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July 23, 2020

The Employee Retirement Income Security Act of 1974 (“ERISA”) is a federal statute whose purpose is to protect the interests of participants in employee benefit plans by establishing standards of conduct for fiduciaries of the plans and appropriate remedies for breach...

July 8, 2020

Remember Abacus?  Maybe you don’t.  It all happened around the time of the Great Recession, more than a decade ago.

Goldman Sachs offered certain of its clients several collateralized debt obligations, among them Abacus 2007 AC-1 (“Abacus”).  Goldman marketed Abacu...

May 14, 2020

In a criminal case in England in 1367, one of the twelve jurors said he’d rather die in prison than vote to convict.  As a result, the judge in the case refused to accept an 11-to-1 guilty verdict, and the principle of unanimity was born.  It became a vital right of cr...

October 3, 2019

The Racketeer Influenced and Corrupt Organizations Act, better known as “RICO,” is a federal law which provides for extended penalties and a civil cause of action for acts performed as part of an ongoing criminal organization.[1]  The law was part of the Organized Crim...

September 8, 2019

The Commodity Exchange Act in broad terms prohibits the use of any manipulative or deceptive device or scheme in connection with the contract of sale of any commodity in interstate commerce[1] and manipulation or attempt to manipulate the price of any swap or commodity...

January 14, 2019

As a condition of settling civil charges, the Securities and Exchange Commission (“SEC”) normally permits those it sues to say in a consent order that they neither admit nor deny the SEC’s allegations.  But that’s not as big a break for some litigants as it seems, beca...

November 15, 2017

Add the chairman of the largest electronic brokerage firm in the U.S. to the list of Cassandras warning us of the perils posed by the trading of cryptocurrencies.

In a remarkable open letter in The Wall Street Journal addressed to J. Christopher Giancarlo, the Chairman...

October 3, 2017

CTA Intelligence (CTA): What factors informed your decision to form the partnership which became Crow and Cushing?

Charles Crow (CC): In 1981 I left a large firm, came down to Princeton and was introduced to a company called Commodities Corporation – the first company t...

September 22, 2017

Some people are making real money investing in cryptocurrencies. Just this year, Bitcoin has gained 300%. Another cryptocurrency, Ethereum, is up more than 2,300%.

An increasingly common use of these currencies is the initial coin offering, or ICO. Companies are using I...

August 23, 2017

In the 1920s a group of investors, known as the Radio Pool, traded among themselves in the stock of Radio Corporation of America, the tech company of the day. They succeeded in driving up the price, took their gains and left other investors to cope with falling prices...

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