SEC and CFTC Push Congress for More Funding

The annual battle over the funding of securities and derivatives regulators by Congress took a step forward today as a Senate panel heard from the chair of the SEC and the CFTC concerning their Fiscal Year 2017 budget request. Combined, the SEC and CFTC are seeking funding for the hiring of more than 400 additional...

Bank buildings, representing Citigroup Accused of Spoofing

Wells Fargo, Goldman Sachs Settle Mortgage Lawsuits

It has been quite a few months since we have heard anything big about the continuing pursuit of mortgage fraud lawsuits. However, that silence changed last week with the announcement on Friday of a $1.2 billion settlement by Wells Fargo. It was followed today by a $5 billion settlement agreement with Goldman Sachs. The Justice...

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SEC Awards $275,000 to Whistleblower but Offsets Award for Monetary Judgment

The SEC issued an order for an award of more than $275,000 to a whistleblower this week although it hasn’t yet announced the decision publicly on its website. True to past procedure, details about both the individual and the enforcement action have been redacted. However, the individual receiving the award was the subject of a...

FCPA News: DOJ Creates Pilot Program and SEC Fines Casino over Macau

There has been a couple news items related to the Foreign Corrupt Practices Act this week, with the Justice Department announcing a one year pilot program to encourage self-disclosure and the SEC settling its investigation of Las Vegas Sands with an enforcement action totaling $9 million. The One-Year Pilot Program The Justice Department has been...

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Third CFTC Whistleblower Award Tops $10 Million

The U.S. Commodity Futures Trading Commission today announced its third whistleblower award and the largest to date. The CFTC whistleblower will receive more than $10 million for information provided to the U.S. Government about a violation of the Commodity Exchange Act or CFTC rules. The reward is the third largest to date in the short...

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Three Young Law Group Lawsuits Can Proceed to Discovery

We are pleased to share with you the news from February and March that Young Law Group secured landmark decisions in two large health care fraud lawsuits against Pfizer and Teva and a third in the case against Bayer for Essure where we are co-counsel. The Pfizer Lawsuit The complaint against Pfizer, one of the...

Novartis, KBR at Center of New FCPA Allegations

We’ve seen two big stories concerning the Foreign Corrupt Practices Act (FCPA) come to light in the news media over the past few days. A report by The Huffington Post has alleged that “[h]undreds of major international corporations” including KBR, Rolls-Royce and Samsung hired Unaoil and that the company engaged in bribery of foreign government...

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GAO Report on IRS Whistleblower Complaints Demonstrates Need for Consolidation

IRS Whistleblower Complaints in 2015 The Internal Revenue Service received 87,000 information referrals in Fiscal Year 2015 from the public submitting Form 3949-A to report suspected tax evasion, according to a recent U.S. Government Accountability Office report on the IRS referral programs which also included comments about the Office of the Whistleblower. The report concludes...

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Recent Studies on Whistleblower Retaliation

Retaliation against whistleblowers by their employer is a problem that touches us very personally as whistleblower attorneys. We see the impact first hand through the employees contacting us, both in our clients and potential clients. It is a very unfortunate aspect of modern whistleblowing. Although we attempt to minimize the potential for it where possible,...

Novartis Settles FCPA Investigation into China for $25 Million

Novartis agreed to settle civil charges with the U.S. Securities and Exchange Commission on Wednesday into its healthcare practices in China. The settlement of the investigation into the Foreign Corrupt Practices Act will result in a payment of more than $25 million to the SEC by Novartis. The SEC alleged that China based units of Novartis made...

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