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securities, futures & derivatives litigation: news
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Media Mention

Heard Off the Street: Fidelity Investors Feel Shortchanged
January 24, 2014 -- The Pittsburgh Post-Gazette
Herrick partner Jason D’Angelo was quoted in the Pittsburgh Post-Gazette article “Heard Off the Street: Fidelity investors feel shortchanged.” The article analyzes recent class action lawsuits brought on behalf of Fidelity employees against Fidelity, alleging violations of fiduciary duties in connection with Fidelity’s 401(k) plan. In the article, Jason explains that U.S. Labor Department regulations allow mutual funds and other financial services companies to offer their own products and services to their employees, and that the cases will likely hinge on whether Fidelity acted prudently in analyzing and selecting investment options, and whether the fees were reasonable.
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CFTC Likely to Charge MF Global Execs Beyond Corzine
June 25, 2013 -- Reuters
Herrick Litigation Partner Therese M. Doherty’s comments on the Commodity Futures Trading Commission’s potential suit against MF Global Chief Executive Jon Corzine were featured the Reuters article, “CFTC likely to charge MF Global execs beyond Corzine.” Ms. Doherty serves as the Co-Chair of Herrick’s Securities and Derivatives Litigation and Regulatory Practice Group and regularly defends firms and individuals against CFTC enforcement proceedings.
Media Mention

Herrick's Securities Litigation, Real Estate and Land Use Practices Recognized for Excellence in US Legal 500
June 5, 2013 -- Legal 500
Seven partners in Herrick's Litigation and Real Estate departments have been recognized in the 2013 edition of The Legal 500 United States, a widely-read guide to the "best of the best" national law firms in the United States.
Media Mention

Q&A with Herrick, Feinstein’s Arthur Jakoby
May 30, 2013 -- Law360
Herrick, Feinstein Partner Arthur G. Jakoby, who co-chairs the firm's securities and commodities litigation and regulatory group, is featured in a Q&A on his practice.
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Lawyer: Madoff May Be One of My Clients' Better Investments
December 18, 2012 -- Bloomberg Law Video “Rainmakers”
Arthur Jakoby, Co-Chair of the Securities and Commodities Litigation and Regulatory Practice Group at Herrick, Feinstein, was featured on Bloomberg Law's Rainmakers series with Spencer Mazyck. Mr. Jakoby discussed his representation of Beacon Associates LLC and Andover Associates LLP in the recently announced, unprecedented settlement of various litigations arising out of the collapse of Bernard L. Madoff Investment Securities LLC.
Media Mention

Madoff Settlement Could Net Hefty Profit for Hedge Funds and Investors
December 17, 2012 -- Hedge Funds Review
Arthur Jakoby, Herrick, Feinstein Partner and co-Chair of the firm’s Securities and Commodities Litigation and Regulatory Practice Group, is quoted in an article describing the unprecedented global settlement on behalf of Beacon Associates LLC and Andover Associates LLP, feeder funds which were defrauded by Bernard L. Madoff Investment Securities LLC. "We expect our clients to recover significantly more than their losses," said Mr. Jakoby. "If you look at what has happened with other Madoff investors, no one has made a profit on their Madoff investments."
Media Mention

Madoff Victims Get an Xmas Gift Card
December 13, 2012 -- Institutional Investor
In an article detailing the unprecedented recent global settlement on behalf of Beacon Associates LLC and Andover Associates LLP, feeder funds which were defrauded by Bernard L. Madoff Investment Securities LLC, Arthur Jakoby, Herrick, Feinstein Partner and co-Chair of the firm’s Securities and Commodities Litigation and Regulatory Practice Group, says, “With all of the settle amount combined, the investors are likely to recover more than 100 percent of their principal investment and make a profit on their Madoff investment."
Media Mention

Judge Approves Settlement with Madoff Feeder Funds
December 5, 2012 -- DowJones Daily Bankruptcy Review and Wall Street Journal Bankruptcy Beat Blog
Dow Jones reported on Judge Burton R. Lifland’s approval of a settlement that, in connection with a separate pending settlement, will likely result in the complete recovery of investments for Beacon Associates LLC and Andover Associates LLP, feeder funds which were defrauded by Bernard L. Madoff Investment Securities LLC. In the article Arthur Jakoby, Herrick, Feinstein Partner and co-Chair of the firm’s Securities and Commodities Litigation and Regulatory Practice Group, who is counsel for the Beacon/Andover Funds, said that the settlement” virtually guarantees” that Beacon and Andover are “going to make a profit from Madoff."
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Herrick, Feinstein LLP Announces Global Madoff Settlement on Behalf of Its Hedge Fund Clients Beacon Associates, Andover Associates and Affiliates
November 13, 2012
Herrick, Feinstein LLP announced a global settlement of various litigations arising out of the collapse of Bernard L. Madoff Investment Securities LLC ("Madoff") that will return approximately $206 million, collectively and over time, to several defrauded investor groups, who invested in several Madoff feeder hedge funds, collectively known as the Beacon/Andover Funds.
Media Mention

NY: $210M from Mellon co. to end Madoff lawsuits
November 13, 2012 -- Associated Press
In an article about a settlement reached with Ivy Asset Management, which advised clients to invest with Bernard Madoff, Herrick, Feinstein Partner and co-Chair of the Securities and Commodities Litigation and Regulatory Practice Group, Arthur Jakoby, is quoted describing what the settlement means for the investors in the Beacon and Andover Funds, which include union pension plans. The Associated Press report appeared in outlets including The Washington Post, ABC News, NBC News, Fox News, Bloomberg BusinessWeek and the Wall Street Journal online.
Media Mention

