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In a case of first impression, a federal district court has endorsed the SEC’s interpretation of the clawback provision (Section 304) of the Sarbanes-Oxley Act (SOX) and held that the SEC can seek to clawback incentive-based compensation awarded to the CEO or CFO of a public company that restates its financial statements even when that CEO or CFO is not alleged to be involved in any misconduct associated with the restatement.

On September 9, 2015, Deputy Attorney General Sally Yates of the United States Department of Justice issued a new policy memorandum entitled "Individual Accountability for Corporate Wrongdoing."

On December 12, 2006, after a growing chorus of criticism from the bar, the bench and the business community, and under the threat of legislative intervention, the U.S. Department of Justice (DOJ) revised its guidelines for measuring cooperation from corporations during an investigation and for deciding whether to bring charges against them.

On September 23, 2024, during virtual remarks to the Society of Corporate Compliance and Ethics' 23rd Annual Compliance & Ethics Institute in Grapevine, Texas, the U.S. Department of Justice's ("DOJ") Principal Deputy Assistant Attorney General announced a series of updates to the DOJ's Evaluation of Corporate Compliance Programs ("ECCP").

Each sets forth a series of events and ties the benefits of an organization's self-disclosure to the timeliness of the disclosure and the extent of the cooperation.

The Supreme Court today refused to grant review of the Second Circuit's restrictive insider-trading decision in United States v. Newman.

In opinions issued on the same day, federal appellate courts for the Second Circuit and the Eleventh Circuit both recently affirmed dismissals of securities-fraud claims filed against independent audit firms ..

In recent remarks on successive days, Department of Justice (DOJ) Deputy Attorney General Lisa Monaco and DOJ Assistant Attorney General Kenneth Polite announced significant changes...

On March 22, 2011, the U.S. Supreme Court unanimously concluded in the securities fraud class action Matrixx Initiatives, Inc. v. Siracusano that the materiality of adverse-event reports cannot be reduced to a bright-line rule. The Court reaffirmed its decision in Basic Inc. v. Levinson that the materiality requirement in a private action under Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 adopted thereunder is satisfied when there is a substantial likelihoo

Many state and federal government contracts require participation—whether as a contractor, sub-contractor, supplier, or vendor—by Disadvantaged Business Enterprises (DBEs), i.e., firms that are majority-owned or controlled by women or minorities.

Mr. Chapman previously managed Securency's African office, Innovia Securency PTY Ltd. ("Innovia").

On Jan. 12, the Financial Crimes Enforcement Network (FinCEN) updated its Frequently Asked Questions on Beneficial Ownership Information Reporting to include new guidance aimed...

The millions of Brazilians protesting in recent weeks in cities and towns across Brazil have brought important and far-reaching corruption reform to one of the world’s largest economies.

The scope of legitimate federal concern with business activity, though limited, is both real and critical to our nation's well-being.

In October 2009, the Honorable John K. Olson, Bankruptcy Judge of the United States Bankruptcy Court for the Southern District of Florida, issued a controversial decision in the case of Official Committee of Unsecured Creditors of TOUSA, Inc. v. Citicorp North America, Inc.

On November 14, 2012, the Department of Justice and the Securities and Exchange Commission released their long-awaited guidance on the Foreign Corrupt Practices Act.

The Department of Justice's Fraud Division has issued new guidance establishing a weighted enforcement framework that prioritizes specific fraud types and mandates centralized review of corporate investigations. This directive introduces heightened scrutiny for healthcare companies, government contractors, and businesses with cross-border operations while emphasizing the critical importance of voluntary self-disclosure and robust compliance programs.

The U.S. Court of Appeals for the First Circuit yesterday affirmed another conviction in a pair of appeals arising from insider-trading prosecutions.