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CASE BRIEFS
A New York trial court will decide whether the 'disgorgement' portion of the largest securities regulatory settlement in history is covered under a $100 million Professional Liability policy. In a time of increasingly aggressive securities regulation the court's decision will likely have a wide impact on firms that have or are considering regulatory settlements.
The case stems from an investigation by the Securities and Exchange Commission and the NASD into how Credit Suisse First Boston (CSFB) allocated shares in 'hot' IPOs for which it served as an underwriter. In a civil suit filed in January 2002, the SEC charged that CSFB had violated federal securities laws and regulations as well as NASD rules by allocating IPO shares to customers who agreed to pay excessive commissions in unrelated securities transactions. Shortly after the suit was filed CSFB agreed to settle. Without conceding any of the SEC's substantive allegations, CSFB nevertheless consented to the entry of a permanent injunction against 'sharing profits of CSFB customers in exchange for allocations of shares in [IPOs] underwritten by CSFB.' It also agreed to make payments of $100 million to the U.S. Treasury, the SEC and the NASD. Of that amount, $30 million was deemed to be a 'civil penalty' and $70 million was deemed to represent 'disgorgement of monies obtained improperly by CSFB ' '
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Protecting Innovation in the Cyber World from Patent Trolls
With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.