Ivy Asset Mgmt settles with NY for $210 million over Madoff
Novemer 13, 2012 -- Reuters
Herrick, Feinstein Partner and co-Chair of the Securities and Commodities Litigation and Regulatory Practice Group, Arthur Jakoby, is quoted in an article about a settlement reached with Ivy Asset Management which advised clients to invest with Bernard Madoff. Mr. Jakoby notes that, “investors in Beacon and Andover funds, which were feeder funds for Madoff, will receive about $99 million from the settlement.” The article further describes a second settlement Mr. Jakoby negotiated with the Madoff Trustee on behalf of the Beacon and Andover Funds which will recover approximately $100 million more for investors.
Media Mention

BNY Mellon Unit To Pay $210M To End Madoff Investor Suits
November 13, 2012 -- Law360
Law360 reported on the settlement reached with Ivy Asset Management which advised clients to invest with Bernard Madoff. The article quotes Herrick, Feinstein Partner and co-Chair of the Securities and Commodities Litigation and Regulatory Practice Group, Arthur Jakoby, who represented the Beacon and Andover Funds, about what the outcome means for the investors in the Beacon and Andover funds. "The crimes perpetrated by Bernard Madoff against the Beacon/Andover Funds were financially devastating to our investors, but this settlement provides our investors with justice and will restore to our investors their hard earned monies," Jakoby said.
Media Mention

Area union pensions gain in Madoff deal
November 13, 2012 -- Albany Times Union
In a story about how the settlement agreement reached with Ivy Asset Management will impact New York State pension plans, the Albany Times Union quotes Herrick, Feinstein Partner and co-Chair of the Securities and Commodities Litigation and Regulatory Practice Group, Arthur Jakoby who stated that the settlement, “provides our investors with justice and will restore to our investors their hard earned monies."
Media Mention

Labor Department settles with Ivy, 3 other firms over Madoff losses
November 13, 2012 -- Pensions & Investments
Herrick, Feinstein Partner and co-Chair of the Securities and Commodities Litigation and Regulatory Practice Group, Arthur Jakoby is quoted in a report about the settlement with Ivy Asset Management which resolves litigation filed by both the Department of Labor and the New York Attorney General's office as well as private and class-action lawsuits brought by individuals and pension plans. On behalf of Beacon Associates and Andover Associates, Mr. Jakoby states, “This settlement probably is the most favorable outcome for any investor who invested with Madoff through an investment feeder fund … this settlement provides our investors with justice and will restore … their hard-earned monies.”
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Former Prosecutor Rosenfield on Insider Trading Arrests
January 18, 2012 -- Public Broadcasting System's Nightly Business Report
In a live interview on the evening's lead story, David Rosenfield discusses the filing of criminal insider trading charges by the Department of Justice against a number of people who had managed now-defunct hedge funds, and the SEC’s civil charges against the fund managers and two of the now-defunct funds. David notes that the charges were brought a year after a number of FBI raids, and he opines that the Department of Justice and SEC are looking to bring additional insider trading cases.
Media Mention

Stock scam ensnares attorneys
August 29, 2011 -- The National Law Journal
Arthur Jakoby's representation of a former attorney who pleaded guilty to a charge of obstruction of justice, in a larger securities case in that involved manipulation of stock prices, is noted here. The article also notes that Arthur is co-chair of the firm's securities and commodities litigation and regulatory practice group.
Accolade

