The number of securities class action settlements approved by U.S. courts dropped in a “weak year” to the lowest point in a decade as the average amount of each accord fell by 42 percent in 2011, according to a report.
Federal securities class actions decreased in the first half of 2012 compared with last year largely because of a decline in Chinese reverse mergers and the lowest number of mergers and acquisitions since the third quarter of 2009, according to a study.
Charles Duross, who secured almost $2 billion in corporate penalties as the head of the U.S. Justice Department unit devoted to pursuing foreign bribery cases, has left the government to join Morrison & Foerster LLP in Washington.
The U.S. Securities and Exchange Commission announced formation of a new investor advisory committee. The committee, required by the Dodd-Frank Act, has 21 members and will, according to the statement, advise on regulations, trading and the effectiveness of disclosure, as well as other issues.
Netflix Inc. Chief Executive Officer Reed Hastings said he will keep posting on Facebook as the U.S. Securities and Exchange Commission weighs whether to file a lawsuit over a disclosure he made on the social network.