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Now It's Personal: Intangible Asset Mismanagement Liability
When an aspiring writer pens “The prophets of financial cataclysms” in the not too distant future, some now-household names will grace the table of contents. Nouriel Roubini, an economist nicknamed “Dr. Doom,” has earned his place in this book for writing in 2006 that ” ' the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession.” Harry M. Markopolos, a securities fraud investigator, earned his place for repeatedly tipping off the U.S. Securities and Exchange Commission since 1999 that it was not legally possible for Bernard Madoff to deliver the returns he'd claimed to deliver. Cathy L. Reese ' maybe you haven't heard of her yet. Allow me to share.
Cathy L. Reese is a principal in the Delaware office of Fish & Richardson P.C., where she heads the firm's corporate and Chancery litigation practice. Readers of this newsletter no doubt appreciate that these courts render judgment on the conduct of directors and officers of Delaware corporations, especially their fiduciary obligations to shareholders. Since 70% of U.S. public companies are formed under Delaware law, decisions arising from these courts receive wide attention.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.