Blog
Federal Jury in California Awards Over $8 Million to General Counsel Whistleblower
Whistleblowers may take heed of a February 2017 jury award to a General Counsel, who had been in his position for 25 years, of $3 million in back wages (which is doubled under the Dodd-Frank Act) and $5 million in punitive damages, for a total of nearly $11 million. The case pitted Sanford Wadler against Bio-Rad Laboratories Inc.,... Read more »
UK FCA and PRA Amend Enforcement Procedures
In February 2017, the UK Financial Conduct Authority (the “FCA”) and the Prudential Regulation Authority issued a joint policy statement (the “Statement”) regarding enforcement, following up on their April 2016 consultation paper. The Statement announces changes to the Decision Procedure and Penalties Manual (the “DEPP”) and the Enforcement Guide (the “EG”). While there are a... Read more »
NY Department of Financial Services Publishes Revised Cybersecurity Rules
As reported previously, the NY Department of Financial Services (the “NYDFS”) published proposed comprehensive cybersecurity rules that would apply to financial institutions holding a state license. On December 28, 2016, the NYDFS published revised rules, taking into account some, but not all, of the objections to the original rules. The new rules have a 30... Read more »
SEC’s Office of Compliance Inspections and Examinations Publishes 2017 Priorities
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (the “OCIE”) has published it 2017 exam priorities. These include (i) matters important to retail investors, (ii) risks to elderly and retiring investors and (iii) market-wide risks. In terms of the latter, the OCIE will focus on: (i) compliance with the 2014 amendments to... Read more »