SEC News

NYCB Hit With First Investor Lawsuit Over Share Price Collapse

New York Community Bancorp is facing the first of what are likely to be several securities fraud lawsuits alleging the bank and its top executives misled shareholders about the health of its commercial real estate loan portfolio. Shareholder Walter Edward …

Morgan Stanley to Pay Under $300M to Settle Trading Probe

Morgan Stanley is close to an agreement to pay $200 million to $300 million to resolve a yearslong US investigation into its employees’ handling of stock sales big enough to move markets, a probe that rattled major clients and reverberated …

Musk Off Tesla Board as Part of Settlement With Regulators

Tesla’s board has named one of its own as chairman to replace Elon Musk, complying with terms of a fraud settlement with U.S. securities regulators. The electric car and solar panel company’s board on Thursday named Australian telecommunications executive Robyn …

SEC Focus on Unicorn Start Ups Could Change Private Company D&O Insurance

Unicorn start-ups are facing increasing scrutiny by the U.S. Securities and Exchange Commission (SEC) for several reasons, including the potential for inflated valuations and misleading statements both of which pose a risk to investors, according to Kim Melvin, a partner …

SEC Determines No Enforcement Action Over Target’s Data Breach

The U.S. Securities and Exchange Commission won’t pursue an enforcement action against Target Corp. after hackers stole data on 40 million credit and debit cards during the 2013 holiday shopping season, according to a regulatory filing. The agency finished its …

SEC Reports Rise in Whistleblower Tips in Fiscal 2014

The U.S. Securities and Exchange Commission received more than 3,500 tips from whistleblowers in fiscal year 2014, the largest number received since the program went into effect three years ago. The SEC announced the increase in its Nov. 17 annual …

Chubb Disowns Syria ‘Adjusters’ After SEC Inquiry

Chubb Corp. has distanced itself from insurance adjusters in Sudan and Syria after a U.S. Securities and Exchange Commission inquiry into business in nations blacklisted by the U.S. because of terrorism ties. The third-party adjusters who examine marine claims are …

Regulators Alert Financial Firms to Disaster Risk

The Securities and Exchange Commission has issued a risk alert on business continuity and disaster recovery planning for investment advisers. The SEC risk alert from its Office of Compliance Inspections and Examinations (OCIE) follows a joint advisory issued on August …

SEC to Require Mea Culpas in Some Big Settlements

The chairman of the Securities and Exchange Commission says the agency will start requiring companies and individuals to admit wrongdoing in some big settlements. Currently, under a longstanding practice, the SEC allows companies and individuals to settle charges without admitting …

Hacked Companies Still Not Telling Investors

At least a half-dozen major U.S. companies whose computers have been infiltrated by cyber criminals or international spies have not admitted to the incidents despite new guidance from securities regulators urging such disclosures. Top U.S. cybersecurity officials believe corporate hacking …