Therese Doherty Appointed Member of New York City Bar Association’s Committee on Futures and Derivatives Regulation
August 10, 2011
Therese Doherty is appointed as a new member of the New York City Bar Association’s Committee on Futures and Derivatives Regulation. Therese will serve a three-year term, working with other leading lawyers on trading issues and the regulation of futures contracts and over-the-counter derivatives products. We congratulate Therese on joining this prestigious committee, whose published comments on legal and regulatory developments often have a significant impact on the financial markets.
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Bad Boy of Wall Street
June 30, 2011 -- CNBC's Kudlow and Company
Steven Feldman tells a network audience that it is generally risky for criminal defendants to speak publicly about the charges against them, lest they say something that could hurt them at trial. He acknowledges, however, that defendants have multiple interests and agendas, including earning an income, which could explain why a defendant in a securities fraud case is pitching his life story -- centered on the criminal case -- as a reality television show of which he would be the star.
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Recent Trillion-Dollar Filings Suggest Weakness In SEC System
June 16, 2011 -- Wall Street Journal.com
Corporate partner Stephen Fox, who represents public companies in SEC filings issues, and litigation partner Steven Feldman, who handles white collar criminal and securities matters, are quoted in this article, which describes how a Texas man filed apparently false documents with the SEC that purported to indicate that he held trillions of dollars worth of stock shares. In some cases, the filings -- if true and accurate -- would have meant that he held more shares than the issuing company had issued. Stephen Fox describes public company filings, and Steven Feldman describes possible civil and criminal liability. A different version -- also quoting both Herrick attorneys -- ran on the Dow Jones Newswire.
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Rajaratnam verdict may mean more Wall St. crackdowns: Much will depend on the outcome of similar cases working their way through the courts
May 11, 2011 -- MSNBC.com
Shortly after a federal jury convicted trader Raj Rajaratnam on all 14 counts of insider trading, Steven Feldman says traders and funds are taking seriously the government crackdown on insider trading. Based on a number of search warrants that have been executed in matters that have not yet resulted in charges, Steve predicts that more criminal insider trading charges lie ahead for Wall Street.
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Rajaratnam convicted on all counts
May 11, 2011 -- CNBC
Minutes after a federal jury convicted trader Raj Rajaratnam on all 14 insider trading-related counts, Steven Feldman appears live on this extended segment. Steve discusses the government's growing interest in insider trading prosecutions, funds' reactions, and the effect of the guilty verdict on Wall Street. To see Steve's portions of this segment, go to the 4:50, 8:28, 12:08, 16:15, and 23:30 marks.
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Galleon's Rajaratnam convicted on all counts
May 11, 2011 -- CNBC
David Rosenfield tells a live network audience that the government scored a huge win in getting convictions on all 14 counts related to Raj Rajaratnam's trading activities. David says that based on the convictions, he envisions more insider trading cases, more use of wiretaps in financial investigations and an empowered and energized Department of Justice. He adds that traders should avoid talking to employees of companies -- making their trading decisions on information already in the public domain -- or, at the very least, to use extreme caution when having those discussions and acting on information gleaned. To see David's portions of this segment, go to the 0:35 and 6:45 marks.
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What Rajaratnam's conviction means to Wall Street
May 11, 2011 -- Public Broadcasting System's Nightly Business Report
Steven Feldman tells a live nationwide audience that the conviction of Galleon manager Raj Rajaratnam is a huge win for the Department of Justice, and that traders are already modifying their behavior as a result of the fervor with which the government pursued Rajaratnam. This story led the broadcast; to skip to Steve's portion, go to the 2:44 mark.
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If Mortgage Fraud Was Rampant, Why Aren't Criminal Charges?
May 6, 2011 -- Fox Business.com
David Feuerstein says the Department of Justice filed a civil action -- but not criminal charges -- against Deutsche Bank in connection with the residential mortgage meltdown as a result of the higher burden of proof in criminal cases, the government's failure to convict Bear Stearns executives in an earlier criminal case, and Deutsche's possible defenses. Those defenses, David says, could include the possibility that mortgage brokers and borrowers provided the bank with false information.
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Justice Department Sues Deutsche Bank AG (NYSE: DB) for 'Reckless Lending'
May 5, 2011 -- Money Morning
Analyzing the federal government's civil suit against Deutsche Bank, which alleges it defrauded the FHA by making FHA-backed residential mortgage loans to people who were not eligible, David Feuerstein suggests the government would have filed criminal charges if it were more confident in its case. He notes that the statute under which the suit was filed, the False Claims Act, allows for either criminal or civil litigation, or both.
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Have lying mortgage bankers met their match?
May 4, 2011 -- CNNMoney.com
David Feuerstein casts skepticism on the strength of the government's civil suit against Deustche Bank -- filed as a result of the mortgage meltdown -- and suggests that if the Department of Justice had a stronger case, it might have filed a criminal action.
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The Second Market
April 4, 2011 -- CNBC's Power Lunch
In a live network appearance, Steven Feldman discusses whether an increase in trading in private companies' shares -- such as Facebook, Zynga and Twitter -- has spawned an insider trading problem in the technology world. He notes that federal statutes don't distinguish between public held companies' shares and those of private companies, but he outlines potential defenses that may be available to those charged with insider trading in private shares.
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The Berkshire Bombshell
March 31, 2011 -- CNBC's Power Lunch
Steven Feldman analyzes for a live network audience the possible criminal or civil liability facing David Sokol, the Berkshire Hathaway executive who resigned amid news he bought shares in a company that Berkshire Hathaway later acquired, as well as his possible defenses and corporate governance issues.
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Berkshire Brand Tarnished?
March 31, 2011 -- CNBC's Power Lunch
Steven Feldman analyzes for a live network audience Berkshire Hathaway's corporate governance issues and the possible criminal or civil liability facing David Sokol, the Berkshire executive who resigned amid news he bought shares in a company that his employer later acquired. Steven disusses market manipulation, insider trading, the current climate involving insider trading, as well as possible defenses and the notion that it is far from clear that there was any wrongdoing.
Media Mention

SEC Loath to Clarify Insider-Trading Rules
February 16, 2011 -- Hedge Fund Alert
Steven Feldman analyzes the largely fruitless attempt by the hedge fund industry's trade group, the Managed Funds Association, to convince the SEC to clarify its view of what constitutes insider trading. Steve says that it remains a gray area because there is no single law that proscribes insider trading, and that the SEC's efforts to codify matters through regulation has lacked enough specific detail to offer clarity.
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Gerova Financial Unit’s Assets Were Questioned in SEC Wells Notice
January 25, 2011 -- Forbes.com
Arthur Jakoby is quoted, and our representation of Stillwater Capital Partners is noted, in the blog entry “Gerova Financial Unit’s Assets Were Questioned in SEC Wells Notice,” which discusses the Wells Notice that Stillwater received in June 2010.
Media Mention

