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Leidos Reg. S-K petition dismissed after parties tell justices of settlement

The Supreme Court dismissed the certiorari petition filed in a case alleging that Leidos, Inc. failed to make necessary disclosures under Regulation S-K. Dismissal had been expected ever since the justices removed the case from the court’s calendar last year, but a let

Merrill Lynch admits to misleading customers and agrees to pay $42 million penalty

The SEC entered an order charging Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders in violation of Sections 17(a)(2) and 17(a)(3) of the Securities Act. Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay

CFTC fines JPMorgan $65M for attempted manipulation of USD ISDAFIX benchmark

The CFTC charged JPMorgan Chase Bank, N.A. with making false reports and attempting to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a global benchmark referenced in a range of interest rate products, to benefit its derivatives

SEC Director Hinman’s Ether comments wake up cryptocurrency markets and industry

The highlight of the Yahoo All Markets Summit: Crypto was the remarks by SEC Corporation Finance Director William Hinman where he stated, "Based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and s

bitcoin, ether not likely securities; tokens can morph from securities into non-securities

The SEC’s William Hinman, Director of the Division of Corporation Finance, in a wide-ranging speech to an audience at the Yahoo Finance All Markets Summit: Crypto, reprised themes from existing agency guidance that "economic substance" is key to determining w

New York high court shortens clock on AG’s Martin Act authority

The three-year limitations period governing certain statutory claims under New York law barred the attorney general’s securities enforcement action against Credit Suisse for fraud in the sale of residential mortgage-backed securities (RMBS). New York’s highest co

Merrill Lynch docked $15 million for deceptive RMBS pricing

Merrill Lynch, Pierce, Fenner & Smith Inc. has agreed to pay more than $15 million in disgorgement and penalties to settle charges that its employees misled customers into overpaying for residential mortgage backed securities (RMBS). The broker-dealer agreed to return $1

American Pipe tolling does not preserve subsequent class actions

The Supreme Court has ruled that American Pipe tolling does not allow a previously absent class member to bring a subsequent class action outside the limitations period. "The watchwords of American Pipe are efficiency and economy of litigation, a pri

3 of 4 town officials play ball with SEC to settle administrative charges

Three town officials from the town of Ramapo, New York, settled administrative charges brought by the SEC in connection with the roles each played in hiding the municipality’s financial troubles from bond investors involving a project to build a baseball stadium with a

New Board members ring in PCAOB advisory group meeting

The five new members of the PCAOB kicked off their first Standing Advisory Group (SAG) meeting with a discussion of the ongoing process of developing the Board’s strategic plan for 2019 as well as urging feedback and comments from SAG members on the Board’s prior

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