New DOJ Whistleblower Program Expected to Help Uncover Foreign Corruption Cases

Justice Department to Flesh Out Whistleblower Program After 90-Day ‘Policy Sprint’

“When it comes to the pilot, there are only so many details I can share at this point—and that’s because the whole point of the [Deputy Attorney General Lisa Monaco’s] 90-day ‘policy sprint’ is to gather information, to consult with stakeholders and to design a thoughtful, well-informed program,” said Nicole Argentieri, acting U.S. assistant attorney general for the criminal division, at the American Bar Association conference on Friday.

Argentieri said one goal of the new program is to help the Justice Department uncover companies’ involvement in foreign bribery plots when those schemes wouldn’t fall under the Securities and Exchange Commission’s jurisdiction. The SEC operates its own tips program, but unlike the Justice Department, it can only bring cases against publicly traded companies.

Independent Cybersecurity Audits Are Powerful Tools for Boards

Board members today increasingly face personal liability for their organization’s cyber posture. This has raised the stakes of attestations and created a need to gain insight into cyber programs.

One of the most effective ways to do so is through independent cybersecurity audits. This essential component of responsible organizational governance can demonstrate proactive leadership and reveal possible blind spots. Cybersecurity audits are also necessary for compliance with regulations that hold the board and C-suite accountable for verifying the efficacy of their company’s cybersecurity program.

Firms From KKR to Coors Flag DEI as a Risk to Their Bottom Lines

JetBlue Airways Corp., Molson Coors Beverage Co., and Leidos Holdings, Inc. are part of a growing group of companies listing DEI as a “risk factor” in their securities filings, citing a potential business impact from taking too much or too little action on diversity.

The flurry of securities filings noting potential legal and reputation risks stemming from diversity, equity and inclusion efforts follows the US Supreme Court’s June decision curtailing affirmative action in college admissions, as well as political backlash from conservative groups that say corporate DEI programs discriminate against White and male workers.

Pension Funds Lead in Corporate Cases, Enhancing Big Fee Demands

“Pension funds are more likely to be clients because they are easily identifiable, sophisticated investors that the plaintiff’s bar can quickly contact and explain the theory of the case,” said Paul Weitzel, a University of Nebraska law professor.

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Institutional investors as plaintiffs “suggested that the cases were driven, rather than by plaintiffs’ lawyers seeking a fee, instead by institutions who were large shareholders and who were seriously, monetarily harmed by the corporate misconduct.”

The financial stakes for pension funds can bring larger paydays—and prestige—for law firms.

Last year, the attorneys who negotiated a steamfitters’ pension fund’s $1 billion settlement with Dell Technologies Inc. over a 2018 stock conversion were awarded a $266.7 million fee.

Eighty Percent of the World’s Stock Options Aren’t Traded Where You Think

U.S. markets have been no stranger to meme-driven, casino-like trading in recent years. But on the other side of the world, a stock speculation boom is unfolding that makes GameStop and bitcoin look tame—or, at least, well-domesticated.

India accounted for a staggering 78% of equity options contracts traded worldwide in 2023, according to data from the Futures Industry Association (FIA), a global derivatives markets policy advocacy organization. The number of stock index options traded there reached 84.3 billion contracts last year, up 153% from 2022. Total futures and options turnover touched a notional value of $4.5 trillion on the National Stock Exchange on Thursday.

The Leading Commentary on the SEC’s Climate Rules (So Far)

So we now have the SEC’s final climate disclosure rule – as well as the first lawsuit filed challenging the SEC’s rulemaking – and already a lot of ink has been spilled. Here are some of the top resources I have seen so far about the rulemaking….