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The Next Battle in the Scruggs Case
A recently unsealed defense motion (available below) filed by Dickie Scruggs and two other attorneys at his firm gives some insight into where the defense is headed in their prosecution for attempting to offer a bribe to a Mississippi state court judge. The motion seeks a continuance in the trial, which the district court granted…
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Will Siemens Have the Mother of All Monitorships?
With each passing quarter the internal investigation at Siemens AG keeps delivering more bad news about the company’s overseas bribes. A case that started with accusations of a few payments in one division has now stretched across what seems like the entire company, with total payments exceeding $2 billion, by far the largest FCPA case…
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Yet another Brief in the KPMG Case
We have been collecting the briefs in the KPMG related case – Stein, et. al. see here, here, and here, and now have a new one to add to the collection. The brief of Appellee Ritchee is one of the longer separate briefs, although like the others it joins the main brief on many of…
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Reyes Receives 21-Month Sentence for Options Backdating
Former Brocade Communications CEO Gregory Reyes received a 21-month prison term from U.S. District Judge Charles Breyer for his convictions related to backdating options grants at the company. I expected the Judge to impose a lower sentence, perhaps dropping all the way down to home confinement or a split sentence, but he said that this…
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Another Brief in the KPMG Appeal
We’ve been collecting the briefs in the government’s appeal of the dismissal of charges against the thirteen former KPMG partners and employees by U.S. District Judge Lewis Kaplan. Below is the appellee brief filed on behalf of Larry DeLap (tax partner), Steven Gremminger (associate general counsel), Carol Warley (tax partner), and Philip Wiesner (tax partner). …
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Homestore CEO’s Conviction Overturned
The Ninth Circuit overturned the fraud conviction of former Homestore CEO Stuart Wolff because the trial judge had a conflict of interest based on his ownership of shares in AOL. The unpublished opinion (available below) — which may explain why the case did not get noticed initially when it was issued on January 14 —…
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Is There a Cop on the Securities Beat?
The Supreme Court’s decision in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. (see earlier post here) to reject "scheme liability" as a means to apply Rule 10b-5 to those who provide some assistance in a company’s allegedly fraudulent scheme was hardly a surprise. The tone for the Court’s view of the scope of the private…
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Oh Great, Another Player Investigated for Lying About Steroids
The Congressional hearing on steroid use in baseball played out largely as expected with Representatives beating up on Commissioner Bud Selig and union head Donald Fehr. The session began with a bit of a surprise, though, when House Oversight and Government Reform Committee chairman Henry Waxman announced that he and the ranking Republican, Representative Tom…
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Another Brief of An Appellee in the KPMG Related Case
In this post one finds the main brief of appellees and the Hastings appellee brief in the Stein, et. al. case. These briefs support the court’s dismissal of the government’s case against individual defendant’s related to KPMG. Below is the brief of appellee Eischeid. This appellee presents specific facts in support of a claim against…
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Supreme Court Rules in Stoneridge Case
The Supreme Court ruled in the case of Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. et. al, and there were no surprises in this 5-3 decision (Breyer not participating). The Court finds that "the implied right of action does not reach the customer/supplier companies because the investors did not rely upon their statements or representations." …
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