SEC Rule Has Swaps Traders Running Scared
January 12, 2011 -- Hedge Fund Alert
Patrick Sweeney notes that a new SEC rule -- which traders did anticipate -- covers security-based swaps for the life of the contract. Pat notes that under the newly promulgated rule, traders can be liable in cases of ordinary disputes about calculating values or netting cash payments.
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Bernard Madoff Investors to Launch New Wave of Lawsuits Against U.S. Regulator
January 1, 2011 -- The Telegraph
Howard Elisofon is quoted in The Telegraph article "Bernard Madoff Investors to Launch New Wave of Lawsuits Against U.S. Regulator." The article notes our actions against the SEC on behalf of Madoff investors.
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How an SEC Crackdown Led to Rise of 'Expert Networks'
December 17, 2010 -- The Wall Street Journal
Steven Feldman analyzes the government's widening of insider trading investigations and prosecutions to include technology executives, midlevel managers and even doctors who are involved in potentially market-moving clinical trials. Steve cautions that investors must be more careful than ever not to run afoul of laws and regulations, but says that in the end, criminal and civil prosecutions will turn on traditional insider trading issues rather than proper research.
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SEC Fixed or Still Broken?
December 10, 2010 -- CNBC's Power Lunch
The SEC was extremely negligent in its handling of the Madoff scheme but has improved markedly since then, David Rosenfield tells a live network audience on the two-year anniversary of Madoff's arrest. David says more and better staff, specialization in the SEC's units, and a new chair and director of enforcement have made the SEC far more effective.
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Federal Probe Prompts Compliance Reviews
December 1, 2010 -- Hedge Fund Alert
In this article about what hedge funds are doing -- and should be doing -- in response to the government's recent activity in enforcing statutes that prohibit insider trading, Irwin Latner says chief compliance officers should dig deeply into the relationship between the funds and independent research networks and how information gleaned from the research is being used in trading.
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Insider Case Has Soft-Dollar Focus
November 27, 2010 -- The Wall Street Journal
Steven Feldman says tracking the flow of soft dollars could be an integral part of prosecuting -- or defending -- insider trading cases, their use possibly showing criminal intent if investment firms purposely obscured payments by routing them through their brokers rather than paying directly. Soft dollars are premiums that stock brokerages give their biggest traders, who, in turn, use them to pay for research.
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Wall Street Witch Hunt
November 23, 2010 -- CNBC's Power Lunch
In this live network segment, Jason D'Angelo says the public wants the government to be aggressive in investigating and prosecurting insider trading cases, but he cautions against over-reaching. He says he sees some instances of the government's expanding the definition of insider trading and notes that the whistleblower provisions of Dodd-Frank give the government more resources but believes most of the civil and criminal prosecutions will be based on traditional insider trading methods.
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Insider Trading Probe
November 22, 2010 -- CNBC's Closing Bell
In a live, five-minute network segment, Steven Feldman tells Maria Bartiromo that the government can easily start an insider trading investigation -- and possibly smear hedge funds' reputations in the process -- but it is harder to get a search warrant, slightly harder to indict traders, and far more difficult to secure convictions. He says the government's recent aggressiveness is an indication that it is seeking to make insider trading a point of emphasis and could represent over-reaching.
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Once on Sleepy Beat, Regulator Is Suddenly Busy
November 5, 2010 -- The New York Times
Therese Doherty, who routinely represents financial institutions before the CFTC, says the regulator has grown in size and stature, but also in ambition. The CFTC's goal to regulate a wider swath of the market will present new challenges even as it ramps up its operations.
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Charity Fingers SEC For $20M Lost In Madoff Scheme
September 27, 2010 -- Law360
This story notes Howard Elisofon's and Herrick, Feinstein's representation of the Litwin Foundation, which sued the SEC based on the commissions actions and inactions in the Madoff fraud. The story notes that our firm has filed four suits on behalf of six victims.
Media Mention

New Law Encourages Whistleblowers
July 28, 2010 -- Hedge Fund Alert
Steven Feldman notes that the financial overhault legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act contains a provision that authorizes the SEC to pay an aggregate of $300 million to whistleblowers with insiders' knowledge of fraud. He says, however, that the legislation places some constraints on prospective whistleblowers, requiring them to retain counsel before approaching the SEC, for instance, in an attempt to eliminate false claims of wrongdoing.
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Reports of criminal probe send Goldman Sachs stock plunging
May 1, 2010 -- Los Angeles Times
Steven Feldman casts doubt on the likelihood of the DOJ's bringing a criminal action -- no less a successful criminal action -- against Goldman Sachs, saying the SEC probably shared with the DOJ information throughout the civil investigation. The DOJ would probably be farther along in its work than it appears to be, if this were likely to be treated as a criminal matter, he says.
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Harry Markopolos, Madoff's Nightmare
April 16, 2010 -- Investor's Business Daily
Howard Elisofon calls Harry Markopolos a hero in this story, which describes the former fund manager's efforts to convince regulators that Madoff was a fraud. The story mentions our lawsuit against the SEC on behalf of Madoff's victims, and notes that Elisofon says Markopolos' informal investigation, findings, and numerous reports to the SEC will be a component of our case.
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U.S. Sued Over SEC’s ‘Negligence’ in Madoff’s Fraud
March 18, 2010 -- Bloomberg News
This story notes that we sued the SEC on behalf of three clients -- a charity and two individual investors -- who lost money in the Madoff scheme. This was our firm's second round of suits against the commission, the first coming in 2009, and it follows by three months the SEC's motion to dismiss our first two complaints.
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Securities Fraud and Madoff Case
January 4, 2010 -- Lawline
Howard Elisofon discusses securities litigation, particularly as it relates to the Madoff fraud, in this taped television interview. He also discusses our firm's suit against the SEC on behalf of Madoff's victims.
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SEC Invokes Immunity in Negligence Suit by Madoff Victims
December 16, 2009 -- The AmLaw Litigation Daily
The government's motion to dismiss our suit against the SEC on behalf of two Madoff investors claims the SEC acted with proper discretion and therefore has immunity, this item notes.
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SEC Seeks Dismissal of Madoff Victims Negligence Suit
December 15, 2009 -- Bloomberg News
Howard Elisofon, our lead attorney in our suit against the SEC on behalf of two Madoff investors, says the government's motion to dismiss -- and the grounds on which the government relies -- come as no surprise. The government claims immunity and that it had discretion to act as it did in handling the Madoff scheme.
Media Mention

