Category Archive: Disgorgement

Dec 30

General Cable Settles with SEC and DOJ for $82.3 Million

General Cable Corporation announced that it has entered into a joint settlement with the Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) for a total payment of $82.3 million to address investigations into violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) and separate allegations regarding financial restatements. In 2014, General Cable voluntarily …

Continue reading »

Permanent link to this article: http://betweenthenumbers.net/2016/12/general-cable-settles-with-sec-and-doj-for-82-3-million/

Mar 14

“Blurred Lines” Infringement Verdict Is In

The copyright infringement case brought by the estate of Marvin Gaye against the popular musicians Robin Thicke, Pharrell Williams, and “T.I”, as well as their respective record companies, was decided by jury verdict on March 10th. The jury awarded the Gaye estate $7.4 million in damages, to be paid by Thicke and Williams, with the …

Continue reading »

Permanent link to this article: http://betweenthenumbers.net/2015/03/blurred-lines-infringement-verdict-is-in/

Oct 22

SEC Wins with Tax Avoidance Approach to Disgorgement

The Securities and Exchange Commission (“SEC”) has been awarded a substantial win in its civil enforcement action against Samuel Wyly and Donald R. Miller, Jr. as the Independent Executor of the Will and Estate of Charles J. Wyly Jr. (the “Wylys”). The Court ordered the Wylys to pay a total of $188 million plus pre-judgment …

Continue reading »

Permanent link to this article: http://betweenthenumbers.net/2014/10/sec-wins-with-tax-avoidance-approach-to-disgorgement/

Apr 02

Disgorgement remedy potentially broadened by Second Circuit

In a sharply-divided 2-1 vote, the Second Circuit Court of Appeals found that a civil disgorgement amount can exceed the profit that the defendant received. Although the case facts and Opinion directly involved insider trading in an action brought by the Securities and Exchange Commission, the rationale could presumably be applied in other wrongful conduct. …

Continue reading »

Permanent link to this article: http://betweenthenumbers.net/2014/04/disgorgement-remedy-potentially-broadened-by-second-circuit/

Dec 14

Disgorgement of Profits on Unpaid Benefits Granted in ERISA Long Term Disability Case

In Rochow v. Life Insurance Company of North America (“LINA”), the Appeals Court affirmed a disgorgement remedy of $3.8 million under ERISA in this long term disability case.  In a previous appeal, the Court had determined that LINA had acted in an arbitrary and capricious manner when it continuously denied Daniel Rochow benefits for his long …

Continue reading »

Permanent link to this article: http://betweenthenumbers.net/2013/12/disgorgement-and-unpaid-benefits-granted-in-erisa-long-term-disability-case/