Wednesday, June 30, 2010

Daily Update from Securities Docket

Daily Update from Securities Docket

Link to Securities Docket

Securities Docket A.M. News Wire for 2010-06-30

Posted: 30 Jun 2010 03:55 AM PDT

Matthew Cowie Joins Skadden Arps in London

Posted: 29 Jun 2010 12:05 PM PDT

Matthew Cowie has joined law firm Skadden Arps Slate Meagher & Flom as counsel in its London office. Legal Week reports that Cowie has joined the firm’s corporate investigations practice, and will focus on anti-corruption and Foreign Corrupt Practices Act matters.

Cowie joins Skadden from the UK’s Serious Fraud Office, where he has served as a prosecutor for 11 years. While with the SFO, Cowie was part of the senior management team of the anti-corruption domain, Legal Week reports.

Legalweek: Skadden lands senior SFO prosecutor for London base

SEC Files Settled FCPA Action Against Veraz Networks

Posted: 29 Jun 2010 11:51 AM PDT

The SEC today filed a settled enforcement action against Veraz Networks, Inc., alleging that Veraz violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act.  The SEC alleges that Veraz made improper payments to foreign officials in China and Vietnam after the company went public in 2007.

Specifically, the SEC alleges that:

  • Veraz engaged a consultant in China who in 2007 and 2008 gave gifts and offered improper payment together valued at approximately $40,000 to officials at a government controlled telecommunications company in China in an attempt to win business for Veraz.
  • Also in 2007 and 2008, the SEC alleges that a Veraz employee made improper payments to the CEO of a government controlled telecommunications company in Vietnam to win business for Veraz.

SEC Litigation Release: SEC CHARGES CALIFORNIA TELECOMMUNICATIONS COMPANY WITH FCPA VIOLATIONS

Hon. Stephen C. Robinson (SDNY) to Join Skadden in New York

Posted: 29 Jun 2010 11:36 AM PDT

The Hon. Stephen C. Robinson, U.S. District Judge for the Southern District of New York, will join law firm Skadden, Arps, Slate, Meagher & Flom LLP as a partner in the firm’s New York office. Judge Robinson will join Skadden as a litigation partner this August, and will focus on corporate internal investigations, government enforcement matters, commercial disputes and monitorships.

Judge Robinson has been a federal judge since 2003. Prior to becoming a judge,  Judge Robinson served as United States Attorney for the District of Connecticut.

Read the Skadden press release

Supreme Court to Hear Janus Appeal in Securities Class Action

Posted: 29 Jun 2010 11:30 AM PDT

On Monday, the Supreme Court said that it would hear an appeal by Janus Capital Group of a ruling that reinstated a securities class action lawsuit against the company, Reuters reports.

The underlying lawsuit alleged that the prospectuses of several of Janus funds created the misleading impression that the company would adopt measures to curb market timing, when in fact secret arrangements with several hedge funds permitted such transactions, to the detriment of long-term investors.

The case was dismissed by the district court, but a U.S. appeals court ruled it could proceed.

Reuters: U.S. High Court to Hear Janus Appeal In Securities Case

UK: SFO Plans to Proceed With £30m BAE Settlement

Posted: 29 Jun 2010 10:56 AM PDT

Prosecutors plan to press on with a settlement under which BAE Systems will pay a fine of £30m in spite of judicial criticism of other agreements made to settle cases of suspected corporate corruption, the FT reports.

The Serious Fraud Office hopes to bring the matter to court before the summer break under the original terms of the agreement. The FT reports that judges have raised concerns about agreements the SFO has struck with corruption suspects in prosecutions in the past few months involving Innospec, a Cheshire-based chemicals company, and John Dougall, a former healthcare executive.

FT: Prosecutors to push on with £30m BAE deal.

SEC Agrees to Settle Gary Aguirre’s Wrongful Termination Claim

Posted: 29 Jun 2010 06:54 AM PDT

The SEC has agreed to pay $755,000 to settle the wrongful termination claim of Gary J. Aguirre, the Whistleblower Blog reports. Aguirre was the attorney who headed the SEC's insider trading investigation of Pequot Capital Management until he was fired in September 2005.

A judge finalized the settlement today, which reportedly “equals Aguirre's pay for four years and ten months (the elapsed period since his September 2005 discharge), plus his attorneys' fees.” Aguirre agreed to dismiss two related cases against the SEC.

Whistleblower Blog: SEC Settles with Aguirre

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