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Recent News

Facebook stockholder sues D&Os over Cambridge Analytica scandal

The lengthy complaint filed in Delaware state court alleges that Mark Zuckerberg, Sheryl Sandberg, and other Facebook officials breached their fiduciary duties in connection with a series of data-privacy woes and insider trades.

Outgoing Chairman Giancarlo urges sticking to cross-border agreements: ‘A deal’s a deal’

In his final update to the Commodity Exchanges, Energy, and Credit subcommittee of the House Agriculture Committee, Giancarlo said the E.U. should adhere to a 2016 agreement on cross-border regulatory deference.

Adviser’s failure to disclose conflicts was negligent, but not willful

Because intent and negligence are mutually exclusive, the SEC could not rely on the same conduct as evidence of both negligent and willful conduct under the Advisers Act.

CFTC’s proposed rules would amend, clarify, and codify certain DCO regulations

The rulemaking proposed by the agency would further implement the statutory core principles for derivative clearing organizations called for under the Dodd-Frank Act.

CFTC proposes first rules on the road to achieving high quality swaps data

The agency issued a notice of proposed rulemaking to improve data quality and streamline regulations for swap data repositories.

FINRA details use of fines collected in 2018

FINRA said in its first full report on fine monies that it collected $61 million in fines in 2018 and spent those funds, plus about $20 million in reserves, on capital, strategic, educational, and compliance initiatives.

DOJ decides not to retry Chicago-area software developer over program used in spoofing scheme

The Department of Justice dismissed two counts of aiding and abetting spoofing against a computer programmer rather than engaging in another trial after a federal jury voted 10-2 to acquit.

Emulex cert petition dismissed as improvidently granted

Dismissal of Emulex lets stand a Ninth Circuit holding that there is an inferred private right of action under Section 14(e) based on negligence.

Shareholder plausibly alleges fraud against Zillow, officers

Second amended complaint alleged more particularized facts that Zillow designed its co-marketing program to allow, and even encourage agents and lenders to violate RESPA. This cured deficiencies that resulted in a prior dismissal

Apple accused of rotten disclosure by pension fund

A Michigan-based retirement fund seeks class action status alleging false and misleading disclosure by Apple and its top executives.

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