November 29, 2011

Judge Rakoff Does It Again: Rejects SEC-Citi Settlement

As expected given his 9 specific questions that he wanted covered during a recent hearing, Southern District of New York Judge Jed Rakoff rejected the proposed $285 million settlement between the SEC and Citigroup related to the sale of mortgage securities yesterday. This Dealbook Blog includes the Judge's 15-page order - and here's a statement from SEC Enforcement Director Rob Khuzami. As noted in this WSJ article, the Judge is not kind to the SEC in his order - he has set a July 16th trial date.

Whistleblowers Coming Out of the Woodwork: To Both the SEC and Internally

As I blogged recently, the SEC's Office of Whistleblower issued its first annual report in which it disclosed that it already had received over 300 tips in just a few months. Then there is this recent CFO.com article noting that employees are reporting internally at a higher clip. It will be interesting to see if these trends continue - I think they will given that employees now have greater awareness about whistleblowing generally since companies are conducting campaigns for folks to blow the whistle internally first. We have posted memos analyzing this new report in our "Whistleblowers" Practice Area.

Updating Your Whistleblower Procedures: How to Apply Six Sigma and Lean Methodologies

Tomorrow, tune into our webcast - "Updating Your Whistleblower Procedures: How to Apply Six Sigma and Lean Methodologies" - to learn from Steve Pearlman of Seyfarth Shaw how to pare risks when developing whistleblower processes and procedures by utilizing Six Sigma and Lean principles and more...

- Broc Romanek