Securities Regulation & Law Report Index-Summary

CABLE TELEVISION

CAFA

CANADA

– Accounting

– – Fair value, updated tax guidance for capital requirements issued, 31
– – Financial statement audits, international standards adopted, 1509

– Insider trading, husband of investment bank secretary settles tipping claims (S.D.N.Y.), 1107
– Research in Motion, executives settle stock option backdating charges, 325
– Securities class actions increasing, report finds, 167

CAPITAL

– Distressed company investment fund, failure to disclose undercapitalization, claims may proceed (S.D.N.Y.), 15
– FINRA, new financial responsibility rules, comments sought, 168

CDs

See CERTIFICATES OF DEPOSIT (CDs)

CERTIFICATES OF DEPOSIT (CDs)

– Pyramid scheme halted over diverted funds (C.D. Cal.), 667
– Stanford Group

See PONZI SCHEMES

CFTC

See COMMODITY FUTURES TRADING COMMISSION (CFTC)

CHARTS AND TABLES

– Futures, Hill Watch, overview of pending bills, 726; 1636
– Securities, Hill Watch, overview of pending bills, 719; 1632

CHICAGO MERCANTILE EXCHANGE (CME)

See COMMODITY EXCHANGES

CHINA

– Banking, scale of crisis comparatively minor due to risk profile, 254
– FCPA, ITT settles charges over bribes to government officials (D.D.C.), 256
– Initial public offerings, new price-setting rules issued, 1006
– Mini futures contracts based on Hang Seng indexes, CFTC no-action letter, 181

CLASS ACTIONS

– Accomplices

– – Liability

See LEGISLATION, FEDERAL, S 1551

– – Primary fraud violation by law firm to Refco not shown (S.D.N.Y.), 557; SEC files amicus brief opposing narrow liability standard (2d Cir.), 1522; trustee claims fail to link firms to fraud, 1700

– Analysts, fraudulent reports and market manipulation, investor class certified (S.D.N.Y.), 1576
– Arbitration

See ARBITRATION

– Argentinean bond defaults, class certified (S.D.N.Y.), 614; Argentina found in contempt of discovery orders, 1112
– Attorney-client privilege, absent class member is not entitled to law firm documents (N.Y.), 941
– Attorneys' fees

See ATTORNEYS' FEES

– Auction rate securities

– – Damages not recoverable where investors were made whole by repurchase (S.D.N.Y.), 753
– – Study, offers to repurchase ARS challenges viability of class actions, 305

– Bank of America/Merrill Lynch merger claims, suits consolidated and lead plaintiffs chosen (S.D.N.Y.), 1309
– Bankrupt beauty products company, proposed lead plaintiffs would be subject to unique defenses, not approved (E.D.N.Y.), 1973
– Bribery claims against telecommunications equipment provider, dismissal affirmed (9th Cir.), 919
– CAFA, removal bar of '33 Act does not apply to large class actions (7th Cir.), 59
– Canada, report finds increase in filings, 167
– Clothing retailer, class certified in claim for concealment of excess inventories (S.D. Ohio), 1036
– Confidential witnesses in securities claims, Analysis and Perspective, 87
– Credit ratings, claims against Moody's may proceed (S.D.N.Y.), 356; decline of parent company shares not proof of marketwide downturn, 872
– Depreciation of assets of company offering senior notes, class fraud claims dismissed for failures of pleading and standing (2d Cir.), 1037
– Disclosure settlement in bank merger approved (Del. Ch.), 1545
– Discovery, shareholders may review post-merger financial data (Del. Ch. Ct.), 729
– Earnings statements, Ericsson, allegations deficient, claims dismissed (S.D.N.Y.), 14; dismissal affirmed, 1892
– Energy trader, illegality of business activity not pleaded, fraud claims dismissed (N.D. Ga.), 116
– Enron, banks did not owe disclosure duty to shareholders, class action dismissed (S.D. Tex.), 506
– Environmental liabilities, failure to disclose insufficient reserves, lead plaintiffs appointed (S.D.N.Y.), 1945
– Estate claims should not have been dismissed with prejudice, leave to amend to avoid SLUSA preemption granted (9th Cir.), 974
– EU, director and officer liability, survey finds class action fears prompt insurance purchases, 1314
– Fiber optics, no causation in misrepresentation claims against energy company re telecom spin-off, summary judgment affirmed (10th Cir.), 291
– Fiduciary duty claim, shareholder rights extinguished by bankruptcy (6th Cir.), 111
– Financial sector was largest target for filings in 2008, study finds, 665
– Foreign claimants, recent decisions add new barriers, Analysis and Perspective, 1167
– Foreign-cubed securities claim, brief from Solicitor General invited (U.S., rev sought), 1055
– Front running, class certified in claims against specialist firms (S.D.N.Y.), 1194
– Health care

– – Auditor liability, settlement with Ernst & Young over HealthSouth audits approved (N.D. Ala.), 640
– – Biotechnology companies, accounting and financials most common cause of claims in 2008, survey says, 773
– – Clinical trials

– – – Defects, claim alleging concealment dismissed (S.D.N.Y.), 620
– – – Scientific debate without evidence of bad faith does not trigger inquiry notice (3d Cir.), 211

– – Dismissal as sanction for violation of protective order in claim of false information spreading re Biovail (D.N.J.), 345
– – Off-label marketing of antiviral medication, confidential witness statements unreliable, claims dismissed with leave to amend (N.D. Cal.), 1105; repleaded claims adequate to proceed, 1893
– – Surgical products company, misleading IPO prospectus claims survive dismissal motion (S.D.N.Y.), 212

