DOJ provides additional insight on compliance and investigations matters

By Kevin Harnisch (US), Keith M. Rosen, Paul Sumilas (US), Ilana Beth Sinkin & Vijay Rao on November 13, 2018

On October 25, 2018, John Cronan, Principal Deputy Assistant Attorney General of the Criminal Division of the US Department of Justice (DOJ), delivered an important speech that touched on several key issues for legal and compliance counsel trying to balance business realities with regulator expectations, particularly with respect to compliance with the US Foreign Corrupt Practices Act (FCPA).[1] Of particular note, Cronan discussed: The application of the DOJ’s FCPA Corporate Enforcement Policy; The DOJ’s…

Securities litigation and enforcement

Supreme Court Holds Individuals Must Report to the SEC to Qualify as Whistleblowers under Dodd-Frank

By Mark Oakes, Carlos R. Rainer, Kevin Harnisch (US), Gerard G. Pecht, Stephen Dollar (US) & Ilana Beth Sinkin on February 28, 2018

On Wednesday, February 21, 2018, the Supreme Court resolved a circuit split by unanimously holding that an employee must report suspected securities law violations to the SEC in order to qualify as a whistleblower entitled to protection from retaliation under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”). Dodd Frank’s anti-retaliation protections do not extend to employees who only report such concerns internally to their employer. In 2010, Congress passed Dodd-Frank,…

Securities litigation and enforcement

Second Circuit overturns precedent regarding scope of tipper/tippee insider trading liability

By Kevin Harnisch (US) & Ilana Beth Sinkin on September 7, 2017

In the recent divided opinion in United States v. Martoma,1 the Second Circuit overturned its 2014 opinion in United States v. Newman2 regarding the test for tipper and tippee liability in insider trading cases. The majority opinion reasoned that last year’s Supreme Court decision in Salman v. United States3 is inconsistent with Newman’s requirement that, in the absence of quid pro quo, there be a meaningfully close relationship between the tipper and…

Financial services: Regulation tomorrow

Kokesh v. SEC: Supreme Court Limits Reach of Disgorgement Remedy

By Kevin Harnisch (US), Joseph Williams (US), Ryan Norfolk (US) & Ilana Beth Sinkin on June 6, 2017

In a unanimous decision, the United States Supreme Court has reined in the authority of the Securities and Exchange Commission (“SEC”) to recover ill-gotten gains, holding that the five-year statute of limitations period applicable to SEC enforcement actions extends to disgorgement. In Kokesh v. SEC, No. 16-529 (June 5, 2017), the Court found that any claim for disgorgement in an SEC enforcement action must be commenced within the five-year time limit for civil penalty enforcement…

Health Law Pulse

Teva Pharmaceuticals to pay nearly US$520M in record-breaking FCPA settlement

By Frederick Robinson (US), Ilana Beth Sinkin & Vijay Rao on December 27, 2016

The world’s largest manufacturer of generic pharmaceuticals, Israeli-based Teva Pharmaceutical Industries Ltd. (“Teva International”), and certain of its global subsidiaries agreed to pay nearly US$520 million and enter into a Deferred Prosecution Agreement (“DPA”) to resolve allegations that the companies bribed government officials in Russia, Ukraine, and Mexico, in violation of the U.S. Foreign Corrupt Practices Act (“FCPA”). This resolution involves a US$283 million criminal penalty to the U.S. Department of Justice (“DOJ”) and an…

Health Law Pulse

DOJ announces new policy on prosecuting corporate individuals

By Marsha Gerber (US), Frederick Robinson (US), Richard Smith (US), Matthew Spohn (US) & Ilana Beth Sinkin on September 15, 2015

Introduction On Wednesday September 9, 2015, the U.S. Department of Justice (“DOJ” or the “Department”) issued a memorandum entitled “Individual Accountability For Corporate Wrongdoing” (the “Memo”) outlining specific policy measures intended to empower U.S. prosecutors further in their pursuit of individuals alleged to be involved in corporate wrongdoing. The Memo is termed “guidance” by the Department, but nevertheless appears to set out clear directives to federal prosecutors and, as a practical matter, adds several weapons…

Ilana Beth Sinkin

DOJ provides additional insight on compliance and investigations matters

Supreme Court Holds Individuals Must Report to the SEC to Qualify as Whistleblowers under Dodd-Frank

Second Circuit overturns precedent regarding scope of tipper/tippee insider trading liability

Kokesh v. SEC: Supreme Court Limits Reach of Disgorgement Remedy

Teva Pharmaceuticals to pay nearly US$520M in record-breaking FCPA settlement

DOJ announces new policy on prosecuting corporate individuals

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