Securities and Exchange Commission
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Securities and Exchange Commission
SEC Working Hard For The Money
Mary Jo White is a taskmaster’s taskmaster. -
Social Media, Supreme Court
Latest Legal Setback Can’t #Hold #Lynn #Tilton #Down
She took to Twitter to hashtag her statement. - Sponsored
Early Adopters Of Legal AI Gaining Competitive Edge In Marketplace
How to best leverage generative AI as an early adopter with ethical use. -
Morning Docket
Morning Docket: 09.28.16
* “It would have been disastrous for the whole country.” Following Ninth Circuit Judge Alex Kozinski’s screening of “The People vs. Larry Flynt,” the infamous smut peddler at the center of the film received a standing ovation after speaking to an audience about what would have happened if the Supreme Court hadn’t ruled in Hustler’s favor in the landmark First Amendment case. [WSJ Law Blog]
* Wells Fargo CEO John Stumpf will forfeit $41 million in bonus and stock awards in the wake of the lender’s sham accounts scandal. As we mentioned previously, the bank’s board was looking to Shearman & Sterling for guidance on whether it would move forward with clawback actions against executives considering the severity of the misconduct and fraud that occurred. [CNN]
* Sorry, Lynn Tilton, but the Supreme Court isn’t going to rescue you: the “Diva of Distressed” applied to the high court for a stay of the Securities and Exchange Commission’s action against her, arguing that the agency’s use of in-house judges was unconstitutional, but the Court flat-out rejected her request, without even so much as a dissent. Tilton could be barred from further work in the securities industry. [Bloomberg]
* Chelsea Grayson, who currently serves as general counsel of American Apparel, is moving up in the company to take on an even bigger and better role. She will assume the position of chief executive officer next month as the company considers a sale. She’s guided the company through controversies in the past, so a potential sale should be no problem for this former Loeb & Loeb partner. Congratulations! [Big Law Business]
* A former investigator for the Illinois Appellate Defender’s Office is receiving a major windfall after alleging that she was forced to resign for complaining about a salary cut. Alice Washington is set to receive more than $1 million dollars for her retaliation claim, but State Appellate Defender Michael Pelletier says he plans to appeal the judgment due to the fact that he “cannot in good conscience settle with this woman.” [ABA Journal]
* Michael Fahy, lawyer turned firefighter, RIP. [New York Daily News]
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Hedge Funds / Private Equity, Securities and Exchange Commission
The Next Time Leon Cooperman (Allegedly) Engages In Insider Trading, It’ll Be In Shares Of A Company Whose Execs Will Lie To The SEC For Him
Goddamn corporate hacks and their need to honest with the Securities and Exchange Commission. -
Securities and Exchange Commission
Beware The Self-Described 'Stock Trading Whiz Kid' With A 'Skyscraping IQ' And A Newsletter
The SEC told people to be on the look out for newsletter scams like this... -
Securities and Exchange Commission
Lynn Tilton Gets Calendar Reminder To Sue The SEC Again
It’s important to set these things up or you might forget. -
Career Alternatives, Hedge Funds / Private Equity, Wall Street
Finance And Law: Hedge-Fund Opportunities For Attorneys
The U.S. Securities and Exchange Commission is the best friend of unemployed attorneys right now. -
Department of Justice, Federal Government, Job Searches
Reminder: DOJ And Other Honors Program Applications Are Due Soon
Check out these great job opportunities for graduating law students and recent law school grads. - Sponsored
Legal AI: 3 Steps Law Firms Should Take Now
If 2023 introduced legal professionals to generative AI, then 2024 will be when law firms start adapting to utilize it. Things are moving fast, so… -
Securities and Exchange Commission
SEC Investigating If Company’s Purchase Of Own Vegan Mayo From Stores Was Illegal Or Just Gross
Who the hell else did you expect to buy it?? -
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Morning Docket
Morning Docket: 08.16.16
* Many Biglaw firms have raised their salary scales, but that’s not all they’ve done in recent months to attract talent. Considering “the war for talent is intensifying,” firms are offering perks like generous parental leave and adoption assistance, student loan assistance, and lifestyle benefits. We may have more on this later today. [Big Law Business]
* A former deputy prosecutor in Vermont alleges she was paid less than a man working in the same position. She claims that a male attorney who was hired after she was earned a salary that was 26 percent higher than her own, despite the fact that they “performed equal work that required equal skill, effort, and responsibility.” [Burlington Free Press]
* The bulk of insider trading cases used to be handled by the SEC through civil suits, but now the DOJ has muscled in on the action with criminal prosecutions. What’s the difference between a case that merits a civil suit and a case that results in criminal charges? That’s what attorneys are trying to figure out. [DealBook / New York Times]
* “I think there’s a deep skepticism about the value of these programs.” Looking for a law degree as a professional that won’t set you back too far in terms of cost? Try a master’s of jurisprudence on for size. It’s considered law school for non-lawyers, and it might make actual lawyers question the validity of the degree in the first place. Hmm… [Marketplace]