Best Practices for a Hedge Fund Manager General Counsel or Chief Compliance Officer that Suspects or Discovers Insider Trading by Manager Employees or Principals
December 3, 2009 -- The Hedge Fund Law Report
Steven Feldman outlines what hedge funds and their managers ought to do -- and avoid doing -- when they suspect that employees or traders are using non-public information to make profitable trades.
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Start Date Is Critical in Ponzi Plan
November 24, 2009 -- The New York Times
Our motion on behalf of a Madoff investor -- which the Times and a disinterested attorney both called "novel" -- is highlighted in this story, which notes that the start date of the Madoff scheme may have a significant impact on the fortunes of entities that began investing with Madoff many years ago. Therese Doherty and John Oleske are both named in this story, which covers our attempts to recover money and protect the investor from a clawback action.
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Feldman Calls Rajaratnam Case a `Moving Investigation'
October 20, 2009 -- Bloomberg Television
Steven Feldman analyzes the government's and defense's strategies and tactics in insider trading cases, and discusses the climate for such prosecutions.
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Investors who lost $2.4m in Madoff scheme sue SEC
October 15, 2009 -- Financial Times
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Two Investors Sue SEC Over Madoff Probe
October 15, 2009 -- The Wall Street Journal
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Madoff Victims' Lawyer Elisofon Interview
October 14, 2009 -- Bloomberg Television
Howard Elisofon, appearing live, discusses our lawsuit against the SEC on behalf of two Madoff investors, and tells why we should prevail.
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Suit Claims S.E.C. Failed to Detect Madoff Scheme
October 14, 2009 -- New York Times
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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SEC Sued by Madoff Investors for Missing Ponzi Scheme
October 14, 2009 -- Bloomberg News
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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S.E.C. Sued Over Madoff Fraud
October 14, 2009 -- New York Times DealBook
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Two Madoff victims file lawsuit against the SEC
October 14, 2009 -- Reuters
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Couple Sues SEC for $2.4 Million in Madoff Losses
October 14, 2009 -- The Associated Press
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Madoff Victims File Suit Against SEC
October 14, 2009 -- The AmLaw Litigation Daily
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Madoff victims sue SEC for 'negligence'
October 14, 2009 -- CNNMoney.com
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Swindled Madoff Investors Sue U.S. Gov't for Ignoring 'Smoking Guns' in Ponzi Scheme
October 14, 2009 -- ABC News.com
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Madoff Victims Sue SEC
October 14, 2009 -- CNBC's Power Lunch
As we held a press conference to announce our lawsuit against the SEC on behalf of Madoff investors -- the first of its kind in the nation -- John Oleske simultaneously appears live on network television to describe the suit, what relief we seek for our clients, and why we believe we will prevail.
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Madoff Victims Sue SEC
October 14, 2009 -- The Business Insider
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
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Madoff Victim Speaks Out
October 14, 2009 -- Fox Business Channel
As we hold a press conference to announce our lawsuit against the SEC on behalf of Madoff investors -- the first such action in the nation -- Therese Doherty and our client Phyllis Molchatsky appear live on network television to announce the suit, describe the relief we seek, and discuss why we believe we will prevail.
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The Madoff Exiles
September 27, 2009 -- New York Magazine
Howard Elisofon and our client Phyllis Molchatsky discuss how the firm -- on behalf of Phyllis -- came to file an action against the SEC over its actions and inactions in the Madoff fraud.
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SEC Inspector General's Madoff Report, Senate Banking Committee Holds Hearings
September 10, 2009 -- Bloomberg Television
David Rosenfield appears live to analyze the SEC Inspector General's report on the SEC's failed investigations of the Bernard Madoff fraud, as well as the Senate Banking Committee hearings that the report triggered.
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Fox Business Live
September 2, 2009 -- Fox Business Channel
Steven Feldman tells a live network audience that the SEC Inspector General's report about the commission's actions and inactions in the Madoff fraud was a deservedly blistering review.
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DiPascali Fallout
August 12, 2009 -- CNBC
In light of the guilty plea of Madoff associate Frank DiPascali, David Rosenfield says the scope of the fraud appears wide and deep. Prosecutors are hoping that DiPascali will help them unravel how the fraud was perpetrated and who was involved.
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Victims Await Sentencing For Bernard Madoff
June 24, 2009 -- WCBS-TV
At a press conference where he announced that our firm filed seven new actions against the SEC, Howard Elisofon says the government should compensate Madoff victims because the SEC was negligent in how it investigated the fraud.
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Madoff Victims Seethe at SEC
June 24, 2009 -- MyFox Channel 5
At a press conference announcing that we had filed seven new actions against the SEC on behalf of Madoff victims, Howard Elisofon says that the government should be held accountable and compensate the victims as a result of the SEC's negligence.
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SEC rejects Madoff claim; investor may sue
June 24, 2009 -- Daily Finance
Our client, the Madoff victim Phyllis Molchatsky, has the right to sue the SEC now that the government has rejected her administrative claim, Howard Elisofon says.
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SEC Won't Cover Investor's $1.7M In Madoff Losses
June 24, 2009 -- Law360
The SEC's rejection of our administrative claim on behalf of our client, the Madoff victim Phyllis Molchatsky, gives her legal standing to file a federal lawsuit against the SEC, alleging negligence in how it investigated the fraud, Howard Elisofon says.
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Madoff Victims Express Anger at SEC
June 24, 2009 -- WNBC-TV
At a press conference announcing that the SEC had rejected our initial administrative claim on behalf of a Madoff victims and that our firm had filed seven new claims, Howard Elisofon describes why the government should be held liable for the SEC's actions.
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SEC rejects Madoff investor claim for damages
June 23, 2009 -- Reuters
The SEC rejected our administrative claim against the SEC on behalf of our client Phyllis Molchatsky, clearing the way for us to sue on her behalf in federal court. She is seeking money damages as recompense for what she lost with Bernard Madoff. The story also notes that we envision filing similar actions on behalf of other Madoff vicitims shortly.
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Demystifying Madoff: L.I. Fraud Victims Find Strength In Numbers
June 18, 2009 -- Long Island Press
The SEC's negligence caused much of the loss suffered by many Madoff victims, John Oleske tells a group of Long Island-based Madoff victims.
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More financial fraud cases seen after US overhaul
June 17, 2009 -- Reuters
The proposed U.S. financial regulatory overhaul, which gives added power to the SEC and other regulators and which broadens definitions of misconduct by those in the financial services sector, will probably lead to more investigations and prosecutions, Steven Feldman says. The increased scrutiny and changed definitions of what constitutes violations will affect the criminal and civil litigation landscapes, he says.
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Battling Giants–An Attorney Takes On The SEC
June 9, 2009 -- www.madoff-help.com
In a section of the Madoff victims' website called "Meet The Pros," Howard Elisofon does a question-and-answer on our firm's work in clawback counsel and defense and on our action against the SEC on behalf of individual investors who lost money in the Madoff scam.
Media Mention