– Health insurance

– – Aetna, immaterial and forward-looking statements do not support misrepresentation claims, action dismissed (E.D. Pa.), 1160
– – HealthSouth, bar orders extinguishing indemnification and legal fees for CEO affirmed (11th Cir.), 1161

– Hedge fund offering documents, investors seek to consolidate claims (M.D. Fla.), 1491
– H&R Block, scienter not found in suit over accounting practices, lead plaintiff replaced in derivative claim (8th Cir.), 1705
– IMAX revenue recognition claims, lead plaintiff and counsel appointed, 1377
– Initial public offerings

– – Aftermarket price escalation scheme, settlement proposed (S.D.N.Y.), 654
– – Cosmetics retailer, claims re misleading documents may proceed (N.D. Ill.), 619
– – Surgical products company, misleading IPO prospectus claims survive dismissal motion (S.D.N.Y.), 212

– Insider trading, 10b5-1 plans insulate all but one executive of mortgage firm (C.D. Cal.), 703
– Integrity of the market presumption not recognized, denial of class certification affirmed (9th Cir.), 1440
– International actions, officials address conferees on changing landscape, 397
– Lead plaintiff, discovery allowed prior to resolving competing bids (D.N.M.), 1824
– Lending practices, second complaint against Downey dismissed for failure to plead scienter (C.D. Cal.), 1617
– Loans to CEO, shareholder class claims reinstated (9th Cir.), 1786
– Loss causation and class certification

– – Analysis and Perspective, 1014
– – Factual showing not needed (E.D. Va.), 790
– – Preponderance-of-the evidence standard to be used (5th Cir.), 1228

– Madoff fraud actions

See MADOFF FRAUD

– Micron must defend class action re price fixing to manipulate stock price (D. Idaho), 462
– Newspaper company, faulty pleading of causation dooms stock inflation claims (5th Cir.), 1529
– Oil and gas, fraud suit re prospects of finding gas in Poland dismissed (D. Utah), 1305
– Ownership interest guides presumption of lead plaintiff in revenue recognition and disclosure claims, stipulation of co-leads denied (D. Del.), 1195
– Pensions, Bennett (R-Utah) asks SEC to investigate links between campaign contributions and attorney representation of funds, 1302; SEC votes to propose new rule to curb pay-to-play, 1386; SEC declines request, citing lack of jurisdiction, 1399; panelists concerned rule will hurt small advisers, 1443; commenters voice opposition to ban, 1861
– Pleadings

– – Factual specificity standard, bill to restore

See LEGISLATION, FEDERAL, S 1504

– – Vague and conclusory allegations cannot support fraud charges, claims dismissed (S.D.N.Y.), 702

– Report, litigation surge in 2008 due to crisis, panelists discuss, 50; studies show filings out of step with volatility, 61; filings for 2009 on pace to match prior year, 1492
– Representatives, choices revisited in Tellabs action (N.D. Ill.), 355
– Restaurants, fraud action over unmet growth projections dismissed (M.D. Fla.), 1572
– Risk management claims re home loan division must be repleaded due to structural deficiencies (W.D. Wash.), 972
– Scienter

– – Cadence Design Systems, class revenue recognition claims dismissed (N.D. Cal.), 1761
– – Mortgage insurer, pleadings do not raise strong enough inference that subprime crisis was ignored (E.D. Pa.), 767
– – Technology company, failure to plead with particularity dooms appeal (9th Cir.), 96
– – Weight management firm, inference of scienter lacking, class securities fraud claims dismissed (E.D. Pa.), 1680

– Semiconductor testing products, shareholder complaint dismissed (N.D. Cal.), 1403
– Settlements

– – Economic evaluation not necessary to fairness determination (U.S., rev den), 808
– – Mars/Wrigley merger, settlement approved (Del. Ch.), 226
– – Subprime mortgage-backed assets, Merrill Lynch settles class actions re losses (S.D.N.Y.), 115; preliminary approval granted, 1614

– Shelf space funds, website disclosures foreclose claims re secret payments (2d Cir.), 292
– SLUSA preempts class action for fiduciary breach over affiliated mutual funds (N.D. Cal.), 1694
– Software, fraud on the market theory not supported by well-known problems with enterprise applications suite (N.D. Cal.), 1164
– Statutes of limitations, investor claims against SunTrust for aiding in fee scheme properly dismissed (11th Cir.), 1113
– Statutory pension fund lacks capacity to sue or be sued, class must name new representative (W.D. La.), 426
– Studies

– – Corporate governance behaviors, class actions can serve as tools for monitoring, 1622
– – Financial industry still targeted as securities class actions dropped overall, 1447

– Subprime disclosures, lead plaintiff named in shareholder suit (S.D.N.Y.), 1618
– Tax evasion, retirement system files claims against UBS for losses from fraud scheme (S.D.N.Y.), 213
– Telecommunications IPO, single class may assert '33 and '34 Act claims (2d Cir.), 1407
– Television set distributor, class certified in shareholder suit over disclosures (D. Ariz.), 1620
– Treasury futures, class certification affirmed for claims against firm attempting to corner the market (7th Cir.), 1331
– UK, building society conversion, statute of limitations tolled by related action (9th Cir.), 938
– USB modem company, fraud and stock manipulation claims may proceed (S.D. Cal.), 837
– Video game maker, perfect execution of merger not required, class action dismissed (Del. Ch.), 1458
– Wireless communications, concealment of risky subprime customer credit programs, fraud claims reinstated (5th Cir.), 704
– Yahoo! revenue inflation via click fraud, claims dismissed (N.D. Cal.), 1230

CLEARANCE AND SETTLEMENT

– Credit default swaps (CDS)

