Tuesday, May 15, 2012

Risk News and Updates (Insider Trading, Recommended Rule Updates, Malpractice News + UK Developments)

  • SEC Charges Montana-Based Paralegal and Father with Insider Trading -- "The Securities and Exchange Commission has sued a former paralegal at a Kalispell, Mont.-based semiconductor company and her father after they have traded on confidential information about the 2009 acquisition of the company."
  • NYC Bar: Lawyers Must Tell Opponents If Documents Are Mistakenly Sent, But May Be Able to Use Them -- "An opinion released Monday by the New York City Bar Association attempts to provide a clear pathway through an ethical thicket concerning a lawyer's duties when he or she receives material from an opponent that was sent by mistake... lawyers must now decide for themselves how to deal with a gray area that has been created by the new ruling: Whether it is ethically permissible to use the material..."
  • ABA Ethics 20/20 Commission Publishes Final Resolution and Reports -- ""The ABA Commission on Ethics 20/20 respectfully submits to the House of Delegates the accompanying Resolutions and Reports. They are the product of a three-year study of how globalization and technology are transforming the practice of law and how the regulation of lawyers should be updated in light of those developments."
  • No malpractice coverage for lawyer who failed to mention ethics investigation -- "An insurance company can rescind a malpractice policy because a now-disbarred lawyer didn't disclose on a renewal application that a bar association was investigating him, the U.S. Court of Appeals for the Sixth Circuit has ruled."
  • Law Firm Identity Theft? (SRA acts over identity fraud after series of bogus law firms) -- "The SRA has issued six warnings about bogus firms or branch offices of legitimate firms in the past six months, and last week also highlighted a fake website of a real practice... SRA executive director David Middleton said: “Any firm that discovers its identity has been stolen should contact us and their insurers and also consider legal action such an injunction either to stop misleading statements or to freeze assets if money has gone missing." [See also: SRA under fire for “failing to act” on bogus law firm warning.]
  • SRA in new compliance deadline setback -- "The Solicitors Regulation Authority is set to push back the date for approving compliance officers by two months. The SRA Board will vote tomorrow on extending the grace period for approving the new appointments to 31 December... All firms must appoint compliance officers who are responsible for recording and reporting any failure to comply with SRA regulations."

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