In The News

• April 9, 2012
  'Enforcement Alert: Case shows need to avoid holes in heightened supervision'
  BD Week
  Laura S. Pruitt
  This article about compliance and fraud prevention procedures in investment firms quotes Schiff Hardin partner Laura Pruitt. Ms. Pruitt, who practices in the firm's Securities and Futures Regulation Group, notes the need to review existing accounts that a broker brings to a new firm in order to appropriately supervise the broker, especially where the broker is subject to heightened supervision.
• October 17, 2011
  "Experts reveal what FINRA looking for when reviewing Forms U4 and U5"
  BD Week
  Laura S. Pruitt
  This article offers a recap of some key points made at a recent BD Week webinar regarding FINRA scrutiny of financial firms' Forms U4 and U5. Schiff Hardin partner Laura Pruitt, who focuses on securities law and market regulation issues, was on the panel, and emphasized the importance of timely filing.
• October 11, 2011
  "Contract Renewal Process Focuses More on Performance"
  BoardIQ
  Marguerite C. Bateman
  Schiff Hardin partner Marguerite Bateman is quoted in this article about the contract renewal process for investment company boards. Ms. Bateman, who concentrates in securities and futures regulation, points out that fund advisers as well as boards are increasingly focused on performance issues in these volatile markets.
• June 27, 2011
  'Q&A With Schiff Hardin's Michael Wolensky'
  Law360
  Michael K. Wolensky
  The Law360 newswire conducted a detailed interview with Schiff Hardin partner Mike Wolensky, who after 16 years with the SEC now assists clients in the financial services industry. The piece covers career-related topics including challenging cases he has worked on and judges and litigators he has encountered.
• May 18, 2011
  'NYSE-Nasdaq Deal Seen as Producing Multiple Monopolies by Justice Lawyers'
  Bloomberg.com
  Andrew M. Klein
  Schiff Hardin partner Andrew Klein is quoted in this article about the halted takeover of NYSE Euronext by Nasdaq OMX Group. Mr. Klein, who focuses on securities and future regulation, comments on the Justice Department’s declaration that the planned combination would have been anticompetitive.
• April 11, 2011
  'SEC cracks down on insider breach'
  Corporate Secretary
  Michael K. Wolensky
  This article describes charges leveled by the SEC against three executives of a defunct financial firm related to the allegedly unauthorized transfer of client information. Schiff Hardin partner Mike Wolensky, who focuses on securities and futures regulation and litigation, is quoted.
• January 31, 2011
  'FINRA Targets Broader Market Surveillance As SEC Audit Trail Is Eyed'
  The Wall Street Journal
  Laura S. Pruitt
  Schiff Hardin partner Laura Pruitt, who practices in the firm's Securities and Futures Regulation group, is quoted in this article from the Wall Street Journal about the SEC's proposal for a new consolidated tracking system for all listed U.S. stock trades.
• October 11, 2010
  Protect your firm from being accused of helping individuals park their licenses
  BD Week
  Laura S. Pruitt
  This item extensively quotes Schiff Hardin partner Laura Pruitt on the need for brokerage firms to make sure their personnel are properly registered in an environment where many reps are in danger of seeing their licenses lapse.
• August 2, 2010
  'Get Ready for Big Changes to BrokerCheck Disclosures'
  BD Week
  Laura S. Pruitt
  Schiff Hardin partner Laura Pruitt, of the firm's Securities and Futures Regulation group, offers comments in this article on changes coming to BrokerCheck, an online research tool provided by the Financial Industry Regulatory Authority (FINRA). The site reports information on registered representatives of broker-dealer firms, and FINRA will be including additional data, including information about historical customer complaints, soon. Ms. Pruitt notes the importance of brokers reviewing the newly published information to ensure that it is current and correct.
• July 19, 2010
  'Schiff Hardin Hires Merrill Lynch Counsel'
  Private Equity Manager
  This item takes note of the recent move by Carlos Morales, previously at Merrill Lynch, to Schiff Hardin's New York office. Mr. Morales is now a counsel in the firm's Securities and Futures Regulation Group.
• July 15, 2010
  'SEC Deal May Be Setback For Goldman Plaintiffs'
  Law360
  Allan Horwich
  This article on the recent settlement over a rigged investment vehicle between the Securities and Exchange Commission and Goldman Sachs quotes Schiff Hardin partner Allan Horwich. Mr. Horwich, who practices in corporate counseling and litigation, notes that the settlement could make it harder for other claimants and litigants to recover damages from the investment firm.
• July 1, 2010
  'Editor’s Introduction'
  Securities Law Review
  Allan Horwich
  Securities Law Review 2010 (Donald Langevoort editor), an annual anthology of noteworthy securities law articles, has included Schiff Hardin partner Allan Horwich's 'When the Corporate Luminary Becomes Seriously Ill: When Is a Corporation Obligated to Disclose that Illness and Should the Securities and Exchange Commission Adopt a Rule Requiring Disclosure?' originally published at 5 New York University Journal of Law and Business 827 (2009). The editor, who described Mr. Horwich as a 'distinguished practitioner,' also referred to another of his recent articles, 'The Origin, Application, Validity and Potential Misuse of Rule 10b5-1,' 62 The Business Lawyer 913 (2007), as a 'significant scholarly' contribution to the law of insider trading.
