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Sen. Warren’s accountability bill would give employees say on directors, curb exec comp practices and political spending

Senator Elizabeth Warren (D-Mass) plans to introduce legislation that would require large companies to obtain a federal charter and comply with a variety of duties regarding how they conduct business and handle matters such as board representation, executive compensation, an

Royal Bank of Scotland agrees to $4.9 billion settlement of RMBS charges

The Royal Bank of Scotland Group plc (RBS) has entered into a $4.9 billion settlement with the United States Justice Department to resolve federal civil claims that RBS misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) between

SEC snags flippers in muni kickback scheme

The SEC has filed charges against two unregistered firms and 18 individuals for allegedly posing as retail investors to "flip" new issue municipal bonds to broker-dealers in exchange for kickbacks. The SEC claims that from at least 2009 to 2016, Core Performance Ma

Securities Act claim did not bar removal under CAFA

A judge in the Northern District of California has denied a motion to remand a securities class action back to the California state court from whence it originated. The reasoning in this case, which involves the Securities Act and the California Corporations Code, could make

For the first time, PCAOB invites comments on its five-year plan

For the first time in its history, the Public Company Accounting Oversight Board is seeking public feedback on a draft of its five-year strategic plan. The plan is designed to align PCAOB programs, operations, and activities with its overall mission, and serves as both a roa

State attorneys general urge SEC to rework Reg BI

A coalition of 17 state attorneys general wrote to the SEC with criticisms of Regulation Best Interest as currently proposed. The AGs urge the agency to strengthen investor protection, including by adopting a uniform fiduciary standard. New York Attorney General Barbara Unde

U.S. Rep. Chris Collins charged with insider trading, lying to FBI

U.S. Rep. Christopher Collins (R-NY) has been charged by the SEC and Department of Justice with alleged insider trading. According to authorities, Collins told his son confidential, non-public information that a drug company’s leading drug had failed a clinical trial,

Ex-CFO’s scienter can arise from audit committee report, but case against other execs falters

A divided Fifth Circuit held that allegations made by a pension fund could support a strong inference of scienter regarding Hanger, Inc.’s former CFO, reversing the district court, but the majority upheld the remainder of the district court’s opinion because the

SEC charges South Florida individuals and entities in EB-5 investment scheme

The SEC has charged two Florida residents in a securities fraud case for targeting immigrant investors. The SEC alleged that, over a period of more than two years, Joseph Walsh and Robert Matthews defrauded dozens of foreign investors participating in the EB-5 visa program.

Judgment on failure to disclose association with notorious fraudster vacated

A Second Circuit panel has vacated a district court order dismissing a fraud complaint arising out of an alleged failure to disclose beneficial ownership. The complaint was based on an indictment revealing that a notorious fraudster was, unbeknownst to shareholders, was the

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