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Second Circuit Reverses Conviction in Bond Market Misrepresentation Case, but Endorses Government Theory of Materiality

On December 8, 2015, the United States Court of Appeals for the Second Circuit reversed the conviction of Jesse C. Litvak, a securities broker and trader at Jefferies & Company. Litvak had been convicted of various counts of...more

The DOJ’s New Policy of Prosecuting Individuals

On September 9, 2015, Deputy Attorney General Sally Yates of the United States Department of Justice (“DOJ” or the “Department”) issued a new policy memorandum (the “Yates Memo”) entitled “Individual Accountability for...more

Supreme Court Rejects the Government’s “Fishy” Interpretation of Sarbanes-Oxley Obstruction Statute

On February 25, the United States Supreme Court issued a decision in Yates v. United States.1 This case involved the interpretation of Title 18, United States Code, Section 1519, a statute that was added as part of the...more

Second Circuit Lays Out New Rules for Restitution

On February 6, 2015, the United States Court of Appeals for the Second Circuit decided an appeal, United States v. Cuti, which interpreted the restitution provisions of the Victims and Witnesses Protection Act (VWPA). The...more

Supreme Court Permits Appeal To Go Forward in LIBOR Antitrust Lawsuit

On January 21, 2015, the Supreme Court decided a narrow but important issue of appellate jurisdiction in cases that have been consolidated for pretrial proceedings by the Judicial Panel on Multidistrict Litigation. A...more

Supreme Court Revives LIBOR Antitrust Appeal in Gelboim et al. v. Bank of America Corp. et al.

On January 21, 2015, the Supreme Court of the United States issued a highly anticipated decision in a LIBOR-based antitrust class action suit allowing a plaintiff to immediately take a direct appeal from an order dismissing...more

Major Reversal of Insider Trading Convictions After Trial: Second Circuit Sets High Bar for Tippee Liability

The United States Court of Appeals today reversed the convictions for insider trading of Todd Newman and Anthony Chiasson. The Court held that the government was required to prove, but did not, that the defendants knew that...more

FDA Promises Guidance on Lawful Off-Label Promotion

In June, the U.S. Food and Drug Administration (the "FDA") announced that by the end of the year, the agency would issue a draft guidance document addressing the contours of lawful and unlawful off-label promotion. The...more

Appeals Court Confirms that Results of Internal Investigation are Privileged

On June 27, 2014, the United States Court of Appeals for the District of Columbia Circuit issued a decision in In re: Kellogg Brown & Root, Inc., an important ruling which confirms the application of the attorney-client...more

FCPA Update: Eleventh Circuit Defines "Instrumentalities" of Foreign Governments

On May 16, 2014, the Eleventh Circuit issued its decision in United States v. Esquenazi, an important ruling that provides guidance as to what types of foreign entities may constitute “instrumentalities” of a foreign...more

U.S. District Court Rules that Results of Internal Investigations Conducted in the Ordinary Course of Business are Not Privileged...

A recent decision by a federal district court raises concerns about the ability of companies to claim privilege over the results of internal investigations. In United States ex rel. Harry Barko v. Halliburton Company, et al.,...more

A Modicum of Clarity: DOJ and SEC Shed Some Light on the Foreign Corrupt Practices Act

On November 14, 2012, the Department of Justice and the Securities and Exchange Commission issued A Resource Guide to the U.S. Foreign Corrupt Practices Act. Although this resource breaks no new ground, it offers useful...more

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