How Supreme Nominee May Side in Industry Fee Case
May 28, 2009 -- Ignites.com
Judge Sonia Sotomayor, nominated for the Supreme Court, does not appear to be pro-business, Jason D'Angelo says, but she has decided cases for business defendants and appears to appreciate the issues that mutual funds face. That will be especially important as the Supreme Court decides an excessive-fee case.
Media Mention

Target Madoff
May 23, 2009 -- Fox News Channel
Therese Doherty discusses clawbacks, and our client Phyllis Molchatsky discusses her action against the SEC, in this one-hour documentary on the Bernard Madoff scandal.
Media Mention

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Victim Assistance: A novel legal complaint against the SEC could win Madoff victims a government bailout -- and a backlash from taxpayers
May 2009 -- NYinc
In the inaugural issue of this publication, Howard Elisofon and our client Phyllis Molchatsky discuss why they have commenced an action against the SEC to recover money lost in the Madoff swindle.
Media Mention

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Lawyers: Madoff Investors Could Face Legal Action
April 23, 2009 -- Newsday.com
Howard Elisofon is quoted in this article about how some Madoff investors who received false profits could face legal action aimed at taking back money they withdrew before the Ponzi scheme was uncovered.
Media Mention

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Madoff Strikes Again
April 23, 2009 -- CNBC
Howard Elisofon appears live to discuss the clawback letters that the SIPC trustee began sending to Madoff victims last Friday.
Media Mention

Trustee Seeking Return Of Withdrawn Funds
April 22, 2009 -- The Wall Street Journal
Howard Elisofon is quoted in this article about the request for Madoff investors to return money they withdrew in the six years before Madoff’s firm collapsed. Howard notes that this is an insensitive request since many lost more money from the fraud than they took out.
Media Mention

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Investors continue with plan to force Madoff into bankruptcy
April 14, 2009 -- USA Today
Creditors' attempts to force Bernard Madoff into bankruptcy against the wishes of the Department of Justice and court-appointed trustee would give indirect investors -- those who invested through feeder funds -- "a central legal forum" they lack otherwise, Stephen Selbst says. He cautions, however, that the on-going criminal investigation may delay a new bankruptcy trustee while prosecutors decide whether to turn over records.
Media Mention

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Morgan Stanley to pay $7 million in penalties
March 25, 2009 -- The Associated Press
Howard Elisofon is quoted in a story about FINRA's settlement with both Morgan Stanley and our client -- a branch manager at the brokerage -- of regulatory charges that both failed to supervise brokers.
Media Mention

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Morgan Stanley Settles Claim Brokers Misled Retirees
March 25, 2009 -- Bloomberg News
Howard Elisofon is quoted regarding FINRA's settlement of regulatory charges against our client -- a branch manager for a major brokerage -- that he failed to supervise brokers in his branch office.
Media Mention

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M. Stanley to pay $7.2 mln for misleading retirees
March 25, 2009 -- Reuters
Howard Elisofon discusses FINRA's settlement with our client, a Morgan Stanley branch manager who had faced regulatory charges of failure to supervise brokers.
Media Mention

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Should the Gov't Bailout Madoff Victims?
March 17, 2009 -- CNBC's The Call
Therese Doherty advocates for government compensation for Madoff victims, in the form of tax relief, direct payments, or establishment of a victims' compensation fund, in this live debate.
Media Mention