• May 24, 2010
  'Q & A with Allan Horwich'
  Around the Water Cooler — Chicago Lawyer Magazine
  Allan Horwich
  This post from Chicago Lawyer Magazines blog features an interview with Schiff Hardin partner Allan Horwich, who focuses his practice in securities and futures regulation, corporate governance, and other aspects of corporate counseling and litigation.
• May 24, 2010
  'Risks abound, so tread carefully when pursuing solicitation agreements'
  IA Week
  Andrew M. Klein
  This article in IA Week quotes Schiff Hardin partner Andrew Klein regarding the SEC's cash solicitation rule for investment advisers. Mr. Klein, who focuses on securities and futures regulation, points out the complexity of compliance issues faced by advisers and solicitors working in partnership.
• March 24, 2010
  'Reviews Mixed on SEC Enforcement Division Overhaul'
  Ignites
  Michael K. Wolensky
  This article, from a mutual fund news service, quotes Schiff Hardin partner Michael Wolensky regarding recent changes in the management structure of the Securities and Exchange Commission's Enforcement Division. Mr. Wolensky is a former Associate General Counsel and Regional Director for the SEC's Atlanta region.
• March 1, 2010
  'Brace for Big Costs of Complying With Short Sale Rule'
  BD Week
  Laura S. Pruitt
  This piece in BD Week quotes Schiff Hardin partner Laura Pruitt regarding the expenses to be incurred by brokerage firms in complying with proposed SEC rules regarding short sales of NMS securities sold on national exchanges or over the counter.
• December 7, 2009
  'Market Mess: DOJ's Manipulation Case Against BP Traders Crumbles'
  The National Law Journal
  Ronald S. Safer
  This story in the National Law Journal notes Schiff Hardin's role, led by managing partner Ron Safer, in the defense of one of the defendants in a federal prosecution of energy derivative traders working for BP.
• November 16, 2009
  'Schiff Hardin Pulls In Drinker Biddle Securities Partner'
  Law360
  Debra M. Patalkis
  This piece on the Law360 newswire site takes note of the move to Schiff Hardin of Debra Patalkis, now a partner in our Securities and Futures Regulation group. Prior to entering private practice, Ms. Patalkis worked at the Securities and Exchange Commission as an assistant chief litigation counsel for the agency's Division of Enforcement.
• November 2, 2009
  'Lack of Evidence Cited in SEC New Mexico Kickback Case'
  The Wall Street Journal
  Michael K. Wolensky
  Schiff Hardin partner Michael Wolensky, who practices in the firm's Securities and Futures Regulation group, is quoted in this article  reporting on an argument he made to the Securities and Exchange Commission in an appeal by a former broker accused of paying kickbacks to the former New Mexico state treasurer.
• July 8, 2009
  'Apple's Disclosure on Jobs Said to be Subject of SEC Review'
  Bloomberg.com
  Allan Horwich
  This article on Apple, Inc.'s CEO Steve Jobs, his recent medical leave and the controversy surrounding it, quotes Schiff Hardin partner Allan Horwich. Mr. Horwich, who recently published a paper analyzing disclosure obligations under current law and advocating federal rules regarding health disclosures for some CEOs, is quoted on the significance of such disclosures when the executive is vital to the business itself.
• April 20, 2009
  'Gore Tapped for Closing Arguments at House Hearings'
  Greenwire
  Carl A. Royal
  This energy and environmental policy newsletter summarizes the plans for House Energy and Commerce Committee hearings on a new energy and global warming bill. Schiff Hardin’s Carl Royal, of counsel in the Securities and Futures Regulation group, is scheduled to appear on a witness panel, as noted in this piece and by other news services and the Federal Information and News Dispatch.
• April 3, 2009
  “Tough Times Benefit SEC Recruiting Efforts”
  Ignites
  Michael K. Wolensky
  This story, from a mutual fund industry news service, quotes Schiff Hardin partner Michael Wolensky regarding the hiring of investment professionals by the Securities and Exchange Commission. Though once uncommon, more industry professionals may move into regulatory work due to economic conditions.
• March 10, 2009
  'Madoff to Cop to Charges Without Plea Deal'
  Law360
  Allan Horwich
  Schiff Hardin partner Allan Horwich is quoted extensively in this assessment of the government’s case against disgraced financier Bernard Madoff. Mr. Horwich comments on the lack of a plea bargain in the case.
• December 23, 2008
  'Madoff Case Raises Compliance Questions'
  The Wall Street Journal
  Michael K. Wolensky
  Schiff Hardin partner Mike Wolensky, who focuses on financial industry issues in the firm’s Atlanta office, is quoted in this article about compliance procedures in the alleged $50 billion Ponzi scheme connected to Bernard L. Madoff Investment Securities LLC.
• September 17, 2007
  'CFTC, FERC Reportedly at Odds Over Amaranth Jurisdiction, Enforcement Roles'
  Inside FERC
  Allan Horwich
  This article examines the roles of two regulatory agencies as they attempt to enforce penalties against a hedge fund accused of manipulating natural gas markets. Allan Horwich, a partner working in Schiff Hardin’s Energy, Securities and Futures Market Regulation, and Litigation groups, explains the jurisdictional conflicts that make this case particularly significant.