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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

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

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

Court’s Award of $3.8 Million Raises Questions About the Scope of ERISA Remedies

The U.S. Court of Appeals for the Sixth Circuit has affirmed an unusually large award of $3.8 million in a case involving the denial of long-term disability benefits. In Rochow v. Life Insurance Company of North America, No....more

Bah-Humbug: The JPMorgan Settlement & Cy Pres Remedies

Maybe I’m just getting a head start on my “bah humbug” mood for the holidays, I don’t know. Did it strike anyone else as discordant that almost a third of the record-setting JPMorgan RMBS settlement was ear-marked to fund...more

ERISA – 6th Circuit: Reversing Decades of Precedent — Court Orders Disgorgement of Profits in Long Term Disability Case

Wow—You need to know what happened last week in the Sixth Circuit: Disgorgement of profits as a remedy in an ERISA long term disability case? Rochow v. LINA, __ F.3d __, 2013 WL 6333440 (6th Cir. December 6,...more

Deutsche Bank Settles Nevada AG’s RMBS Probe for $11.5 Million

On October 17, the Nevada Attorney General filed court documents disclosing a $11.5 million settlement with DB Structured Products, Inc., a unit of Deutsche Bank AG. The Nevada AG had investigated DB Structured Products’...more

7th Circuit: Posner Explains Notice Requirements & Utility of Cy Pres Decrees in Small Class Actions

This week we examine the recent Judge Posner authored decision in Hughes v. Kore of Indiana Enterprise, Inc. that discusses class action notice requirements and the utility of cy pres decrees. We also examine the bombshell...more

The Prospect Generator’s Case, A Second Look

There is more to learn from Southwestern Energy Production Co. v. Berry-Helfand and Muncey, discussed in a recent post. Damages – With Room to Run, the Expert Scores. Courts are entitled to be “flexible and...more

Time Is Money: Second Circuit Vacates SEC’s $38 Million Fine Against Hedge Fund Pentagon Capital Management

On August 8, 2013, the Second Circuit vacated the SEC’s $38 million fine against hedge fund Pentagon Capital Management PLC, holding that the Supreme Court’s decision in Gabelli v. SEC required the case to be remanded for...more

PHILLIP R. CORVELLO v. WELLS FARGO BANK, NA, DBA America’s Servicing Company, DBA Wells Fargo Home Mortgage, Inc.

PHILLIP R. CORVELLO v. WELLS FARGO BANK, NA, RE: CLASS ACTION COMPLAINT FOR BREACH OF CONTRACT, BREACH OF IMPLIED COVENANT OF GOOD...

CLASS ACTION COMPLAINT FOR BREACH OF CONTRACT, BREACH OF IMPLIED COVENANT OF GOOD FAITH AND FAIR DEALING, VIOLATION OF THE UNFAIR COMPETITION LAW, AND PROMISSORY ESTOPPEL. THE 9TH CIRCUIT COURT OF APPEALS REVERSED THE...more

PHILLIP R. CORVELLO, Plaintiff-Appellant, v. WELLS FARGO BANK, NA, DBA America’s Servicing Company, DBA Wells Fargo Home Mortgage, Inc., Defendant-Appellee

Wells Fargo Mortgage Modification Lawsuits Revived by 9th Circuit Court of Appeals

Wells Fargo Mortgage Modification Lawsuits Revived by Court In a separate action involving Wells Fargo, a U.S. Court of Appeals held that the bank must face lawsuits by home loan borrowers for refusing to offer them...more

7th Circuit Certifies ERISA Breach of Fiduciary Duty Class in Defined-Contribution Plan

This week we take a look at the recent Seventh Circuit decision in Abbott v. Lockheed Martin Corp., in which the court order the certification of a class action based upon breach of fidcuiary duty under ERISA for a...more

Two More Municipal Fraud Cases From the SEC

July 2013 was a big month for the Securities and Exchange Commission (the "SEC") in its quest to increase enforcement in the municipal market. On July 19, 2013, the SEC charged the City of Miami, Florida ("Miami"), and its...more

Order for Insider Trader to Pay $10.2 Million in Restitution to Morgan Stanley Affirmed

The US Court of Appeals for the Second Circuit has affirmed the lower court’s order directing Joseph Skowron III, a convicted insider trader and former portfolio manager at Morgan Stanley, to pay his former employer $10.2...more

Concerned About NSA Snooping? Perhaps You Should Be More Concerned About The DOJ And SEC

In 2008, Rajat Gupta made a handful of short phone calls to his friend Raj Rajaratnam. The information that Gupta conveyed to Rajaratnam in those phone calls is now likely to cost Gupta millions of dollars, two years in...more

Seventh Circuit Demonstrates The Dangers Of Not Having Sufficient Written Procedures In Place To Confirm Coverage – Money Damages...

In Kenseth v. Dean Health Plan, Inc., __ F.3d __, 2013 WL 29991466 (7th Cir. 2013), the U.S. Court of Appeals for the Seventh Circuit changed course in the wake of the U.S. Supreme Court decision in CIGNA v. Amara, __ U.S....more

RICHARD GEORGE; STEVEN LEAVITT and SANDRA LEAVITT, and all others similarly situated Plaintiffs, v. URBAN SETTLEMENT SERVICES d/b/a URBAN LENDING SOLUTIONS; BANK OF AMERICA, N.A.

CLASS ACTION COMPLAINT Re: Bank of America & Urban Lending Sued for Racketeering (RICO) on Fraudulent “Modification” Program

In a case that may have far-reaching consequences, a lawsuit was filed in federal court in Colorado accusing Bank of America of racketeering (RICO). It was a game to the bank. They intentionally lured people into what they...more

Wachovia Mortgage Corp. (Wells Fargo Bank) vs. Paul Posti et al.

Final Judgment Re: Judge Forces Permanent Modification After Mortgagor Complies with the Terms of The Trial Modification

A trial judge has ordered the lender to execute a permanent modification based upon the borrowers total compliance with the provisions of the trial modification. Wells Fargo (Wachovia) was given the terms of the...more

Tenth Circuit is First Circuit to Determine Remedies for Violation of ERISA Section 204(h) Notice Requirements

The transition of many companies from using traditional "final average pay" plans to "cash balance" pension plans in the last two decades has created significant employee discontent, and therefore substantial litigation. ...more

Insurance Recovery Law -- Jun 27, 2013

Policyholders Who Audit Their Policy Language Before Coverage Disputes Arise Can Avoid Problems Down The Road - Policyholders purchase excess insurance policies to provide themselves with additional layers of...more

NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES vs DELOITTE FINANCIAL ADVISORY SERVICES LLP. RE: $10 MILLION FINE & A ONE-YEAR BAN...

Deloitte LLP’s financial advisory services unit agreed to pay $10 million and accept a one-year ban from consulting for New York-regulated banks to settle regulators’ allegations the firm mishandled its anti-money-laundering...more

IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION UNSEALED COMPLAINT FOR DAMAGES

UNITED STATES OF AMERICA v BANK OF AMERICA, N.A. UNSEALED COMPLAINT FOR VIOLATIONS OF THE FALSE CLAIMS ACT

Bank of America’s mortgage servicing unit systematically lied to homeowners, fraudulently denied loan modifications, and paid their staff bonuses for deliberately pushing people into foreclosure: These allegations were...more

CFPB Study of Overdraft Programs A white paper of initial data findings June 2013

Overdraft fees—many of them encouraged and generated through unfair and deceptive practices—cost consumers billions of dollars each year. Overdrafts are a particular problem when consumers use a debit card to make purchases...more

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