Media Mentions
2008
James Sanders was quoted in the May 30 issue of the Los Angeles Daily Journal in the article, "SEC Names Insiders as Directors." The article discusses the recent selection of two lawyers within the Securities Exchange Commission to head the agency's regional offices in California. "I think it's good for the agency to promote from within," commented Mr. Sanders, who formerly headed the SEC in Los Angeles. "I think it makes a difference morale-wise."
James L. Sanders, SEC Defense, Securities Litigation
2007
Andrew D. Kaizer was quoted in the June issue of Corporate Secretary in an article regarding the protection of company employees who bring inappropriate or illegal action to light. Mr. Kaizer commented on the comfort level that most companies have with using hotlines to protect the employee. "They have an interest in finding out themselves whatever issues exist, correcting them and as appropriate, self-reporting them” he said. “First, companies want to get it right, for its own sake. Second, they can point to the whistleblower hotline structure, if the DoJ or SEC come calling. It doesn't have to be perfect, but it must be a real genuine effort," Mr. Kaizer concluded.
Andrew D. Kaizer, SEC Defense, Securities Litigation, Trial, White-Collar Criminal Defense
Andrew Kaizer was quoted in a May 22 Compliance Week article on SEC enforcement actions against those who aid and abet securities fraud. The article notes that it is more difficult to hold these secondary players liable in civil suits. Citing a 1994 Supreme Court ruling, Mr. Kaizer said, “After Central Bank, there is no provision for a private litigant to pursue someone for aiding and abetting.”
Andrew D. Kaizer, SEC Defense, Securities Litigation, Trial
Joel Chefitz was quoted in the January 9 issue of The National Law Journal in an article regarding his move to McDermott to head the securities litigation practice in Chicago. "I was just convinced in this marketplace in Chicago, the resident firms are those with a substantial presence and they're though to beat," he said.
Joel G. Chefitz, Securities Litigation, Trial
2006
James L. Sanders was quoted in the October 15 edition of The San Francisco Chronicle in an article discussing how individuals formerly employed at companies where backdating probes are taking place may find it difficult to find new jobs. Companies may be able to ease the burden by conducting their own internal investigations. "If companies want to get credit (with the SEC and Justice Department) for their cooperation by showing they found a problem and have done everything possible to eliminate it going forward, one thing they will want to say is that people associated with the problem are no longer here," he mentioned.
James L. Sanders, Corporate Responsibility, Securities, Securities Litigation, Trial
William P. Schuman was quoted in an August 24 article published by Securities Law360 regarding options backdating investigations targeting attorneys and auditors involved in the development of executive stock options plans. Mr. Schuman commented that a new trend is arising where companies that are accused of options backdating may try to avoid severe punishments by arguing that they were merely following the direction of their legal and financial advisors. "If the companies and their management are being accused of wrongdoing, they may point to their legal and accounting advisors," he said.
William P. Schuman PC, Securities, Securities Litigation, Trial
2005
Eugene Goldman was interviewed on Bloomberg Radio on December 14 in regard to the SEC investigation into Hollinger.
Eugene I. Goldman, Securities Litigation, Trial
Eugene Goldman was quoted in the August 29 issue of Tire Business regarding "Wells notices" issued by the SEC. Mr. Goldman commented, "There are times when the Wells notice goes out and no action is brought." He said "If the company's restated, then they've already taken a hit in the marketplace. The issue is whether the SEC has uncovered additional things that would cause them to restate more." He outlined the potential enforcement action. The first tier applies to violations that don't involve fraud or substantial investor losses and carries fines of $50,000 per violation. The second tier applies to violations that include fraud, deceit or deliberate disregard of regulatory requirements but without significant shareholder losses and carries fines of $500,000 per violation. The violations can be multiplied by financial reports affected or other metrics, but fines have room for negotiation.
Eugene I. Goldman, Corporate Responsibility, Corporate Responsibility - SEC Enforcement, Securities Litigation, Trial
Steve Scholes was quoted in the May issue of CFO Magazine on the increased cost for companies to settle securities lawsuits. In 2004 the number of suits settled was up 23 percent from 2003 but the total cost to settle the case more than doubled to $5.5 million. The larger settlements are mostly due to the larger losses incurred by the plaintiffs and pressure to settle quickly to focus on regulatory issues. "The claimed damages are massive," commented Mr. Scholes
Steven S. Scholes, Securities, Securities Litigation, Trial
Eugene Goldman was quoted in the January 9 issue of the Los Angeles Times on whether the SEC is lessening its zeal for tough enforcement. Over the past two years, SEC has hired more than 1,100 staff members. "They're adding attorneys. They're adding accountants. They're adding investigators," commented Gene. "Their settlement demands make us litigate for clients more than ever before. I don't see how that can mean less enforcement."
Eugene I. Goldman, Corporate Responsibility, SEC Defense, Securities Litigation, Trial
2004
Eugene Goldman was quoted by The Wall Street Journal Online on October 15 in regard to the U.S. Securities and Exchange Commission increasing their technology budget. Mr. Goldman commented on the SEC's move to convert paper documents into searchable electronic files. "They are moving as much as they can away from paper," he commented. Mr. Goldman, who left the SEC enforcement division in 1983, recalls investigators would dig through boxes of documents, tagging relevant items and creating an index of contents. "It took a lot longer back then," he recalled.
Eugene I. Goldman, SEC Defense, Securities Litigation, Trial
Eugene Goldman was quoted by Reuters on March 30 in regard to the possibility that the New York Stock Exchange will be sanctioned by the U.S. Securities and Exchange Commission for failing to properly supervise its floor traders. The article reported that some commission members are considering fining the NYSE or altogether removing the exchange's ability to regulate itself, even though the NYSE has implemented structural changes under John Reed. "All of the changes would certainly have impact on deterring the Commission from launching a nuclear bomb on the exchange in the regulatory context. But if they feel there was a serious breakdown, the SEC will probably proceed with disciplinary measures," commented Mr. Goldman.
Eugene I. Goldman, Corporate Responsibility, SEC Defense, Securities, Securities Litigation, Trial
2003
Eugene Goldman appeared on CNBC's Closing Bell program on May 14. Mr. Goldman was interviewed on issues arising from the SEC's hearings on whether hedge funds should regulated.
Eugene I. Goldman, Securities, Securities Litigation
2002
Eugene Goldman appeared on the CNBC show Squawk Box on July 15. Mr. Goldman was interviewed on SEC priorities and securities litigation.
Eugene I. Goldman, Corporate Responsibility, Securities Litigation, Trial