– – Auctions, method of settlement is effective and should be mandatory, regulatory group says, 462
– – Chicago Mercantile Exchange, CFTC approves plan to provide services, 26
– – CME Group joint venture awaiting SEC clearance and finalized legal requirements, 232; approved by SEC, 499
– – Defaults, legal and regulatory framework leaves uncertainties for buy-side customers, 1359
– – European Union

– – – Commitment to clearinghouses, 9 firms make pledge to EC, 499
– – – Index contracts, NYSE and LCH.Clearnet joint venture for European swaps, 9
– – – Operations begin for central counterparties, deadline met, 1489
– – – Private sector action lacking, commissioner urges parliamentary action, 208

– – ICE Clear Europe and Eurex Clearing approved as counterparties, 1395
– – ICE US Trust awaiting SEC clearance and finalized legal requirements, 232; approved to operate clearinghouse, 400; first CDS cleared, several more firms interested in clearing, 498; 613 legacy trades registered in first month, company plans to accept wider variety in future, 653
– – Managed Funds Assoc. calls for CDS clearing, 270
– – Presidential halt on rulemaking, CDS clearing rule may fall under emergency exception, 106
– – Regulated exchanges, mandate to trade on designated markets

See LEGISLATION, FEDERAL, S 272

– – Risk management, central facilities need to protect themselves from defaults, 1486
– – Study, GAO says only legislation will fully address systemic risk, 393
– – Targets set for increased use of central counterparties, 1666
– – Treasury proposals, Geithner outlines plans in congressional hearing, 545

– Derivatives

– – Bank for Int'l Settlements and IOSCO to set up working group, 1404
– – EU, “carrot and stick” regulatory approach outlined, 1963
– – Mandated clearing, Peterson (D-Minn) circulating bill outline, 95; new draft to allow some uncleared OTC trades and outlaw naked swaps, 179; Peterson insists CFTC is best choice for OTC derivatives clearing, 230; industry representatives support goals of potential legislation but disagree on tactics, 232; standardization and netting are two benefits, SEC official tells conferees, 261; MFA urges CDS clearing, declines to extend mandate to all OTC products, 270; Geithner outlines plans to regulate in congressional hearing, 545; further developments, see LEGISLATION, FEDERAL, HR 977
– – Nadex seeks fully collateralized trading and clearing status, 1639
– – Reporting, Schumer (D-NY) drafting legislation, 1480
– – Risk management, central facilities need to protect themselves from defaults, 1486
– – Standardized transactions, Gensler supports clearing, 375; Obama administration proposes mandated clearing of all standard contracts, 897; Kanjorski (D-Pa) acknowledges custom contracts do not fit into mandatory clearing regime, 1096; MFA suggests definition of standardization, 1104; Obama plan calls for clearance of all standardized contracts and risk controls, 1140; Analysis and Perspective, 1209; Geithner testifies before joint session on Obama plan, 1294; Schapiro agrees with encouraging standardization in House panel hearing, 1345; Frank (D-Mass) and Peterson (D-Minn) present regulatory outline, 1434; Treasury releases draft legislation, 1517; CFTC suggests enhancements, 1592; joint meetings announced, 1594; Gensler airs fears about potential regulatory loopholes, 1749; House Financial Services Comm. hearings agenda set, 1749; Schapiro suggests modifications to reduce regulatory arbitrage, 1769; Gensler outlines regulatory ideas in European speeches, 1800; further developments, see LEGISLATION, FEDERAL, S 1691

– EU, MOU signed for one-stop service, 1403
– Futures trading, legislative attention on speculation, OTC clearing, 128
– German central counterparty, CFTC seeks comments on adequacy of standards for U.S. operation, 945
– Regulation, Bernanke says Fed could be overseer of systemically important systems, 454
– Short sales, state claims re stock borrowing program preempted (8th Cir.), 457
– Stock, detailed overview of system released by GAO, 553
– Swaps

See SWAPS

CME (CHICAGO MERCANTILE EXCHANGE)

See COMMODITY EXCHANGES

COMMODITIES

– Clearance and settlement, CFTC seeks comments on adequacy of German standards for operation in U.S., 945
– Commodity pools

See COMMODITY POOLS

– Cooperative actions, UK oversight body and CFTC announce joint strategy, 1593; supervision agreement signed, 1752
– Cross-market regulation, Pitt calls for “uber” regulator, 965
– Derivatives, first ever global decline in second half of 2008, 988
– Energy, no easy answers for price swings, Dunn tells conferees, 474
– Forward agreements distinguished from futures contract, may be exempt from bankruptcy trustee avoidance powers (4th Cir.), 318
– Futures

– – Fraudulent solicitation charges settled (D. Md.), 989
– – Options, assets frozen in fraud scheme (W.D. Mo.), 1375

– Material misstatements and mishandling accounts, trading advisor pays restitution and penalties (W.D. Mich.), 945
– Regulation, IOSCO task force concluded regulators lack necessary data, 429
– Restricted registrations, good cause shown by failure to pay fines (CFTC), 630
– Sham international investment bank faces CFTC fraud claims (S.D. Fla.), 378
– Speculative limits, Peterson (D-Minn) circulating bill outline, 95; new draft to allow some uncleared OTC trades and outlaw naked swaps, 179; committee hearing witnesses argue against position limits, 230; industry representatives support goals of potential legislation, but disagree on tactics, 232; further developments, see LEGISLATION, FEDERAL, HR 977, S 447
– Statistics and data, CFTC launches trial reports, 233
– UK, mismarking, FSA bans commodities trader, fines Morgan Stanley for supervisory failure, 976
– Unauthorized trading, funds misappropriated from loan pools (E.D.N.Y.), 233

