Not too long ago, I tried a case that had, among other issues, the improper use of the advisor’s personal email account. That improper use serves as a valuable lesson of what can go wrong when you deviate from using the firm approved email. The client emailed complaints about the handling of the account to… Continue Reading
The U.S. District Court for the Southern District of New York dismissed a New York law malpractice and fraud claims by convicted inside trader Winifred Jiau against her former attorney. See Jiau v. Hendon, http://www.bloomberglaw.com/public/document/Jiau_v_Hendon_Docket_No_112cv07335_SDNY_Sept_28_2012_Court_Docket. Prosecutors contended that in her role as an employee of an expert network company, Jiau obtained inside information about public… Continue Reading
The number of cases brought by the SEC against attorneys under its Rule of Practice 102(e) will continue to climb. In the wake of the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the number of SEC cases against attorneys, pursuant to Rule 102(e) or through cease-and-desist… Continue Reading
A firm faced with a regulatory investigation should hire outside counsel to bring objective analysis to the situation. Although it may seem simple, the question that must first be addressed is who the lawyer represents. If the firm itself is the subject of the inquiry, then the firm needs representation. However, that same lawyer should… Continue Reading
We routinely report enforcement actions directed against lawyers because it simply never goes away. Attorneys are a major target for federal and state securities regulators. Regulators salivate over “getting” attorneys, because they receive notoriety and money from the attorney’s malpractice carrier for investors. Additionally, the SEC’s new cooperation initiative may result in even more enforcement… Continue Reading
We want to congratulate our outstanding IP partners, Gerry Norton and Janet MacLeod, on being named “Life Sciences Stars” by LMG Life Sciences 2013. See http://emarketing.foxrothschild.com/rs/vm.ashx?ct=24F7661EDEE20AEDC1D089A5D1289611D4BE7BB3D38714DD4CF371647BF8D90DDD78031
The head of Fox Rothschild’s IP practice and our partner, Gerry Norton, was recently quoted by NJBiz on the U.S. Supreme Court’s Myriad Genetics Inc. case. See http://www.njbiz.com/article/20130416/NJBIZ01/130419842/Genetics-case-has-huge-implications-for-NJ-biotech-industry. Gerry’s great analogy is priceless.
Fox Rothschild is proud to be the host sponsor of IMPACT 2013 Venture Summit – the most established venture summit in the Northeast. This year’s conference will be held October 22 and 23 at the Ritz-Carlton, Philadelphia and Crystal Tea Room. As the premiere event of the Philadelphia Alliance for Capital and Technologies (PACT), IMPACT… Continue Reading
Regulators seem to believe that lawyers and their law firms act like ostriches when it comes to their clients and Ponzi schemes. For example, a law firm paid $25 million to settle malpractice claims over legal services rendered to certain hedge funds and related entities controlled by a Ponzi Scheme artist, Arthur Nadel. See SEC v.… Continue Reading
A California federal court refused to dismiss negligence and other state law claims against a law firm for allegedly helping its client commit federal securities law violations. See Donell v. Nixon Peabody, LLP, C.D. Cal., No. CV 12-04084 DDP (JEMx), 9/5/12. In this suit brought by the receiver of a defunct investment firm, the court rejected the… Continue Reading
In an interesting decision arsing out of a securities fraud action, plaintiffs were allowed to serve a non-American defendant corporation’s chief executive officer – a citizen of Canada – by alternative means. See In re GLG Life Tech Corp. Securities Litigation, S.D.N.Y., 11 Civ. 09150 (KB) (GWG), 11/9/12. The court indicated such service would provide notice to… Continue Reading
As many regular blog readers know, I have participated as an expert witness before. It is fascinating to share with our readers other epxert experiences as well. Nonetheless, a number of issues relating to experts in securities cases have arisen over the last year. In particular, many cases involve the threshold question as to if it is possible… Continue Reading
The SEC’s Division of Corporation Finance has indicated that lawyers for issuers and issuers themselves should focus on and respond to the SEC’ Staff’s comments during the corporate filing review process. The SEC’s Staff has seen that issuers and their counsel are not necessarily responding completely to comments. The SEC Staff believes that this has caused the process… Continue Reading
We take a step back and speak directly to attorneys for a change, in particular, those lawyers who may recommend stockbrokers to their clients. In New York, attorneys are subject to the tort of negligent referral if they were to refer such a stockbroker, who then causes damage to the client. Consequently, prior to making any such… Continue Reading
In the category of shameless, self promotion, we just wanted to share with you that The Compliance Exchange has named Ernest Badway as someone “Who Compliance Professionals Should Follow On Twitter in 2013.” http://compliancex.com/twitter-list/
Please join us in congratulating partner Jeffrey M. Pollock who was recently elected to The American Law Institute (ALI) – a nonprofit, independent organization dedicated to producing scholarly work that clarifies, modernizes and improves the law. New members are elected by current members and selected on a number of criteria, including high character and ability… Continue Reading
As regular readers know, we deal with some pretty wonky securities law issues here at the Securities Compliance Sentinel. It’s some serious stuff – sentinels are rarely irreverent fellows. Speaking of sentinels, attorney Bob Kohn filed a rather novel amicus brief in the Justice Department’s lawsuit against Apple and some book publishes which alleges price fixing… Continue Reading
To our loyal followers, The ABA is compiling its list of top blogs. We wanted to make you aware of the link, and hope you will consider us when responding. Here is the link: http://www.abajournal.com/blawgs/blawg100_submit/. The deadline for submission is September 7, 2012. Thanks so much. Securities Compliance Sentinel
Yes, this blog is quite different than what you are used to reading, but it is a Friday in August so please take it in that vein. Here goes. Undoubtedly, many know the securities industry loves to use statistics. Statistics are used for everything, including, among other things, to make predictions. However, the securities industry is not alone in using statistics to predict… Continue Reading
Our colleagues, including our partner, Wendy Rothstein, have just started a new PA trial blog. We recommend it to everyone:http://patrialpractice.foxrothschild.com/.
We wanted to let everyone know about Fox’s new FDA, Pharma and Health Care Fraud Blog!!! http://pharmahealthcarefraud.foxrothschild.com/. Our partners, David Restaino and Shahnam Sharareh, are the editors. Great job, David and Shahnam, and enjoy!!
Great IP article by our colleague, Chris Kinkade, recommended reading for those interested: http://www.foxrothschild.com/newspubs/newspubsArticle.aspx?id=4294970312