Free Speech, Due Process and Trial by Jury
An administrative law judge for the U.S. Securities & Exchange Commission has exonerated Houston-based Robare Group and two of its executives of all charges the agency brought against them last September.
Texas justices, in its recent opinion in Shell Oil v. Writt, provide comfort that information shared with the government will not form the basis of a defamation claim by an individual identified in that information (at least in Texas), thus alleviating the potentially untenable position faced by companies that ostensibly had to choose between seeking cooperation credit and defending related defamation claims. The opinion also serves as an important reminder that concrete steps should be taken to preserve claims of privilege during the course of the FCPA investigation.
Information provided voluntarily by businesses to federal prosecutors as part of a foreign corruption investigation is covered by absolute privilege – even if those details contain false allegations that would otherwise be considered defamatory, the Texas Supreme Court ruled Friday.
Josh Romero, a partner in Jackson Walker’s Austin office, said the case is significant because it is aligned with the national surge in False Claims Act litigation.
David Woodcock, the director of the SEC’s Fort Worth Regional office, said Tuesday that “now is the right time to leave.” In an exclusive interview with The Texas Lawbook, Woodcock said he has made no career plans regarding his future.
An administrative law judge ruled Thursday that two Colleyville financial executives did little-to-nothing wrong in their leadership positions at Dallas-based Penson Financial, a now-defunct clearing service for U.S. brokerage houses dealing in stock trades. The case is a significant win for Haynes and Boone, which led the defense team and a major loss for the SEC, which lost only one of the 23 cases it filed with ALJs. By comparison, the agency lost one-third of the cases it brought in federal court during the same time period.
Investors are going after the law firms, insurance brokers and financial advisors that worked with Allen Stanford during his infamous Ponzi Scheme, claiming they played heavy roles in Stanford’s ability to defraud billions of dollars from roughly 20,000 investors.
A federal trial is underway in Dallas in which Ralph Janvey seeks to force several political officials to return millions of dollars in fees they were paid as advisers. “This is such an important case, really out of proportion to the dollars involved,” said Kevin Sadler, who represents Janvey. Lawrence Bowman, lawyer for Peter Romero, the former ambassador to Ecuador said his client is an honorable man who did nothing wrong."
JoAnn Harris is about to get a big raise. The private equity firm is expected next week to name the SEC assistant director of enforcement as its new deputy director of corporate compliance. “TPG’s footprint is around the globe,” Harris told The Texas Lawbook. “It is definitely going to be a challenge, but it will be fun.”
Grapevine-based Dallas Airmotive Inc. admitted late Wednesday to federal prosecutors that it paid bribes to government officials in Argentina and Brazil in order to obtain lucrative airplane engine maintenance contracts.
An Austin federal judge ordered Waco-based Life Partners Holdings and its CEO and general counsel to pay $46.9 million for violating securities laws. In a scathing, 22-page order, U.S. District Judge James Nowlin made statements that surprised lawyers for both Life Partners and the Securities and Exchange Commission, which brought the lawsuit in 2012. The Texas Lawbook has the details.
The National Transportation Safety Board's new decision granting regulatory authority of unmanned aircraft systems is a blow to businesses seeking to use drones in a variety of industries. It is now clear that Texas energy and utility companies eyeing drone technology for pipeline or power-line inspections, or commercial agriculture operators considering drones for crop inspections, will need to seek exemptions from the FAA.
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