COMMODITY EXCHANGES

– Chicago Board of Trade (CBOT), new limits on noncommercial grain and soy contracts, 321
– Chicago Mercantile Exchange (CME)

– – Bilateral agricultural swaps, CFTC grants exemption to clear, 582
– – Credit default swaps, CFTC approves plans to provide clearing, 26

– Designated contract markets, CFTC adopts final definition of “public director,” lifts best practices stay, 830
– Trading ahead and interpositioning, specialists on option exchanges settle claims (S.D.N.Y., SEC), 406

COMMODITY FUTURES TRADING COMMISSION (CFTC)

– Agenda, Dunn to focus on hedge exemptions, risk oversight, 317
– Agriculture, subcommittee on convergence, nominees sought, 475; 18 members named, 830
– Appointments and personnel issues

– – Chairman, Lukken to step down, Dunn elected to acting position, 94; no obstacles seen on approval of Gensler, 375; Senate Agriculture Committee clears Gensler nomination, 530; Sanders (I-Vt) places hold on Gensler nomination, citing deregulation advocacy, 582; hold lifted, Gensler promises reforms, 943; Senate confirms Gensler, 987; Gensler pledges to close regulatory gaps at swearing-in, 1029
– – Commissioners, Lukken to resign, 1175; Obama to nominate Sommers to new term, 1422; Chilton, Sommers, and O'Malia clear Senate, 1907
– – External affairs, Holifield named acting director, Futures Brief, 476
– – Inspector General, bill to make position presidential appointment subject to congressional approval

See LEGISLATION, FEDERAL, HR 885

– – Market Oversight Director, Schoenfeld appointed, 1696
– – Member, O'Malia nominated, 1696

– Authority, lawmakers urged to extend CFTC oversight to disguised spot contracts, 1080
– Bank holding companies, Sanders (I-Vt) asks CFTC to classify as “noncommercial” participants, 1081
– Bankruptcy of futures commission merchants, CFTC proposes new account class for customer positions, 1549
– Budget

– – Obama administration unveils 2010 budget overview with increases, 334; budget request sent to Congress, 850; further developments, see LEGISLATION, FEDERAL, S 2010
– – 2009 appropriations

See LEGISLATION, FEDERAL, HR 1105

– Carbon markets

– – Offsets, CFTC expands advisory panel to include environmental markets, 733
– – Regulation, advisory committee endorses large CFTC role, 943

– Contract design, CFTC announces workshop, 1030
– Customer segregated funds, CFTC soliciting comment on possible proposal to revise list of approved investments, 1029
– Derivatives, Obama administration seeks legislation to grant authority to SEC and CFTC, 897
– Designated contract markets, CFTC adopts final definition of “public director,” lifts best practices stay, 830
– Dual oversight scheme, Gensler outlines proposal to Senate Agric. Comm., 1078; Schapiro proposes SEC oversight for securities-related products, 1220; Obama plan calls for shared authority with SEC, 1294; Frank (D-Mass) and Peterson (D-Minn) present regulatory outline, 1434; Treasury releases draft legislation, 1517; CFTC suggests enhancements, 1592; House Financial Services Comm. hearings agenda set, 1749; Schapiro suggests modifications to reduce regulatory arbitrage, 1769; Gensler outlines regulatory ideas in European speeches, 1800; passage of Treasury proposal would create CFTC staffing challenges, 1839; further developments, see LEGISLATION, FEDERAL, S 1691
– E-filing, CFTC proposes amended regulations, 1964
– Electronic communications subject to recordkeeping requirements, 279
– Energy markets, CFTC and FERC clash over jurisdiction, 319
– Excessive speculation, Chilton says investigations were not thorough enough, Special Report, 469
– Exchange traded fund under CFTC probe for trading in crude oil, 430
– Exchanges

See COMMODITY EXCHANGES

– Exempt commercial markets, rule changes increase oversight, 583
– Futures trading, legislative attention on speculation and OTC clearing, Special Report, 128
– Hedging, elimination of exemption for swap dealers, comments sought, 583; comment deadline extended, 1029; comments vary on differences between dealers and types of customers, 1176
– Market manipulation

– – Reckless conduct standard

See LEGISLATION, FEDERAL, S 1682

– – Specific intent standard is too stringent, Chilton tells conferees, 1750

– Modernization, GAO report finds regulators lagging, 47; biennial report on high-risk entities, GAO reiterates need for change, 107; witnesses at congressional hearing confirm GAO findings, 110
– Money laundering, exchange-information agreement with Treasury created, 137
– Net capital requirements, proposed changes to notification of breach, 1964
– No-action letter, Hang Seng indexes, mini futures contracts allowed, 181
– Over-the-counter market, regulation of all transactions

See LEGISLATION, FEDERAL, HR 2448

– Ponzi schemes

– – Leads, number reported to CFTC doubled in 2008, study says, 665
– – Progress, CFTC has made inroads against scams, Chilton says, 530

– Regulatory system reform, Obama outlines key principles, 335; Kanjorski (D-Pa) circulates discussion drafts of legislation, 1813; House Financial Services Comm. hearing discusses Kanjorski draft, 1857
– Reporting requirements, pool operators and advisers required to file electronically, 475
– Risk management advisory committee to be established, 676
– SEC harmonization

See SECURITIES AND EXCHANGE COMMISSION (SEC)

– Significant price discovery

– – Carbon Financial Instrument contract, inquiry launched, 1594
– – ICE, CFTC exercising enhanced authority to determine if listing performs function, 1123; order finds contract merits greater oversight, 1462; 24 contracts targeted for scrutiny, 1874; 6 more contracts examined, 1964