* If you’re a prospective law student working on an application, it may be wise to try to incorporate a summer internship into your personal statement if it helped shape your desire to pursue a career in law, but remember, “there’s no magic internship that’s going to get someone admitted into law school.” [Law Admissions Lowdown / U.S. News]
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Morning Docket
Morning Docket: 08.10.16
* “If the LSAC is willing to include GRE scores in the [credential assembly services], then this may be an easy way for the LSAC to continue to certify the accuracy of standardized test scores reported to law schools.” In response to the tantrum LSAC threw over the future certification of LSAT scores, Educational Testing Service, the organization that administers the GRE, has offered to share its exam results with LSAC. [ABA Journal]
* “It is time for the ABA to catch up.” The hotly contested rule proposed by the American Bar Association that would make behavior “[a] lawyer knows or reasonably should know is harassment or discrimination” a form of professional misconduct was “resoundingly adopted” by the House of Delegates earlier this week. Well done, ABA. [WSJ Law Blog]
* Sorry, investment advisers, you make think it’s “unfair,” but according to a recent decision from a three-judge panel of the D.C. Circuit, the Securities and Exchange Commission’s controversial in-house courts are constitutionally sound because the agency’s ALJs don’t make “final” decisions on behalf of the SEC. [Big Law Business]
* Husch Blackwell, which completed a combination with Whyte Hirschboeck in the middle of last month, now not only has bragging rights on finalizing the largest law firm merger of 2016, but it can also claim to have one of the largest real estate practices in the entire country. Congratulations on all of your success! [Midwest Real Estate News]
* Who are eight of the most impressive graduates of Columbia Law School? Would you be surprised to learn that the list includes two former presidents, two Supreme Court justices (one of whom has a law school named after him), a U.S. Attorney General, and various political figures? If you’re interested, check out the list here. [Business Insider]
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Securities and Exchange Commission
Banned Financial Adviser Now Seeing Tiny Flaw In Her Plan Of Not Defending Herself From SEC
Dawn J. Bennett probably wants you to know that she has the SEC right where she wants ’em.
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Biglaw, Job Searches, Securities Law
10 Things To Know About Securities Litigation And Enforcement
A good overview of what it's like to work as a lawyer in securities litigation and enforcement. -
Morning Docket
Morning Docket: 07.06.16
* In case you haven’t been keeping score like we have, these are the firms that recently raised salaries: Jackson Walker. Where are the rest? If you’re worried you’ve missed any of our coverage on pay raises, check out our omnibus 2016 salary chart where we collect these stories. [2016 Salary Increase / Above the Law]
* “[I]t’s stunning that it takes a court decision for federal employees to be held accountable to the law.” Perhaps someone should tell Hillary Clinton about this, but according to the D.C. Circuit, federal officials may not use private email accounts to avoid having their documents and messages fall under public records laws. [The Hill]
* Steven Davis, the former chairman of Dewey & LeBoeuf, owes quite the pretty penny to Citibank in the form of an unpaid loan. Davis was ordered by Judge Nancy Bannon to pay nearly $400K to the bank to cover what was once his capital contribution to the firm before it flopped under his leadership. [New York Law Journal via ABA Journal]
* Thanks to a string of victories in fending off complaints about its controversial practices, it’s highly unlikely that the Securities and Exchange Commission will stop using its system of in-house administrative law judges any time soon. The SEC is very reluctant to give up its perceived “home court” advantage. [DealBook / New York Times]
* If you’re thinking of applying to law school with a criminal record, you probably don’t need to worry too much about whether you’ll be accepted. From murderers to bank robbers, plenty of ex-cons have gone to law school before you, and many of them are successful in their non-criminal careers. [Law Admissions Lowdown / U.S. News]
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Securities and Exchange Commission
Texan 'Frack Master' Who (Allegedly) Used Investor Funds To Pay Off 'Wh*re Card' Offended By SEC Suit
When everything is going so wrong, breathe easy knowing that at least one thing is (allegedly) going right. -
Insider Trading, Securities and Exchange Commission
Congress Doesn’t Understand Why SEC Is Being Such A Killjoy About This Whole Insider Trading Thing
C’mon guys, really. You don’t have to do this. -
Trivia Question of the Day
The End Of Chaos In The Financial Markets?
On this day in legal history, a very important federal agency was created. Which one? -
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Securities Law, Small Law Firms
Crowdfunding And The New SEC Rules
Hopefully Regulation Crowdfunding will help companies realize their potential, and offer investors a return on their money to boot.