A whistleblower advocate filed a lawsuit challenging the SEC’s recent amendments to its whistleblower program as contrary to law, irrational and procedurally flawed as we argued when the rule was proposed. As readers know from prior newsletters, Better Markets is a relentless advocate for a strong SEC whistleblower program, which we detailed as a “$2 […]
Lawsuit Challenging SEC Whistleblower Rule Is “On Target” Earlier this week, Jordan Thomas, a leading whistleblower attorney and former SEC Assistant Director of Enforcement, filed a lawsuit in federal court alleging that the SEC’s recent amendments to its whistleblower program are contrary to law, irrational and procedurally flawed. He’s seeking an order prohibiting implementation of the […]
FOR IMMEDIATE RELEASE Monday, October 26, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Keep Your Eyes on the Supreme Court And Your Hands on Your Wallet Judge Barrett’s Confirmation to the Court Means More Financial Abuse Without a Remedy Washington, D.C.—Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement following […]
FOR IMMEDIATE RELEASE Thursday, October 22, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the announced settlement between the Department of Justice (DOJ) and the Goldman Sachs Group Inc. (Goldman) regarding its criminal conduct […]
FOR IMMEDIATE RELEASE Thursday, October 22, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding a new Report on the details of the previously released RAP Sheet Report on Goldman Sachs’ 20 years of illegal activities: “Goldman […]
FOR IMMEDIATE RELEASE Thursday, October 8, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the eve of the confirmation hearings for Supreme Court nominee Judge Amy Coney Barrett and released a Report on the financial and […]
In a recent brief filed with the Supreme Court, Better Markets urged the court to review a ruling by the 1st Circuit Court that would allow private equity firms to escape liability for pension shortfalls of the companies in which they invest. Better Markets filed a friend-of-the-court brief with the Supreme Court in support of […]
As Americans see unfair treatment by the justice system across the country, Wall Street’s biggest firms continue to benefit from a double standard: when they break the law, they get sweetheart deals as Better Markets detailed in reports on JPMorgan Chase’s and Goldman Sachs’ 20 years of criminal and illegal conduct as well as the actions the […]
FOR IMMEDIATE RELEASE Tuesday, September 29, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, released the attached Report on JPMorgan Chase’s 20-year-long RAP sheet and issued the following statement in connection with media reports that the bank is negotiating a favorable […]
FOR IMMEDIATE RELEASE Monday, September 14, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the filing of a friend-of-the-court brief with the Supreme Court in support of a petition for certiorari filed in New England Teamsters […]
FOR IMMEDIATE RELEASE Tuesday, September 8, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with the release of a Report on Goldman Sachs’ RAP sheet and the Department of Justice’s settlement discussions regarding the bank’s […]
The Fourth Circuit Court of Appeals has sided with investors and Better Markets, which filed an amicus brief in support of a reversal of a lower court’s decision in Interactive Brokers LLC v. Saroop. The Fourth Circuit Court upheld an award to an investor whose broker had violated FINRA rules. Steve Hall, Legal Director and […]
Better Markets continues to watch for decisions in a number of cases in courts around the world that are important. These include: Goldman Sachs’ anticipated settlement with DOJ in the Malaysia 1MBD scandal. Recently, the bank entered a settlement with Malaysia, and Better Markets was pleased to see that the settlement included not only substantial […]
FOR IMMEDIATE RELEASE August 12, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on today’s Fourth Circuit decision upholding an arbitration award in favor of investors harmed by a broker’s rule violations in Interactive Brokers LLC v. Saroop. […]
Better Markets was pleased to see that the Malaysian settlement included not only substantial fines but also a mandate that Goldman Sachs cover the cost of recovering assets sitting abroad, a term that we have long advocated for. Better Markets immediately issued a statement following the news that Goldman Sachs had reached a nearly $4 […]
On June 26, 2020, investor protection advocates were disappointed to see the decision of the Second Circuit rejecting a well-founded legal challenge to the SEC’s weak and misleading rule that will do little to protect investors from conflicted investment advice. In June last year, the SEC adopted its so-called “Regulation Best Interest,” proclaiming that it […]
Better Markets says the recent Supreme Court decision in the Seila Law v. CFPB case is simply another anti-consumer, pro-predator and pro-corporate decision that reduces the independence of the Consumer Financial Protection Bureau. Dennis Kelleher, President and CEO of Better Markets, says that the court’s ruling earlier this month overruled Congress’s decision to create a […]