– Statistics and data, CFTC launches trial reports, 233
– Systemic risk oversight, regulator debated in Senate hearing, 395; ICI white paper outlines regulatory framework suggestions, 396; House to create systemic risk regulator, Frank (D-Mass) tells conferees, 904; Bernanke supports oversight council, 1814; further developments, see LEGISLATION, FEDERAL, S 664
– Transparency

– – COT reports to be disaggregated, 1698
– – New disclosures, Peterson (D-Minn) circulating bill outline to mandate, 95; new draft to allow some uncleared OTC trades and outlaw naked swaps, 179; Peterson insists CFTC is best choice for OTC derivatives clearing, 230

– UK, cooperative oversight action, FSA and CFTC announce strategy, 1593; supervision agreement signed, 1752
– Unregulated markets, state utility commissioners urge CFTC to close loophole, 320

COMMODITY POOLS

– Annual reports

– – CPBG to pay fine over failures, 1874
– – Failure to file and distribute on time, 4 CPOs settle charges (CFTC), 66

– Commingling funds, emergency freeze ordered (NFA), 1278; CFTC charges filed (W.D. Tex.), 1333
– Default judgment entered against operators (C.D. Cal.), 1502
– Feeder fund was pool operator under Commodity Exchange Act (3d Cir.), 1373
– Forged documents and misappropriated funds, fund and owner settle charges (CFTC), 26
– Loans, pool frozen over undisclosed conflicts of interest (NFA), 1462
– Misrepresentation, CPO charged with defrauding clients (N.D. Ill.), 1702
– Personal use of funds, operator and pool settle civil claims (D.S.C.), 280
– Ponzi schemes

See PONZI SCHEMES

– Promissory notes used to convert investor funds, operators face civil and criminal charges (S.D.N.Y.), 378; CCO pleads guilty, will testify, 1401; criminal charges filed, 1531; asset freeze extended to ex-wife of operator, 1550
– Pyramid schemes

– – Index commodity futures were ostensible investments in scheme (E.D. Tenn.), 678
– – Legitimate letterhead used by fake pool operator charged with wire and mail fraud (D. Minn.), 234; guilty plea entered, 734

– Registrations revoked after settlement (CFTC), 1702
– Reporting requirements, pool operators and advisers required to file electronically, 475
– Solicitation fraud, indictment unsealed against hedge fund manager on the run (N.D. Ill.), 1178
– Unpooled funds used for forex trading, operators face CFTC claims (M.D. Fla.), 677

COMPENSATION

– Executive compensation

See EXECUTIVE COMPENSATION

– France, new rules on bonuses to stock traders at banks, 254
– TARP

See TROUBLED ASSET RELIEF PROGRAM (TARP)

COMPTROLLER OF CURRENCY OFFICE (OCC)

– Merger with Office of Thrift Supervision proposed by Obama administration, 1137

COMPUTERS

– Distributor settles books and records and internal controls charges (SEC), 916
– DRAM chips, Micron must defend class action re manipulation of stock price by price fixing (D. Idaho), 462
– E-mail

See E-MAIL

– Insider trading, SEC to argue hacking is violation, 248; hacker may be held liable (2d Cir.), 1410
– Internet

See INTERNET

– Microprocessors, shareholder derivative claims re monopolization dismissed (D. Del.), 1217
– Revenue inflation

– – Apogee Tech. and officers settle claims (D. Mass.), 995
– – Enterasys, narrative from SEC does not link facts to legal theories, hearing scheduled (D.N.H.), 1355; pleadings found lacking, some claims dismissed, 1912

– Semiconductors

– – Investor files books and records inspection claim over retained unelected directors and rejection of acquisition (Del. Ch.), 627; request denied, 1904
– – Testing products, shareholder class action dismissed (N.D. Cal.), 1403

– Software firms

See SOFTWARE

– Statute of limitations, internet company investor who did not discover fraud was not put on notice by failure of company (Cal. Ct. App.), 314

CONFERENCES AND MEETINGS

– Journal, list of upcoming conferences and meetings, 71; 143; 326; 439; 539; 685; 949; 1041; 1131; 1286; 1338; 1603; 1646; 1710; 1763; 1914
– AARP Forum, 1925
– Alternative Inv. Mgmt. Ass'n, 1298
– Am. Accounting Ass'n, 1504
– Am. Bankers Ass'n, Gov't Relations Summit, 605
– Am. Bar Ass'n, 1902

– – Annual Meeting, 1475; 1482; 1483; 1484; 1485; 1488; 1532; 1532
– – FCPA Initiatives, 1667
– – Natl. Inst. on Securities Fraud, 1933; 1936; 1940
– – Spring Meeting, 696; 747; 748
– – Teleconference, 1810
– – Trading Enforcement Insights, 812
– – White Collar Crime Conf., 404

– Am. Constitution Soc., 1062
– Am. Enterprise Inst., 180
– Am. Health Lawyers Ass'n, 1306
– Am. Inst. of Certified Pub. Accountants, 888; 888; 1756
– Am. Law Inst./Am. Bar Ass'n Webcast on Recent Developments, 1663
– Am. Securitization Forum, 1759
– Ass'n of Corporate Directors, 1933
– Baruch College, Fin. Reporting Conf., 834; 891
– British Am. Bus. Council, 1934
– Brookings Inst., 266; 278
– CCOutreach BD

– – Natl. Seminar, 451; 452
– – Regional Seminars, 464

– CFTC, Commodity Futures Contract Design Workshop, 1030
– Commonwealth Club of Cal., 695
– Compliance Week, Annual Conf., 1053
– Council of Infrastructure Fin. Auth., Fed. Policy Conf., 746
– Council of Institutional Investors

– – Spring Meeting, 682
– – Winter Conf., 154

– D.C. Bar Ass'n, 397; 492; 602; 1443; 1727
– Econ. Club of N.Y., 807
– Exchequer Club, 491; 1145
– Executive Compensation Disclosure Update, 357
– Fin. Accounting Standards Advisory Council, 637
– Fin. Regulatory Auth. Annual Conf., 872
– FINRA, Annual Conference, 904
– Futures Indus. Ass'n.

