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Richard M. Rosenfeld

Richard M. Rosenfeld

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Current Issues in Internal Corporate Investigations


Legal Update
27 June 2014
Mayer Brown Legal Update
The US Securities and Exchange Commission (SEC or the Commission) has announced a $2.2 million settlement in the Commission’s first whistleblower anti-retaliation case. As part of the settlement order, the SEC charged Paradigm Capital Management, Inc., a registered investment adviser, and Candace King Weir, the firm’s founder, president, and chief investment officer (collectively, “Paradigm”), with violations of the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 for engaging in prohibited principal transactions with advisory clients and subsequently retaliating against an employee who reported the transactions to the SEC; Paradigm settled the matter without admitting or denying the charges.
Book
August 2013
The new Second Edition of Securities Investigations: Internal, Civil and Criminal is a practice-oriented reference for practitioners who need to know not only the most recent law governing internal, civil, and criminal investigations involving potential violation of the securities laws, but also the nuances and practical tips that can only be shared by lawyers deeply experienced in such investigations.
Legal Update
8 May 2014
Mayer Brown Legal Update
On May 1, 2014, it was announced that Avon Products, Inc., reached a settlement with US regulators over a long-standing federal probe into whether the cosmetics company paid bribes in China and other countries to gain favors.
Legal Update
16 September 2013
Mayer Brown Legal Update
US states On August 30, 2013, the US Court of Appeals for the Second Circuit ruled in United States v. Vilar that the presumption against extraterritoriality applies to federal criminal prosecutions under Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act).
Media Coverage
23 August 2013
Law360
In a bylined article, Litigation & Dispute Resolution partners Richard Rosenfeld (New York) and Kelly Kramer (Washington, DC) and associate Alexandra Newman (Chicago) discuss how a US SEC settlement that required Harbinger Capital to pay more than $18 million in penalties portends a new enforcement climate.
Legal Update
22 August 2013
Mayer Brown Legal Update
The US Securities and Exchange Commission (SEC) recently announced that Philip A. Falcone, a New York-based hedge fund advisor, and the hedge fund he managed, Harbinger Capital Partners LLC (Harbinger Capital), have agreed to settle allegations of misappropriation of client assets, market manipulation and client betrayal.
Newsletter
Summer 2013
Mayer Brown Newsletter
Welcome to the Summer 2013 edition of the Mayer Brown Business & Technology Sourcing Review.
Article
Summer 2013
Business & Technology Sourcing Review - Issue 19
In 2012 there were more than 2,600 reported incidents of data breach, more than double the number in the previous year. That figure highlights just how fast the challenge of cybersecurity is growing, with concomitant exponential growth in the cost of cyber breaches to businesses.
Media Coverage
7 August 2013
The Harvard Law School Forum on Corporate Governance and Financial Regulation
A Mayer Brown legal update written by Litigation & Dispute Resolution partners Richard Rosenfeld (New York) and Kelly Kramer (Washington, DC) is republished.
Legal Update
19 July 2013
Mayer Brown Legal Update
In a regulatory filing made on July 19, 2013, Harbinger Group, Inc. (Harbinger Group), a publicly traded investment company, announced that the US Securities and Exchange Commission (SEC) had rejected an agreement in principle that Harbinger Group had reached with the staff of the SEC’s Enforcement Division.
Media Coverage
2 July 2013
Compliance Week (subscription required)
Securities Litigation & Enforcement partner Richard Rosenfeld (New York) is quoted in an article discussing that the Securities and Exchange Commission is considering new cyber-threat disclosure guidance demands.
Article
30 May 2013
In 2012 there were more than 2,600 reported incidents of data breach, more than double the number in the previous year. That figure highlights just how fast the challenge of cyber security is growing, with concomitant exponential growth in the cost of cyber breaches to businesses.
Media Coverage
29 April 2013
The Wall Street Journal (subscription required)
Securities Litigation & Enforcement partner Richard Rosenfeld (New York) is quoted in an article discussing how US regulators are tightening their scrutiny of accountants.
Media Coverage
12 September 2012
The National Law Journal
The article references the Consumer Financial Protection Bureau survey conducted by Mayer Brown to gauge industry concerns and measure expectations about the impact of the bureau. The article notes that 12% of survey respondents reported that their companies had been contacted or subpoenaed by the CFPB in relation to an examination or investigation. The survey was co-written by Financial Services Regulatory & Enforcement partner Jeff Taft and Litigation & Dispute Resolution partner Rich Rosenfeld (both Washington, DC).
Legal Update
6 August 2012
Mayer Brown Legal Update
The failure to allege economic loss and loss causation—essential elements of a securities fraud claim—should be fatal to a Rule 10b-5 complaint. In Rosado v. China North East Petroleum Holdings Ltd., et al., the US District Court for the Southern District of New York dismissed a putative class action on the ground that the complaint failed to adequately allege an actual economic loss as a matter of law where the company’s stock price rebounded shortly after the alleged fraud.
Media Coverage
24 July 2012
Compliance Week (subscription required)
Financial Services Regulatory & Enforcement partner Jeff Taft (Washington, DC) quoted extensively in article evaluating the success of the US Consumer Financial Protection Bureau in its first year. The article references the CFPB survey conducted by Mayer Brown to gauge industry concerns and measure expectations about the impact of the bureau. The survey was co-written by Litigation & Dispute Resolution partner Rich Rosenfeld (Washington, DC).
Media Coverage
23 July 2012
CreditCards.com
Article evaluating the success of the US Consumer Financial Protection Bureau in its first year references the CFPB survey conducted by Mayer Brown to gauge industry concerns and measure expectations about the impact of the bureau. The survey was co-written by Financial Services Regulatory & Enforcement partner Jeff Taft, who is quoted in the article, and Litigation & Dispute Resolution partner Rich Rosenfeld (both Washington, DC).
Media Coverage
19 July 2012
Bloomberg Businessweek
Article evaluating the success of the US Consumer Financial Protection Bureau in its first year references the CFPB survey conducted by Mayer Brown to gauge industry concerns and measure expectations about the impact of the bureau. The survey was co-written by Financial Services Regulatory & Enforcement partner Jeff Taft and Litigation & Dispute Resolution partner Rich Rosenfeld (both Washington, DC).
Media Coverage
16 July 2012
Corporate Counsel
Article details the findings from a Consumer Financial Protection Bureau survey conducted by Mayer Brown to gauge industry concerns and measure expectations about the impact of the bureau. The survey was co-written by Financial Services Regulatory & Enforcement partner Jeff Taft and Litigation & Dispute Resolution partner Rich Rosenfeld (both Washington, DC).
Media Coverage
12 July 2012
The Blog of Legal Times
Article details the findings from a Consumer Financial Protection Bureau survey conducted by Mayer Brown to gauge industry concerns and measure expectations about the impact of the bureau. The survey was co-written by Financial Services Regulatory & Enforcement partner Jeff Taft and Litigation & Dispute Resolution partner Rich Rosenfeld (both Washington, DC).
Media Coverage
6 July 2012
Law360
Financial Services Regulatory & Enforcement partner Jeff Taft (Washington, DC) quoted in a Law360 article focusing on a Consumer Financial Protection Bureau survey conducted by Mayer Brown to gauge industry concerns and measure expectations about the impact of the bureau. In addition to Jeff Taft, the survey was co-written by Litigation & Dispute Resolution partner Rich Rosenfeld (Washington, DC).
Article
22 June 2012

