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Pay to Play
Traditionally, you might have gotten the call from an investment adviser client who had provided lucrative contracts to a state investment officer's friend, after the state officer placed an even more lucrative investment with the adviser's firm. Then you would try to work your way through the government's latest attempt to address the reputed “pay to play” tradition that surrounds placement agents working with public pension funds.
Today, the phone call may come from your own law partner wondering how she can possibly be under investigation for assisting a firm client in obtaining a meeting with a public pension fund that did not lead to an investment and for which the firm got no money. As shown by the Manatt Phelps settlement in New York (discussed below), the world has changed radically for anyone trying to obtain investments from public pension funds.
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.
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.
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.