In The News Today - February 27, 2015

February 27, 2015

New York Attorney General Eric Schneiderman is seeking support for a proposal to offer rewards and protections for "whistle-blowers" who provide information about securities fraud if it generates penalties and fines exceeding $1 million. (Bloomberg News)

Manhattan U.S. Attorney Preet Bharara is being sued in federal court by the co-founder of Level Global Investors LP, David Ganek. Level Global was raided by the SEC on 2010 after being erroneously implicated in an insider trading scheme which caused the hedge fund to close its doors in February 2011 with a tarnished reputation, according to Ganek. Ganek was never criminally charged nor sued by the SEC. (Law360)

On Thursday, Senate Majority Leader Michael Roberson (R-Las Vegas) introduced a bill to prevent retailers from being “dragged into court” for selling products with defects that were caused by their manufacturers. “Roberson said if the retailer did nothing to alter or cause problems with the product…” they should be protected under current law. (Nevada Appeal)