Sky Blog
On September 16, 2025, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of insider trading claims against Morgan Stanley and Goldman Sachs (the “Banks”) following the March 2021 collapse of Archegos Capital Management. Plaintiffs—investors in seven …
On June 9, 2025, Department of Justice (“DOJ”) issued “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” as contemplated by President Trump’s February 10, 2025 executive order, which, among other things, paused enforcement of …
Following on the heels of last year’s blockbuster Term, the Supreme Court recently concluded another of equal consequence. But even as the Court grappled with contentious issues ranging from birthright citizenship to the process owed deportees, it also issued significant …
On July 2, 2025, the Department of Health and Human Services (HHS) and the Department of Justice (DOJ) announced the reinvigoration of their False Claims Act (FCA) enforcement efforts through the formation of a joint FCA Working Group. The announcement …
On June 16, 2025, the Department of Justice’s National Security Division (“NSD”) and the U.S. Attorney’s Office for the Southern District of Texas announced a landmark declination to prosecute private equity firm White Deer Management LLC following its voluntary self-disclosure …
On June 5, 2025, the Head of the Criminal Division of the Department of Justice (“DOJ”), Matthew R. Galeotti, issued a memorandum providing guidance to Criminal Division prosecutors on corporate resolutions involving parallel criminal, civil, regulatory, and administrative proceedings by …
In a recent article, we explore the curious case of how regulators in the EU, UK, and United States treat two forms of insider trading — what we call “traditional insider trading” and “shadow trading.” The former, familiar to …
Earlier this year, Judge Reed O’Connor made headlines when he rejected a plea agreement between the Department of Justice (“DOJ”) and Boeing. O’Connor rejected the agreement because it required the DOJ to consider its DEI policies in selecting a corporate …
On May 19, 2025, the U.S. Deputy Attorney General issued a memorandum (the “Memo”) announcing a Civil Rights Fraud Initiative (the “Initiative”) and instructing the U.S. Department of Justice (“DOJ”) to pursue False Claims Act (“FCA”) enforcement against “any recipient …
In a notable decision issued on May 22, 2025, Kousisis v. United States, the U.S. Supreme Court held that a defendant may be convicted of wire fraud under 18 U.S.C. § 1343 even when the scheme does not result in …
On May 12, 2025, the Head of the Department of Justice’s (“DOJ”) Criminal Division, Matthew R. Galeotti, announced significant changes to the Criminal Division’s corporate and white-collar enforcement policies and priorities.[1] Speaking at the Securities Industry and Financial Markets …
Key Points
On May 9, 2025, President Trump issued an Executive Order that purports to reduce regulatory burdens and ensure that “no American is transformed into a criminal for violating a regulation they have no reason to know exists.” The Executive Order …
On April 30, 2025, the Department of Justice’s (“DOJ”) National Security Division (“NSD”), alongside the U.S. Attorney’s Office for the Northern District of California, announced a declination to prosecute Universities Space Research Association (“USRA”) for criminal export control violations committed …
On April 25, 2025, Attorney General Pam Bondi announced a new policy, rescinding the prior administration’s policies that restricted prosecutors from seeking records or compelling testimony from news organizations in leak probes.[1] This policy substantially lowers internal hurdles for …
I argue in a forthcoming article[1] that when corporate misconduct results in someone’s death, resolving the ensuing criminal charges with a “C” plea bargain can be antithetical to the pursuit of justice. To support my argument, I examine one …
The U.S. Department of Justice (DOJ or Department) has announced a significant shift in enforcement priorities concerning digitalassets. On April 7, 2025, Deputy Attorney General Todd Blanche issued a memorandum (Memorandum) announcing that the Department is not a “digital assets …
On April 11, 2025, the National Security Division (NSD) of the Department of Justice (DOJ) issued a press release and multiple guidance documents on its final rule on “Preventing Access to U.S. Sensitive Personal Data and Government-Related Data by Countries …
On April 7, 2025, Deputy Attorney General Todd Blanche issued a memo (the “Blanche Memo”) announcing the Trump administration’s Department of Justice (“DOJ”) refocus of enforcement policies related to investigations and prosecutions of individuals and entities involved with digital assets. …
Shifting U.S. enforcement priorities may soon create a crisis in international anti-corruption efforts. For decades, the United States spearheaded those efforts through prosecutions under the Foreign Corrupt Practices Act (FCPA). On February 10, however, President Donald Trump issued an Executive …