The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Act with a mandate to protect consumers through the supervision and regulation of depository institutions and other providers of consumer financial products and services. Since its beginnings in July 2011, the agency has rapidly grown to a staff of more than 750 and an annual budget of well over $300 million. Despite this rapid ramp-up, the CFPB has not yet taken any public enforcement actions, and has left the financial community wondering what to expect.

Media Coverage
10 May 2012
Law360
Bylined article by Securities Litigation & Enforcement partners Joseph De Simone and Richard Rosenfeld and associates Christopher Provenzano, Domenic Cervoni and Lisa Miller discusses the US Court of Appeals for the Second Circuit’s clarification of the standard for the “domestic transactions” prong of Morrison v. National Australia Bank Ltd.
Legal Update
23 April 2012
Mayer Brown Legal Update
The Second Circuit Court of Appeals has issued an opinion that addresses the ambiguity created by Morrison’s off-market transactions prong, announcing a standard for “domestic transactions” that combines tests proposed by both the Eleventh Circuit and the Southern District of New York.
Legal Update
8 March 2012
Mayer Brown Legal Update
In the last few years, plaintiffs in securities actions have increasingly relied on allegations attributed to “confidential witnesses.” Plaintiffs are especially likely to use statements by these witnesses—often alleged to be former employees or officers—to satisfy the tough scienter pleading requirement of a Section 10(b) claim under the Securities Exchange Act of 1934.

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