FOR IMMEDIATE RELEASE Friday, July 24, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to reports that Goldman Sachs Group Inc. settled with Malaysia regarding its illegal conduct related to the looting of 1Malaysia Development […]
FOR IMMEDIATE RELEASE Wednesday, July 1, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to reports that Goldman Sachs Group Inc. and the Department of Justice are close to a deal that would allow the […]
FOR IMMEDIATE RELEASE Monday, June 29, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the Supreme Court decision in the Seila Law v. CFPB case: “Today, the Supreme Court overruled Congress’s decision to create […]
This month, the Supreme Court decided not to review a Second Circuit decision on commodity market manipulation (Atlantic Trading USA LLS v. BP P.L.C.). Better Markets had filed a joint amicus brief in April urging the Court to take the case. The lower court held that even manipulative schemes that distort prices on U.S. commodity […]
The Supreme Court issued a ruling this week upholding the SEC’s right to obtain disgorgement from those who violate the securities laws and defraud investors. This is a major win for the SEC and investors everywhere, says Steve Hall, legal director and securities specialist. “The ability to recover money stolen by scam artists has long […]
The D.C. Circuit Court ruled on June 16 that the SEC doesn’t have the authority to implement a pilot program that would gather data on trading fees and rebates used by U.S. stock exchanges to attract trading volume. The court held that the SEC had acted outside its rulemaking authority, primarily because it had failed […]
FOR IMMEDIATE RELEASE Monday, June 22, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the SEC’s victory before the U.S. Supreme Court upholding the agency’s right to obtain disgorgement from those who violate the securities laws […]
FOR IMMEDIATE RELEASE May 29, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on today’s oral argument in the U.S. Court of Appeals for the Fourth Circuit in a case that will determine whether injured investors can […]
FOR IMMEDIATE RELEASE Friday, April 17, 2020 Contact: Pamela Russell, 202-618-6433 [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement about the amicus brief filed today in the U.S. Supreme Court by Better Markets and the Americans for Financial Reform Education Fund (“AFREF”) in Atlantic […]
By Stephen Hall and Micah Hauptman (this blog article originally appeared in The FinReg Blog — Commentary by faculty and affiliates of the Duke Law Global Financial Markets Center) Introduction In June 2019, the Securities and Exchange Commission (“SEC”) finalized Regulation Best Interest (“Reg. BI”) on a 3-1 vote, with strong support from the broker-dealer […]
FOR IMMEDIATE RELEASE Tuesday, March 3, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement as the Supreme Court hears oral argument in Liu v. SEC, a case that will determine whether the Securities and Exchange Commission (“SEC”) can still seek to […]
FOR IMMEDIATE RELEASE Tuesday, February 4, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the Federal Reserve’s permanent bar against a senior executive of Goldman Sachs for his actions in connection with 1MDB: “The Department of Justice labeled a Goldman […]
Seeking Justice Dept. Investigation | Industry’s Fraudulent Influence on SEC Rulemaking by Engaging in Wire and Mail Fraud Better Markets sent a letter to the U.S. Attorney General and the head of the Criminal Division of the U.S. Department of Justice seeking an investigation into reports that industry-allied groups had sent dozens of fraudulent letters […]
Supreme Court Brief | Stopping Crooks from Keeping the Money They Rip Off from Investors (Supreme Court Brief here and press release here) One of the most basic principles of law is that – not matter what else –– a crook should and must give up the money he or she took from the unsuspecting […]
Special Report | Goldman Sachs’ 20-Year RAP Sheet of Repeated Illegal Conduct (and the press release) Goldman Sachs is holding its very first investor meeting in New York today where it is expected to disclose its business plans for targeting Main Street consumers and investors in the coming years. We thought this was an appropriate […]
FOR IMMEDIATE RELEASE Tuesday, January 28, 2020 Contact: [email protected] 202-618-6433 $874 Billion in Bailouts, 36 Legal Actions, $9.8 Billion in Fines and Settlements + 1MDB Fines Coming Washington, D.C. – On the eve of Goldman Sachs’ first investor day, Better Markets releases a RAP Sheet Report detailing two decades of illegal behavior by Goldman Sachs […]
FOR IMMEDIATE RELEASE Thursday, January 23, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement about the amicus brief filed in the Supreme Court by Better Markets, the Center for Responsible Lending, and the National Consumer Law Center, in Liu v. SEC on […]
Hard to believe, but the SEC recently proposed a rule to gag independent proxy firms from providing their unbiased opinion to investors who hire them. In fact, the SEC is proposing that proxy firms provide their opinions on corporations to the management of those corporations for review and editing before they are allowed to provide their […]