– – Futures & Options Expo, 1962; 1965
– – Late-Winter Meeting, 474

– Global Ass'n of Risk Prof'ls, 254; 261; 268
– Hofstra Law School, Investment Management Conf., 1889
– IA Compliance Best Practices Summit, 452
– Independent Directors Conf. Workshop, 745
– Inst. of Intl. Bankers, 411; 412
– Institutional Investors Carbon Forum, 1750
– Institutional Investors Forum, 1923
– Intl. Accounting Standards Board, Financial Instruments Roundtable, 1757
– Intl. Org. of Securities Comm'ns, 1114

– – Technical Comm., 1853

– Intl. Quality Productivity Center, Carbon Trading Conf., 180
– Inv. Company Inst., 156; 555; 855
– Managed Funds Ass'n, 1219
– Mutual Fund Dirs. Forum, 854; 855; 864; 866
– Mut. Fund Dirs. Forum, 79
– Natl. Ass'n of Regulatory Utility Comm'rs, 317
– Natl. Economists Club, 651
– Natl. Investor Relations Inst, N.Y. Chapter, 138
– Natl. Economists Club, 1486
– Natl. Soc'y of Compliance Professionals, 1862
– NAVA, Gov't & Regulatory Affairs Conf., 1103; 1108
– N.Y. City Bar Ass'n, 1473
– N.Y. County Lawyers Ass'n, 46
– N.Y. Fin. Writers Ass'n, 1150
– N.Y. Univ., Restoring Financial Stability Conf., 458
– N. Am. Sec. Adm'rs Ass'n

– – Spring Conf., 810
– – Winter Enforcement Conference, 78

– NYSE Euronext, Financial Literacy in Minority Communities Roundtable, 819
– Practising Law Inst., 906

– – Investment Management Inst., 598; 601; 603
– – Restoring Trust Through Corp. Governance Conf., 293
– – SEC Speaks Conf., 194; 247; 248; 249; 250; 251; 251; 282

– Sandler O'Neill + Partners, Global Exch. and Electronic Trading Conf., 1103
– Securities and Exchange Commission (SEC)

– – Investor Advisory Committee, Open Meeting, 1724
– – Municipal Securities Disclosure, 1296
– – Roundtables

– – – Credit rating agencies, flash orders, short sales, and securities lending, 1662
– – – Credit rating agency oversight, 693
– – – Securities lending, 1817
– – – Short sale restrictions, 753

– – Small Business Capital Formation Forum, 1947

– Securities Docket, 50; 157; 381; 805; 1156
– Securities Industry and Fin. Mkts. Ass'n, 971; 1157; 1775
– Security Traders Ass'n, 853; 859; 861
– Social Investment Forum, 337
– Society of Corp. Secretaries and Governance Professionals, 1241
– Soc'y of Am. Bus. Editors and Writers, 804
– Southwestern Sec. Conf., 554
– Transatlantic Corporate Governance Dialogue, 1722
– UCLA Anderson Forecast, 567
– U.S. Chamber of Commerce, 252; 478; 965; 965; 1193
– USC Marshall School of Bus., SEC Fin. Reporting Inst. Conf., 1082

CONGRESS, U.S.

– Ed. Note: This heading is used for administrative actions only. For coverage of legislation by bill number, see LEGISLATION, FEDERAL. For information on measures not yet assigned bill numbers, see specific subject headings.
– Financial crisis, McCain (R-Ariz) and Dorgan (D-ND) propose special committee to examine causes, 397
– Senate Banking Committee, Dodd (D-Conn) to stay as chair, 1664

CONSPIRACY

– AIG

– – In pari delicto doctrine bars AIG claims against coconspirators (Del. Ch.), 1215
– – Loss reserves inflation scheme, vice president sentenced (D. Conn.), 183

– Double jeopardy, retrial based on inadequate jury instructions proper, prospective restrictions on admissibility not possible (10th Cir.), 1528
– Enron CEO, conviction upheld, resentencing ordered (5th Cir.), 68; (U.S., rev grant), 1886
– Insider trading

See generally INSIDER TRADING

– Jewelry CEO sentenced in fraud scheme (E.D.N.Y.), 837
– Sting operation, conviction of CEO not vacated on ineffective assistance of counsel argument (S.D.N.Y.), 817
– Stock price manipulation, boiler room managers face civil and criminal claims (S.D.N.Y.), 1313
– Unsuitable securities, executives charged with misappropriating funds intended for safe vehicles (S.D.N.Y.), 968

CONSTITUTIONAL LAW

– Double jeopardy

See DOUBLE JEOPARDY

– Due process rights not affected by SEC investigation (E.D. Wis.), 1673
– Fifth Amendment, invocation in joint SEC/DOJ actions, Analysis and Perspective, 574
– Freedom of speech

See FREEDOM OF SPEECH

– Frozen assets, Stanford account holders allege constitutional violations by SEC (S.D. Tex.), 408
– Speech and debate clause, bill to prevent government staff from trading on nonpublic information may conflict

