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The ERISA Litigation Newsletter - April 2013

Editor's Overview - The importance of clear and unambiguous plan language cannot be overstated. The Second Circuit recently applied this well-established principle to conclude that a plan's administrative claims process must...more

FDIC Obtains Jury Verdict And Settlement In Separate Actions In California District Court Against Former Bank Officers And...

On December 7, the FDIC, as receiver of a failed bank, obtained a jury verdict in its favor in the U.S. District Court for the Central District of California against a group of former bank officers. FDIC v. Van Dellen, No....more

Indiana's Wage Payment and Wage Claims Statutes

This week's article is dedicated to a discussion of the recent Indiana Court of Appeals decision in Fox v. Nichter Construction Co., Inc., in which the court examined the interplay of Indiana's Wage Payment and Wage Claim...more

SEC Suffers Defeat in Trial Against “Break the Buck” Executives

A federal court jury in Manhattan returned verdicts on Monday, November 12, largely exonerating the two most senior Reserve Management Company executives in a Securities and Exchange Commission enforcement action accusing...more

Wells Fargo: Department of Justice Not Playing Fair

Wells Fargo has recently cried foul, claiming that the Department of Justice’s latest lawsuit against it in the Southern District of New York violates the terms of a settlement agreement Wells had previously reached with the...more

U.S. Sues Bank of America for Alleged Mortgage Fraud Against GSEs

On October 24, the U.S. Attorney for the Southern District of New York filed suit against Bank of America and Countrywide seeking damages for over $1 billion in alleged losses suffered by Fannie Mae and Freddie Mac....more

Federal Government Sues Bank of America for Fraud: Fannie Mae and Freddie Mac Want Actuals and Exemplary Damages From Countrywide...

The federal government has sued the second-biggest bank in the country, Bank of America Corp., in United States District Court for the Southern District of New York for fraud. That's right: fraud, which brings with it the...more

U.S. Sues Wells Fargo Over Allegedly Defective FHA Mortgages

On October 9, the United States Attorney for the Southern District of New York filed suit against Wells Fargo Bank, N.A. in the United States District Court for the Southern District of New York....more

A Bad Bill Becomes Law When There Is More Interest In Enacting A Fix Than Fixing the Problem

In 2002, the Legislature enacted AB 55 creating the victims of corporate fraud fund. Since the fund was created, it has collected about $15 million and nearly 800 claims have been submitted. In a devastating article...more

The Texas Anti-SLAPP Statute: Issues for Business Tort Litigation - September 2012

On June 17, 2011, Texas Governor Rick Perry affixed his neat signature to Texas‘ new anti-SLAPP law, entitled the Texas Citizens Participation Act (the "TCPA"), and in so doing Texas joined 28 states and the District of...more

The ERISA Litigation Newsletter - August 2012

In This Issue: - Editor's Overview - The Affordable Care Act and Its Coverage Mandates for Employers: A Potent Recipe for ERISA Class Actions - Rulings, Filings, and Settlements of Interest ...more

Richman v. Goldman Sachs Group – Disclosure of Wells Notices

When a public company is notified by the SEC that the SEC has initiated an investigation of potential securities law violations by the company, the company must confront challenging disclosure issues. Should the commencement...more

Major Settlement Reached in Consolidated Interchange Fee Litigation

On July 13, the parties to the long-running consolidated class action litigation against the two major payment network providers and 17 banks filed a proposed settlement to resolve allegations that the defendants unlawfully...more

California Federal District Court Holds That Section 1312(a) of the California Corporations Code Provides the Exclusive Remedy For...

In Dixon v. Cost Plus, Inc., No. 12-2721, 2012 U.S. Dist. LEXIS 90854 (N.D. Cal. Jun. 27, 2012), the United States District Court for the Northern District of California held that Section 1312(a) of the California...more

The Texas Anti-SLAPP Statute: Issues for Business Tort Litigation - May 2012

Introduction - On June 17, 2011, Texas Governor Rick Perry affixed his neat signature to Texas’ new anti-SLAPP law, entitled the Texas Citizens Participation Act (the “TCPA”), and in so doing Texas joined 28 states and the...more

InfoBytes Special Alert: DOJ Increasingly Pursuing Both Monetary and Non-Monetary Relief in Civil Enforcement Actions

Last month, in a potentially significant but largely overlooked development, the Department of Justice ("DOJ") signaled that it would "increasingly" pursue "innovative, non-monetary measures" when it settles civil fraud...more

Health Law Alert: In False Claims Litigation, Providers Cannot Invoke "No Harm, No Foul"

On the basketball court, the conventional wisdom is "no harm, no foul." It is not so in federal court, particularly in litigation involving the False Claims Act (FCA). The FCA allows the imposition of civil monetary...more

FSA Bans Introducer Appointed Representative Following Upper Tribunal’s Decision

On 22 May 2012, the FSA published a final notice issued to appointed representative Derek William Wright. The notice prohibits Mr. Wright from performing any function in relation to any regulated activity on honesty,...more

Upper Tribunal Upholds FSA Decision to Ban and Fine Former UBS Advisers

The Upper Tribunal (Tax and Chancery Chamber) has upheld an FSA decision to ban and fine two former UBS advisers in relation to an unauthorised trading scheme. The FSA were directed to fine Sachin Karpe £1.25 million and...more

FDIC Brings Two RMBS Lawsuits Against Several Investment Banks and Related Entities

On May 18, 2012, the FDIC, in its capacity as receiver for two failed banks, filed two actions in the Southern District of New York arising out of the banks’ alleged purchase of RMBS. In the first suit, the FDIC asserts...more

Former Employee Blows the Whistle on Delaware Unclaimed Property Exposure

In a recent unpublished decision, the Superior Court of Delaware, New Castle County, decided to allow a business entity’s former tax manager, joining with the attorney general for the state of Delaware, to proceed with a...more

New Law Extends Georgia False Claims Liability to Non-Medicaid Claims: Significant Revisions Also Made to Existing State False...

Introduction On April 16, 2012, Georgia Governor Nathan Deal signed into law House Bill 822, thereby enacting the new “Georgia Taxpayer Protection False Claims Act,” while also making significant revisions to the...more

HUD Announces Another Mortgage False Claims Act Settlement

On May 10, HUD and the U.S. Attorney for the Southern District of New York announced the settlement of a lawsuit alleging violation of the False Claims Act by a mortgage originator and affiliated entities. The government...more

Chairperson of Insurance Board Denied Claim for Attorney Fees

In Thornton v. California Unemployment Insurance Appeals Board, 2012 DJDAR 4796 (2012), the California Court of Appeal for the Fourth Appellate District decided a legal question pertaining to the reimbursement of attorney...more

SEC and N.C. Securities Division Join Forces on Alleged Ponzi Scheme

As you probably know by now, Ponzi schemes, once rarely touched by the SEC’s Enforcement Division, have become fairly commonplace. It now appears that the SEC and the North Carolina Securities Division have teamed up in...more

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