James P. McLoughlin, Jr., Neil T. Bloomfield, and Elena F. Mitchell issued a Client Advisory Update titled “Judge Refuses to Dismiss SEC Action Against RPM International and Its General Counsel Alleging Loss Contingency Disclosure Failures.” On Friday September 29, 2017, U.S. District Judge Amy Berman Jackson denied the motions to dismiss filed by RPM International, Inc. and its general counsel, Edward Moore, discussed in our previous Client Advisory. Judge Jackson concluded the SEC’s allegations stated plausible fraud claims against RPM and Moore and RPM and Moore had failed in their duty to disclose and accrue for a Department of Justice investigation pursuant to generally accepted accounting principles, in particular Accounting Standards Codification (“ASC”) 450. Click here to read the full Client Advisory Update discussing the court’s ruling.
Jim McLoughlin’s extensive regulatory, litigation and arbitration track record includes arbitrations before numerous industry and general arbitration organizations; civil trials and appeals in various state and federal courts across the country; and criminal investigations, trials and appeals in matters from anti-terrorism to antitrust to securities fraud. He has represented clients in responding to and defending investigations by the SEC, IRS, FINRA, DOJ, FTC, CFTC, OCC, FRB, FDIC, NC Attorney General’s Office, the United Kingdom FCA, the Monetary Authority of Singapore, Hong Kong Monetary Authority, Central Bank of Brazil, the Brazilian IRS and the Korean FTC, among others.