See LEGISLATION, FEDERAL, HR 682

CONSTRUCTION

See BUILDING AND CONSTRUCTION

CONSUMER PROTECTION

– CFTC, Dunn says sophistication is no substitute for regulation, 474
– Congressional Oversight Panel calls for federal regulation, 155
– Financial consumer protection agency, Dodd (D-Conn) proposes as part of regulatory restructuring, 1097; ICI CEO cites concerns with Obama plan, 1145; Obama legislation delivered to Congress, 1293; further developments, see LEGISLATION, FEDERAL, HR 3126
– Preemption blamed for lack of oversight, 501
– Retail investors, SEC commissioner advocates increased input, 155

CONTEMPT

– Asset freeze violated by painting sale, order vacated against mother of alleged fraudster, order against attorney stands (5th Cir.), 1067
– Bond default claims, Argentina found in contempt of discovery orders (S.D.N.Y.), 1112

CONTRACTS

– Auditor, no third-party liability to lender for failure to uncover accounting irregularities (4th Cir.), 589
– Defense contracts

See ARMED SERVICES

– FINRA may enforce fines against members under contractual and quasi-governmental authority (S.D.N.Y.), 663
– Indenture agreement, late filing of 10-K is not default or breach (5th Cir.), 750
– Merger option with preset price floor, shareholders who received no consideration may not sue to repudiate deal (Del. Ch.), 24
– NASD rules, compliance failures do not create contract claim (7th Cir.), 354
– Oil and gas extraction projects, investor may proceed with fraud and contract breach claims (Del. Ch.), 627
– Preferred shares, valuation set by terms in certificate of designation (Del. Ch.), 786
– Redemption of retiree shares before acquisition was within contract, claims dismissed (Del. Ch.), 881
– Trading regulations, alleged violation does not create private right of action (2d Cir.), 408
– UK, building society conversion, statute of limitations tolled by related action (9th Cir.), 938
– Yacht club project, investment contract sufficiently alleged (M.D. Fla.), 973

CORPORATE GOVERNANCE

See DIRECTORS AND OFFICERS
– Books and records inspections

See BOOKS AND RECORDS INSPECTIONS

– Executive compensation

See EXECUTIVE COMPENSATION

– Shareholder proposals

See PROXIES

COSMETICS

– Ulta, claims of misleading IPO documents may proceed (N.D. Ill.), 619

CREDIT CARDS

– Anticompetitive, unfair, and deceptive practices by credit card companies

See LEGISLATION, FEDERAL, HR 627

– Financial products safety commission

See LEGISLATION, FEDERAL, S 566

CREDIT DEFAULT SWAPS

See also DERIVATIVES; SWAPS
– AIG, former CEO proposes alternative to rescue plan, defends business model, 607
– Ban

See LEGISLATION, FEDERAL, HR 3145

– Brokerage rate reductions, firm and manager settle FINRA claims of improper inter-firm communications, 1243
– Clearance and settlement

See CLEARANCE AND SETTLEMENT

– Commingling customer funds on cleared CDS, CFTC seeks comment, 1594
– Data and statistics, ISDA launches website, 1525
– Disclosure and operations, key players meet to discuss improvement measures, 600
– Insider trading, hedge fund manager and investment bank salesman charged (S.D.N.Y.), 851
– Margin rules, FINRA asks SEC to approve rule changes to establish pilot program, 512; SEC grants accelerated approval to rule change implementing pilot, 1007
– Municipal swaps

– – Hedging, N.J. assemblyman questions conflict of interest at Goldman Sachs, 223
– – Oversight, MSRB urges Treasury to include muni CDS as part of regulatory scheme, 1564
– – Unregulated market participants, MSRB urges Congress to create “muni czar,” 269

– Naked swaps, House Agric. Comm. bill would outlaw, 179; committee hearing witnesses argue against limits, 230; industry representatives support goals of potential legislation, but disagree on tactics, 232; further developments, see LEGISLATION, FEDERAL, HR 977, HR 2448
– OTC market will persist for novel contracts, Sirri tells conferees, 46
– Oversight, Obama administration seeks legislation to grant authority to SEC and CFTC, 897
– Regulation, repeal of preclusion

See LEGISLATION, FEDERAL, S 961

– Rumors and CDS manipulation, Analysis and Perspective, 519
– Systemic risk oversight, Senate Banking Committee witnesses debate CDS role in financial crisis, 450; House to create systemic risk regulator, Frank (D-Mass) tells conferees, 904; Bernanke supports oversight council, 1814

CREDIT RATING

– Asset-backed securities, IOSCO publishes regulatory guidance for ratings in offering documents, 1247
– Business model may have contributed to failures, Special Report, 121; correction, 169
– CalPERS files suit against agencies for inaccurate ratings (Cal. Super. Ct.), 1370
– Collateralized debt obligations, former employee alleges fraud at Moody's, 1816
– Competition, merits of alternative systems debated by panelists, 693
– Conflicts of interest and transparency, NASAA commends SEC first steps, urges legislative solutions, 175
– Endorsements, survey says use of ratings in legislation and regulation may have had unintended effects, 1161
– European Union

– – France, AMF seeks greater national oversight within EU scheme, 158
– – IOSCO code of conduct still not followed by leading CRAs, 1005
– – Registration and mandatory inspections, negotiations begun to finalize laws, 558; Parliament passes registration and supervision rules, 757
– – Uniform standards and performance data, new framework to begin in 2010, 1354

– Freedom of speech no shield for state law fraud liability (S.D.N.Y.), 1693; additional claims dismissed, 1958
– G-20 to establish new Financial Stability Board to implement regulatory reform, 599; compensation guidelines to be proposed, 1728
– Japan, government empowered to inspect, supervise, and require registration of rating agencies, 1162
– Mortgage-backed securities