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Madoff's Massive Fraud
March 12, 2009 -- CNBC's Power Lunch
Steven Feldman discusses bail issues, possible further targets of investigations, the tactics and strategies of prosecutors and defense counsel, and tracing the sources of relatives' assets as Bernard Madoff pleads guilty to criminal charges.
Media Mention

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Madoff's Guilty Plea and Jail Time
March 12, 2009 -- CNBC's Power Lunch
Steven Feldman analyzes the SEC's role and missteps in the Madoff fraud.
Media Mention

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Lewis on Banking Recovery
March 12, 2009 -- CNBC's Power Lunch
Steven Feldman opines that the SEC dropped the ball in investigating Bernard Madoff and notes that our firm has commenced an action against the commission on behalf of a client who was a Madoff victim. Fast forward to 6:25 to see Feldman's analysis.
Media Mention

Madoff Pleads Guilty
March 12, 2009 -- Fox News Channel's Fox & Friends
Howard Elisofon and our client, Phyllis Molchatsky, a Madoff victim, discuss her action against the SEC and her feelings about Madoff and how he victimized so many people.
Media Mention

Spotlight
March 9, 2009 -- CNN Headline News
Howard Elisofon and our client, Phyllis Molchatsky, appear live to discuss the Madoff case and Phyllis' complaint against the SEC in which she hopes to recover money she lost.
Media Mention

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Madoff clients' lawsuits look to others for recompense
March 4, 2009 -- USA Today
Howard Elisofon and our client Phyllis Molchatsky discuss why we filed an action against the SEC in the Madoff matter.
Media Mention

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R. Allen Stanford Still Not Charged
February 19, 2009 -- CNBC
In a live appearance, Therese Doherty explains that investors need to do their own due dilligence and not count on the SEC to protect them fully.
Media Mention

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NY Investment Exec Charged In $370M Ponzi Scheme
January 28, 2009 -- Securities Law 360
This story about the arrest of Nicholas Cosmo for allegedly running a Ponzi scheme on Long Island notes that Arthur Jakoby and Steven Feldman represent Cosmo and arranged for his voluntary surrender to authorities.
Media Mention

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New City woman targets SEC for Madoff loss
January 23, 2009 -- The Journal News
Howard Elisofon discusses the etiology and legal basis for our complaint against the SEC on behalf of a Madoff victim, who appears on video in the newspaper's on-line version.
Media Mention

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Victim: Madoff took 'all my money'
January 22, 2009 -- MSN Money
Howard Elisofon is quoted at length -- and appears in two video clips -- in this multi-media story about our client Phyllis Molchatsky, the first Madoff victim to commence an action against the SEC.
Media Mention

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Feds put Madoff victims on hot seat
January 15, 2009 -- Crain's New York Daily Alert
Howard Elisofon warns that Madoff victims who redeemed principal and are considering applying for SIPC coverage may be giving the court-appointed trustee a road map to suing them to claw back the redemptions.
Media Mention

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Lifting the Lid-Madoff clients fear getting shut out of refunds
January 8, 2009 -- Reuters
Howard Elisofon analyzes the hurdles that some Madoff victims may face as they seek redress from SIPC, and some strategies that might help them get relief.
Media Mention

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Congress Probes SEC
January 5, 2009 -- CNBC Reports
David Rosenfield live, alongside former SEC Chairman Harvey Pitt, analyzes the SEC's failure to uncover the Madoff scheme.
Media Mention

Retiree announces intention to sue SEC for not uncovering alleged Madoff scam
January 5, 2009 -- IA Week
Our action against the SEC on behalf of a client who lost money in the Madoff fraud is noted in this story.
Media Mention

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Madoff Investor Files Administrative Claim Against SEC Seeking $1.7 Million Damages
January 5, 2009 -- BNA Securities Regulation & Law Report
This story, reprised in two sister publications, notes that our client was the first victim of Bernard Madoff's fraud to commence an action against the SEC.
Media Mention

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The Madoff Agenda
December 31, 2008 -- CNBC's Power Lunch
David Rosenfield, in a live appearance during the trading day, analyzes which of Madoff's victims will have access to relief from SIPC, Madoff's likely disclosures to federal authorities about his remaining assets, whether he likely acted alone, and whether an insanity defense might fly.
Media Mention

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Madoff & His Hidden Money
December 30, 2008 -- CNBC Reports
David Rosenfield appears in a live, prime-time segment discussing Herrick, Feinstein's lawsuit against the SEC over its failure to adequately investigate the Madoff Ponzi scheme, what the litigation landscape may look like, and other Madoff-related topics.
Media Mention

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2 More Investor Class Actions Filed In Madoff Case
December 29, 2008 -- Securities Law 360
This story notes that we were the first law firm to commence an action against the SEC on behalf of a victim of the Bernard Madoff fraud.
Media Mention

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Market's ripe for flimflams, broker scams
December 28, 2008 -- The Star-Ledger
Arthur Jakoby discusses how rogue securities brokers who repeatedly thwart regulators' attempts to reign them in pose a danger to legitimate investors. He notes this phenomenon in an article about a longtime New Jersey swindler and how difficult economic times breed financial misdeeds.
Media Mention

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Madoff Litigation Mounts
December 24, 2008 -- Fox Business Channel
In a live segment, Howard Elisofon describes our action against the SEC on behalf of a client who lost her life savings in the Madoff affair. Howard discusses sovereign immunity, why we believe our claim against the SEC can trump that likely defense, tax issues that Madoff's victims face and the possibility of the court-appointed receiver's seeking claw-back disgorgements.
Media Mention