FOR IMMEDIATE RELEASE Monday, December 9, 2019 Contact: Christopher Elliott, 202-618-6433, [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement after Better Markets called upon the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) to investigate allegations that dozens of fraudulent or […]
Making crooks and lawbreakers give up their ill-gotten gains is critical to making sure “crime does not pay,” which is key to deterring future crimes. After all, if you get to keep what you illegally took, that wasn’t yours, then you are incentivized to do it again. This is called “disgorgement” and should always be […]
People should not be ripped off and, if they are, the predators should be caught, punished and the victims should be compensated. That, however, requires an effective cop on the beat: to deter, investigate, catch, prosecute and punish the bad guys. That’s why the Consumer Financial Protection Bureau (CFPB) was created: to protect financial consumers. In fact, […]
FOR IMMEDIATE RELEASE Friday, October 4, 2019 Contact: [email protected] or (202)618-6433 Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement announcing the release of a special report highlighting the powerful impact of the Supreme Court on the financial well-being of all Americans: “Our report reviews the […]
Better Markets filed an amicus brief urging the D.C. Circuit Court of Appeals to uphold the SEC’s critical Transaction Fee Pilot program, which it initiated last year to study the effects of the legalized kickbacks large exchanges offer to brokers to attract orders. As we explained in our brief, these kickbacks hurt both large and small […]
FOR IMMEDIATE RELEASE Tuesday, September 10, 2019 Contact: [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement following news that seven states have filed a lawsuit in Federal Court challenging the SEC’s so-called “Regulation Best Interest”: “This is a good day for investors, and we […]
Last week, the Financial Times exclusively reported that the Department of Justice is considering criminal charges against Goldman Sachs for its involvement in the 1MDB crime spree. If you haven’t been following it, 1MDB refers to a Malaysian investment fund that was intended to benefit the people of Malaysia, but instead, was looted of an estimated […]
FOR IMMEDIATE RELEASE Thursday, April 25, 2019 Contact: Carol Kaplan, 202-618-6430 or [email protected] GOLDMAN SACHS’ “FOUR MONKEYS” DEFENSE SHOULD BE REJECTED Washington, D.C. – With the Department of Justice considering criminal charges against Goldman Sachs for its involvement in the 1MDB crime spree and with Attorney General Barr obtaining a waiver to act in the […]
FOR IMMEDIATE RELEASE Tuesday, April 9, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C. – As the CEOs of Wall Street’s biggest megabanks appear before Congress, Better Markets is releasing a Report, “Wall Street’s Six Biggest Bailed-Out Banks: Their RAP Sheets & Ongoing Crime Spree.” The Report, for the first time, details the Six […]
As if it wasn’t enough that new CFPB Director Kathy Kraninger was doing her best to help predatory payday lenders, a federal judge in Texas decided to leave in place a stay on the compliance date of the payday lending rule. As a result of a ruling by U.S. District Judge Lee Yeakel, payday lenders […]
As if it wasn’t enough that new CFPB Director Kathy Kraninger was doing her best to help predatory payday lenders, a federal judge in Texas decided to leave in place a stay on the compliance date of the payday lending rule. As a result of a ruling by U.S. District Judge Lee Yeakel, payday lenders will […]
FOR IMMEDIATE RELEASE Wednesday, March 27, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the ruling by the Supreme Court in Lorenzo v. SEC that individuals can be liable for fraud when they disseminate fraudulent information, even if […]
By Stephen Hall (this op-ed first appeared in Law360 on November 30, 2018) Consider the following scenario: An investment banker circulates multiple emails to investors knowing that they contain three outright lies: (1) that the company seeking funds “has over $10 million in confirmed assets;” (2) that the company “has purchase orders and letters of intent for over […]
On Anniversary of Financial Crash, Court Keeps Records Secret From Public in MetLife v. FSOC FOR IMMEDIATE RELEASE Tuesday, September 18, 2018 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C. – Following a decision today of the United States District Court for the District of Columbia rejecting efforts by Better Markets to force public disclosure […]
FOR IMMEDIATE RELEASE Tuesday, August 28, 2018 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C. – With the Senate Judiciary Committee poised to open hearings to consider Judge Brett Kavanaugh’s nomination to be an Associate Justice of the Supreme Court, Better Markets is issuing a report examining his record on economic and financial cases. The […]
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