– – Cal. Atty. Gen. issues subpoenas over ratings, 1745
– – Pension fund claims ratings agencies helped Wells Fargo conceal risk levels (S.D.N.Y.), 215

– Municipal bonds

– – Monoline insurers, downgrade increases importance of ratings, 199
– – Moody's receives criticism for negative outlook on entire sector, 655
– – Standards, House hearing scheduled to review draft bills, 905

– Ratings shopping a priority for SEC Corporation Finance, 1488
– Registration and oversight

– – Competition, still to early to say if registration has improved, report says, 1864
– – Effectiveness, Kanjorski (D-Pa) announces hearing, 904
– – EU member states call for new charter at G-20 summit, 349; measures to be presented, 350
– – Hearing postponed over Moody's memo, 1773
– – Liability, Schapiro proposes private right of action for inaccurate ratings, 1345
– – Missteps by SEC Trading and Markets Division outlined in report from Inspector General, 1610
– – Periodic examinations, Schapiro endorses Treasury legislative proposals, 1391
– – Reform of agencies, Schapiro offers ideas in confirmation hearing, 77; Schapiro pledges to examine compensation, 149
– – Regulatory reliance, Treasury sends draft legislation to Congress would require GAO study, 1390; Senate Banking Committee witnesses question plan, 1481
– – SEC authority

See LEGISLATION, FEDERAL, S 1073

– – Standard & Poors issues recommendations for guidelines, 413
– – Structure of ratings, Sirri urges investor skepticism absent SEC oversight, 46
– – Transparency, SEC adopts new rules and issues proposals, 196; House Financial Services Committee likely to review rules, Meeks (D-NY) tells conferees, 851; SEC considering asking for greater power under Credit Agency Reform Act, 1049; SEC adopts rules and proposes amendments, 1717

– Reliance, SEC commissioner urges removal of requirements for NRSRO use, 250
– Risk management, outsourcing of due diligence was major contributor to financial crisis, Goldman Sachs CEO tells conferees, 682
– Stock price manipulation, class action against Moody's may proceed (S.D.N.Y.), 356; decline of parent company shares not proof of marketwide downturn, 872
– Term Asset-Back Securities Loan Facility, Conn. Atty. Gen. calls on Fed. Reserve for increased competition in ratings, 673; urging rejected by Bernanke, Atty. Gen. calls on Treasury, 938

CRIMINAL LAW AND PROCEDURE

– Affinity fraud

See AFFINITY FRAUD

– Bribery

See BRIBERY; FOREIGN CORRUPT PRACTICES ACT (FCPA)

– Conspiracy

See CONSPIRACY

– DOJ prosecutions

See JUSTICE DEPARTMENT (DOJ)

– Evidence

See EVIDENCE

– FBI, budgetary increases for financial fraud investigators

See LEGISLATION, FEDERAL, S 481

– Forgery

See FORGERY

– Hedge fund adviser arrested on criminal fraud charges (S.D.N.Y.), 162
– Insider trading

See INSIDER TRADING

– Madoff fraud

See MADOFF FRAUD

– Mail fraud

See MAIL FRAUD

– Money laundering

See MONEY LAUNDERING

– Ponzi schemes

See PONZI SCHEMES

– Sentencing

See SENTENCING

– Stealth parallel proceedings, top 10 SEC enforcement developments of 2008, Analysis and Perspective, 360
– Wire fraud

See WIRE FRAUD

– Witnesses and testimony

See WITNESSES AND TESTIMONY

CURRENCY

– Arbitrage, emergency order entered to stop alleged forex fraud (N.D. Ill.), 203; relief defendants, jurisdiction found, 1358
– Automatic trading system claims false, assets of scheme operators frozen (D. Haw.), 734
– Banking, provision of services to fraudster was not aiding and abetting (2d Cir.), 1966
– Boiler room scheme operator settles CFTC claims (E.D.N.Y.), 678
– Books and records violations, forex counterparty settles FINRA claims, 1574
– Cal., pension funds allege falsification of exchange rates (Cal. Super. Ct.), 1957
– CapitalStreet Financial, firm and principal face misappropriation charges (W.D.N.C.), 1701
– China concerned re devaluation of dollar from issuance of Treasuries, 254
– Commodity pools used for unpooled forex trading, operators face CFTC claims (M.D. Fla.), 677
– Consumer protection, forex products need to be sold on exchanges, Dunn tells conferees, 474
– Foreign currency contracts, CFTC freezes records and assets of fraud scheme (N.D. Tex.), 430
– Futures commission merchant not vicariously liable for partner company violations (11th Cir.), 1423
– Hedging, ADR investor claims over speculation may proceed (S.D.N.Y.), 1580
– Jurisdiction, forex fraud did not involve options, CFTC did not have power to bring action (9th Cir.), 1501
– Off-exchange trading

– – Default order entered (N.D. Ga.), 1640
– – Illegal sale, settlement reached (S.D. Fla.), 1640

– Philanthropy fraudster investing in forex faces civil, criminal charges (W.D. Wash.), 613
– Ponzi schemes

See PONZI SCHEMES

– Priority challenge by group of victims in forex fraud dismissed (S.D.N.Y.), 1840
– Privacy, failure to protect client information, forex broker claims settled (CFTC), 1279
– Professor and lawyer charged with defrauding investors (S.D. Tex.), 1011
– Sting operation targeting illegal forex options, default orders entered (S.D.N.Y.), 1801
– Transaction reporting requirements, financier arrested on avoidance charges (C.D. Cal.), 818