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Blame the Government? N.Y. woman suing SEC for losses in Madoff scheme
December 23, 2008 -- Fox News Channel
Howard Elisofon explains why our client is making a claim against the SEC and why, he believes, the claim can pierce the cloak of sovereign immunity.
Media Mention

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Madoff Victim Sues SEC
December 23, 2008 -- CNBC's Power Lunch
Howard Elisofon describes our action against the SEC on behalf of a client who lost money she had invested with Bernard Madoff's funds. He analyzes why -- despite sovereign immunity -- he believes the SEC is vulnerable here.
Media Mention

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New York investor sues SEC over losses in Madoff fund
December 23, 2008 -- Bloomberg News
Howard Elisofon explains why we commenced an action against the SEC on behalf of our client, an investor who was nearly wiped out in the Madoff affair. He discusses why the SEC is potentially liable for money damages despite its likely claim of sovereign immunity.
Media Mention

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Investor tries to hold SEC liable for Madoff losses
December 23, 2008 -- Reuters
In a story picked up nationally and internationally, Howard Elisofon explains why we commenced an action against the SEC on behalf of our client whose life savings were nearly wiped out in a fraud allegedly perpetrated by Bernard Madoff. Howard discusses the government's likely defense of sovereign immunity and explains why we view the SEC as potentially liable for money damages.
Media Mention

Investor Who Lost Money in Alleged Scheme Seeks Relief From SEC
December 23, 2008 -- The Wall Street Journal
Howard Elisofon announces that we are the first law firm to commence an action against the SEC on behalf of a victim who lost money in the fraud allegedly perpetrated by Bernard Madoff. Howard discusses the government's likely claim of sovereign immunity and our belief that the SEC's actions leave it liable for money damages for failing to detect or contain the fraud.
Media Mention

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Suing the Hedge Funds
December 22, 2008 -- CNBC's Power Lunch
In a live segment, Therese Doherty argues that hedge funds, financial advisors and other intermediaries are not necessarily liable for investors' losses in the Madoff matter because they appear to have met the industry's standard of care.
Media Mention

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Madoff's Many Victims?
December 16, 2008 -- CNBC Reports
Appearing live, Therese Doherty discusses the SEC's role in investigating alleged frauds such as the one that Bernard Madoff is accused of perpetrating.
Media Mention

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Virtual Worlds: It's a Legal Jungle in There
November 26, 2008 -- E-Commerce Times
Steven Feldman notes that virtual worlds such as Second Life could be breeding grounds for securities fraud, with people using avatars to spread insider information or perpetrate pump-and-dump schemes. He analyzes how defense attorneys are likely to neutralize prosecutions of fraud.
Media Mention

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Opening The Vaults; Is Bank Secrecy Over?
July 2, 2008 -- ABC.com
David Rosenfield is quoted regarding the possibility that tax evasion is merely the tip of the iceberg in the case involving secret foreign bank accounts held by US citizens.
Media Mention

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Ruined by 401(k) Predators
July 2, 2008 -- Business Week
Howard Elisofon is quoted regarding allegations that financial advisers took advantage of retirees and damaged their retirement savings.
Press Release

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Herrick is significantly strengthening its White Collar Defense Practice with the arrival of partner Steven D. Feldman
July 2008 -- Herrick, Feinstein LLP
Steven will play a lead role in building this growing practice area. Prior to joining Herrick, Steven spent more than six years as an Assistant United States Attorney for the Southern District of New York, where he served in the Securities and Commodities Fraud Task Force, as well as in the General Crimes Unit and the Narcotics Unit.
Media Mention

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Amnesty: If You Can’t Be First, At Least Be Second
January 7, 2008 -- Ethisphere.com
David Rosenfield is quoted in an article on why some companies choose not to self-report violations to gain amnesty from criminal prosecution in antitrust cases.
Media Mention

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Lifting the Lid: Investors Press Claims in Lengthy JDSU Case
June 28, 2007 -- Reuters
Arthur Jakoby is quoted on class action defense matters.
Media Mention

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Bear Sterns Likely to Face Hedge Fund Lawsuits
June 28, 2007 -- The New York Times
Scott Tross is quoted in a story that examines the likelihood that Bear Sterns will be sued over the collapse of one of its hedge funds and the possible defenses it might raise.
Media Mention

Galvin Files Complaint Against Lydia Capital
April 13, 2007 -- HedgeWorld Daily News
Aismara Abreu is mentioned as counsel to Lydia Capital in this story about a lawsuit.
Media Mention

Court Ruling May Broaden Auditor Liability
March 19, 2007 -- Compliance Week
James Moss is quoted on recent federal appellate decisions that found that auditors could be liable under securities laws for their failure to correct false financial statements.
Media Mention

Class Action Lawyers Pounce on Subprime Crisis
March 14, 2007 -- Reuters
Scott Tross is quoted in this story about potential class action litigation against lenders and possibly their auditors and bankers, and possible defenses against investors' claims arising from the subprime meltdown.
Media Mention

Biovail Puts Short-Seller Fight Under Spotlight in the Media
March 25, 2006 -- The Wall Street Journal
Howard Elisofon is quoted in an article that analyzes litigation issues that arise when a company sues various funds for allegedly spreading rumors about the company and selling its shares short.
Media Mention

Distressful Opportunities
February 20, 2006 -- Barron's
Scott Tross is quoted in a story that examines how delinquent and defaulted commercial loans are purchased by funds and opportunistic investors.