal by the Boeing Company. The ASBCA held that Boeing’s financial recovery from the U.S. Air Force was capped by the presence of FAR … Continue Reading
This post was written by Terence Healy. Last week the Securities and Exchange Commission (“SEC”) announced it had entered into its first deferred prosecution agreement (“DPA”) with an individual. The announcement is interesting for two reasons. It reflects the increasing tone of law enforcement the Commission is taking in its enforcement proceedings, and it raises the … Continue Reading
This post was written by Amy J. Greer and Terence Healy. After several weeks of anticipation, the SEC’s Division of Enforcement announced July 2 three new special initiatives: a Microcap Fraud Task Force, a Financial Reporting and Audit Task Force, and a Center for Risk and Quantitative Analytics. These new groups are in addition to … Continue Reading
This post was written by Gunjan Talati. On April 1, 2013, the Federal Times covered the story of how an Army Corps of Engineers contracting officer committed fraud to the tune of $30 million. The fraud was simple: contractors submitted fake invoices and the Army Corps—through the contracting officer—paid those invoices. In turn, the contractors … Continue Reading
This post was written by Terence Healy. The discovery rule is no more. The Supreme Court today issued its decision in Gabelli v. SEC, 568 U. S. ____ (2013), and held the five-year limitations period under 28 U.S.C. § 2462 runs from the date of the underlying violation, and not from when the government reasonably … Continue Reading
This post was written by Amy J. Greer. As the securities enforcement world awaits the U.S. Court of Appeals for the Second Circuit’s decision in the SEC v. Citigroup matter – where Judge Jed Rakoff balked at the Commission’s “neither admit nor deny” policy and refused to approve a settlement for lack of evidentiary support … Continue Reading
This post was written by William J. Sheridan. Yesterday, in FTC v. Phoebe Putney Health Systems, Inc., the Supreme Court rejected an expansive view of the state-action immunity doctrine articulated by the U.S. Court of Appeals for the Eleventh Circuit. Saying the court of appeals applied the doctrine’s concept of foreseeability “too loosely,” the unanimous … Continue Reading
This post was written by Terence Healy. The Supreme Court heard oral argument this morning in a case addressing the time within which the Securities and Exchange Commission (“SEC”) can initiate an action seeking civil penalties for violations of the federal securities laws. In Gabelli v. SEC, the Court considered whether the “catch all” five-year limitations … Continue Reading
This post was written by Amy J. Greer, Terence Healy, and Lisa G. Blackburn. A recent insider trading prosecution has shown once again that, when you are an officer of a public company with material nonpublic information, you can never be too careful about what you say, even in what should be a secure environment. … Continue Reading
