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Investment Services Regulatory Update - September 2017

by Vedder Price on

Market and Product Developments - Securities Industry Implements T+2 Settlement Cycle - On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...more

You Can’t Ignore RESPA Section 8(c)

by Foley & Lardner LLP on

It’s been over a year since the Consumer Financial Protection Bureau (CFPB) turned the real estate settlement services industry on its head by announcing in its first ever administrative appeal that Section 8(c) of the Real...more

600,000 Reasons to Comply with the Fair Credit Reporting Act

by Ward and Smith, P.A. on

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently affirmed a borrower’s victory against a loan servicer under the federal Fair Credit Reporting Act (“FCRA”). In...more

Interesting and Useful Cases in Torts and Insurance - June 2017 in the Fourth Circuit Court of Appeals

by Nexsen Pruet, PLLC on

Nexsen Pruet attorney Marc Manos, a member of the SC Bar Torts and Insurance Practice Section Council, sheds light on a few recent cases from the Fourth Circuit Court of Appeals, focused in the area of Torts & Insurance....more

When Speaking to Investors, Mix Facts with Predictions at Your Peril

The Private Securities Litigation Reform Act of 1995 protects “forward-looking statements”—that is, predictions about the future, at least when they are accompanied by “meaningful cautionary statements” that could cause the...more

A five minute roundup of upcoming cases and anticipated regulatory developments of interest to the Financial Services sector

by DLA Piper on

Welcome to the fifth edition of our On the Financial Services Horizon newsletter – a regular update on upcoming cases and anticipated regulatory developments affecting the Financial Services sector....more

Wait - Who Do You Work For Again?

Court of Appeals reverses judgment for bank customer on breach of fiduciary duty claim in case where representations in question were made by an individual that was not employed by the Bank at that time. In Gibson v....more

Tibble and Class Action Plaintiffs Win Round Two versus Edison International and Its 401(k) Investment Committees

In past articles in this Blog I reported on decisions of the 9th Circuit Court of Appeals and ultimately the U.S. Supreme Court dealing with a class action for breach of fiduciary duty for selecting retail mutual funds in...more

Commercial Division Analyzes Choice-of-Law on an Element-by-Element Basis in Upholding Claim for Aiding and Abetting Breach of...

In Wantickets RDM, LLC v. Eventbrite, Inc., No. 654277/2016, 2017 BL 261099 (Sup. Ct. Jul. 21, 2017), New York Commercial Division Justice Shirley Werner Kornreich denied defendant Eventbrite’s motion to dismiss plaintiff...more

Checklist for Strengthening Your Defenses to 401k Plan Class Actions

The last ten years have seen a proliferation of high-profile class actions alleging breach of ERISA fiduciary duties of prudence and loyalty against plan fiduciaries. The claims are usually based upon alleged excessive...more

Exhaustion of Plan Administrative Remedies: Important Considerations Following Hitchcock v. Cumberland

Recently, the Sixth Circuit ruled in Hitchcock v. Cumberland University 403(b) Plan that pension plan participants are not required to exhaust their plan’s administrative remedies before pursuing claims alleging statutory...more

Employee Benefits Developments - July 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of July, 2017. Class Action Plaintiffs Target University 403(b) Plans - In June, an ERISA action – a proposed...more

When can a note trustee lawfully adopt expenses incurred by noteholders? UBS AG, London Branch v. GLAS Trust Corporation Ltd. and...

by Dentons on

The Commercial Court considered the extent to which it was lawful for a note trustee to adopt and pay expenses incurred by a group of noteholders in obtaining advice in relation to a securitisation. While the judgment deals...more

Checklist for Strengthening Your Defenses to 401(k) Plan Class Actions

The last ten years have seen a proliferation of high-profile class actions alleging breach of ERISA fiduciary duties of prudence and loyalty against plan fiduciaries. The claims are usually based upon alleged excessive...more

CFPB Loses Borders Case: the Court Construes RESPA’s Statutory ABA Exemption according to its Plain Language

by Foley & Lardner LLP on

On July 12, 2017, a federal district court in Kentucky issued a summary judgment ruling for the defense in the ongoing Borders & Borders case brought by the Consumer Financial Protection Bureau (CFPB or Bureau). In this...more

The Supreme Court Indirectly Stiffens A Fiduciary Breach Time Limit And Helps ERISA Fiduciaries In The Process

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The Supreme Court appears to have barred equitable tolling under ERISA Section 413’s six-year statute of repose for fiduciary breach claims, subject only to well-pled allegations and proof of fraud or...more

Second Circuit Clarifies Class Certification Requirements in Significant Securities Class Action Decision

On July 7, 2017, the U.S. Court of Appeals for the Second Circuit offered significant guidance regarding the circuit’s class certification requirements in In re Petrobras Securities, No. 16-1914. In addressing an issue of...more

Judgments

by Dentons on

No duty to obtain best price reasonable in a forced sale – upheld by Court of Appeal - (1) Rosserlane Consultants Ltd (2) Swinbrook Developments Ltd v. Credit Suisse International [2017] EWCA Civ 91 - This was the...more

Chris Lazarini Analyzes Contractual v. Fiduciary Obligations

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which plaintiff claimed breach of contract when her investment advisor did not transfer funds in a timely manner. The trial court and court of appeals awarded...more

Commercial Division Flags Novel Issue of Reasonable Reliance In LLC Member Battle

In PMC Aviation 2012-1 LLC et al. v. Jet Midwest Group, LLC et al., No. 654047/2015, BL221447 (Sup. Ct. Jun. 21, 2017), Commercial Division Justice Shirley Kornreich denied a motion to dismiss a fraudulent inducement claim by...more

The Supreme Court Holds Statute of Repose Cannot Be Equitably Tolled

Securities defendants can rest easier after the Supreme Court’s decision to strictly construe certain statutory time limits under the Securities Act of 1933. On June 26, 2017, the Court issued its opinion in California Public...more

Comfort in consistency – Dexia Crediop S.P.A. v. Comune di Prato [2017] and international use of the ISDA Master Agreement

by Dentons on

The Court of Appeal has reversed a judgment of the Commercial Court which had worrying implications for banks concluding international transactions using standard form ISDA documentation (and, by implication, other standard...more

European Court of Justice awards credit institutions home-field advantage

by DLA Piper on

There was some uncertainty as to what court is competent to hear disputes relating to credit agreements. On 15 June 2017 the European Court of Justice resolved this uncertainty by setting useful and practically applicable...more

Dissipation of Assets May be Tort Under English Law: Marex Financial Limited v. Carlos Sevilleja Garcia [2017] EWHC918

by Bryan Cave on

There is a joke that freezing injunctions are dangerous to heath. They appear to be carcinogenic, as people subject to them often tell the Court they are too ill to engage with proceedings....more

Wells Fargo Seeks Contribution from Investment Advisors in RMBS Suit

On May 26, 2017, defendant-trustee Wells Fargo Bank N.A. (“Wells Fargo“) filed four third-party complaints against BlackRock Advisors, LLC, Pacific Investment Management Company, LLC, Teachers Advisors, LLC, TIAA-CREF...more

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