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Bad Faith Sentinel - April 2014

In This Issue: - Third Circuit Seeks Guidance from Pennsylvania Supreme Court Regarding Whether Insured Tortfeasor May Assign Bad Faith Claim to Injured Third Party - District of Colorado: Insurer Entitled To...more

M&A Update: Ohio Federal Judge Blocks Controlling Stockholder’s Tender Offer Based On Target Board’s Conflicts and Stockholder...

In a March 14, 2014 decision that has received little commentary, an Ohio federal court in Spachman v. Great American Insurance Co. took the extraordinary step of enjoining a tender offer by Great American Insurance, a...more

In Government's Shoes: The Continuing Force Behind the False Claims Act & Qui Tam Complaints

To combat fraud by contractors selling faulty war supplies to the Union Army, in 1863 President Abraham Lincoln signed into law the False Claims Act (the “FCA”). Designed to root out fraud on the federal government, this act...more

Third Circuit Seeks Guidance from Pennsylvania Supreme Court Regarding Whether Insured Tortfeasor May Assign Bad Faith Claim to...

Allstate Prop. & Cas. Ins. Co. v. Wolfe, No. 12-4450 (3d Cir. Feb. 20., 2014) - Third Circuit petitions Supreme Court of Pennsylvania to decide whether an insured tortfeasor can assign his or her statutory bad faith...more

Supreme Court Expands Sarbanes-Oxley Whistleblower Protection to Employees of Private Companies

In 2002, after corporate fraud at Enron led to the company's collapse, Congress passed the Sarbanes-Oxley Act (SOX). Under SOX's main whistleblower protection provision, an employee of a publicly traded company who claims...more

This Week In Securities Litigation (Week ending April 11, 2014)

Former hedge fund giant SAC Capital was sentenced this week. This concluded one of the most prominent insider trading cases. Under the terms of the sentence SAC Capital will no longer accept public funds....more

Real Estate Agents Need To Be Careful About Disclosing Dual Agency

Dual agency is a big deal to real estate agents. It lets them represent both a buyer and a seller in a transaction. Dual agency was the focal point of the Business Court's opinion last week in BDM Investments v. Lenhil,...more

SEC Settles Spoofing, Unregistered Broker Charges

High speed trading and its impact on the markets is the topic de jour. Author Michael Lewis claims the markets are “rigged,” a statement which no doubt will help sell his latest book centered on high speed trading. Now the...more

The New York Court of Appeals Considers the Consequences of a Liability Insurer’s Breach of the Duty to Defend

What are the consequences of a liability insurer’s breach of the duty to defend its insured against a potentially covered claim? Recent decisions from the New York Court of Appeals highlight differing views nationwide on...more

Two SEC Insider Trading Cases Involving Spouses

The SEC filed two settled insider trading cases in which the husband is alleged to have misappropriated inside information from his wife. In each instance the husband understood he was not to trade. Yet in each case the...more

Contorting The Law Of Disgorgement In Contorinis: Disgorging Ill-Gotten Gains That Were Never Gotten

For all the complexities inherent to securities enforcement litigation, the law of available remedies has been comparatively simple. There are monetary penalties, there are officer-and-director (or other) bars, and there is...more

Proxy Season Litigation Primer: Defending Shareholder Suits to Enjoin Annual Meetings for Allegedly Inadequate Disclosures...

Over the past few years, as plaintiffs have found it increasingly harder to succeed in “say-on-pay” litigation, another type of litigation over proxy disclosures has been on the rise. These cases are generally brought as...more

Mortgage Fraud Whistleblower Receives $64 Million Award

On March 7, the U.S. District Court for the Southern District of New York approved a stipulation and order awarding nearly $64 million to the relator in a mortgage fraud case recently settled by the federal government....more

Better Late Than Early - What Is “Just, Convenient And Equitable” Among Innocent Investors In Fraudulent Investment Schemes

Overview - Defrauded investors in an investment scheme rarely recover all of the funds that they have invested, and the question of the amount to which each investor is entitled is complicated when the investments are...more

Plaintiff’s Attorney’s Fees in Shareholder Suits Subject to Heightened Scrutiny (In re Theragenics Case)

It’s virtually inevitable: Within hours (or less) of a press release announcing a merger or acquisition involving a public company, a group of shareholders will file a class action lawsuit against the public company target’s...more

Third Party is Liable For Attorney Fees to Party Damaged by Fraudulent Conveyance

In Cardinale v. Miller, 2014 DJDAR 252 (2014), the California Court of Appeal for the First Appellate District decided a unique civil procedure issue arising out of an attorney fee award to a judgment creditor. The court...more

This Week In Securities Litigation (Week ending February 28, 2014)

The Supreme Court handed down a significant decision, construing SLUSA in the context of suits by investors defrauded investors in the Stanford Ponzi scheme. The Court concluded that the Act does not bar four state law class...more

Insurance Recovery Law - Feb 26, 2014

Fourth Circuit Allows Punitive Damages Against Insurer For Bad Faith Despite Lack Of Actual Damages - Why it matters: A policyholder is not required to prove ascertainable damages to be entitled to an award of...more

Disgorgement In An SEC Action When The Fund Has Profits But Not The Trader

Earlier this month the Third Circuit resolved an issue regarding causation, intervening causes and disgorgement in an SEC enforcement action. SEC v. Teo (here). Now the Second Circuit has handed down a ruling on the measure...more

Utica And Century Ordered To Mandatory Mediation In Reinsurance Dispute

Utica Mutual Insurance Company brought an action in 2013 against Century Indemnity Company (itself and against certain of its named predecessors) for breach of contract and breach of the duty of utmost good faith, as well as...more

SEC v. Contorinis: Second Circuit gives SEC a powerful new tool – for now

The Second Circuit Court of Appeals has broadened the Securities and Exchange Commission’s power to seek civil disgorgement of profits from insider trading violations even where an individual did not personally profit from...more

OTK Associates, LLC v. Robert Friedman, et al., C.A. 8447-VCL (Del. Ch. Feb. 5, 2014) (Laster, V.C.)

In this opinion, the Court of Chancery denied in substantial part motions to dismiss claims arising out of a since-abandoned restructuring transaction between Morgans Hotel Group Co. and its largest investor, Yucaipa...more

This Week In Securities Litigation (Week ending February 21, 2014)

The SEC filed two civil injunctive actions this week. Once focused on an investment fraud scheme in which interests were sold in what was falsely claimed to be a motion picture production which would have A list celebrities....more

Striking Out A-Rod: The Faithless Servant Doctrine

The Alex Rodriguez (“A-Rod”) saga is playing out like a classic Greek tragedy. With hubris-laced legal soliloquies and a sports media dutifully taking on its role as the Chorus, all that appears to be missing is the blind...more

Federal Government Seeks Higher Penalties In GSE Fraud Case

On January 29, the DOJ filed a supplemental brief in support of its claim for civil penalties following a jury verdict it obtained last October in the first case alleging violations of FIRREA in connection with loans sold to...more

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