Read Business Torts updates, news, and legal commentary from leading lawyers and law firms:
Spitzer: Lanny Breuer at DOJ Was a "Disaster"
Unique Privacy Concerns for Mobile Apps
Common Employment Law Mistakes for Small, Start-Up and Growing Companies
Supreme Court Raises the Bar for Class Certification in Comcast Corp. v. Behrend
Safeguards against Data Security Breaches (Part One)
Weekly Brief: 78% of Law Schools Ignore ABA Rule
Weekly Brief: DOJ Memo Details Justification For Killing US Citizens
Can Feds Force Companies to Disclose Political Spending?
Three Key Data Retention Questions
Newtown Shootings Could Give Rise to More Litigation, Says Pinsky
What to Expect from the Supreme Court During Obama’s Second Term
The Weekly Brief: Abu Hamza On Trial, Wells Fargo Sued, Bingham Cuts Costs
Barofsky: Govt. Complicity Provides Libor Defense
Breaking Down the NFL Concussion Class Action and the Players’ “Warrior Mentality”—Eliot Wagonheim
Whalen: Go Back To The Future To Fight Fraud With Equity Receivers
Lawyer: 20 More Law School Class Actions Coming
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
The SEC has issued its second-ever whistleblower award. The award went to three anonymous individuals, each of whom will receive 5 percent of the monetary sanctions ultimately collected in a case against hedge fund manager...more
Defendants allegedly adopted a uniform practice designed to maximize fees assessed on delinquent borrowers’ accounts. As part of the scheme, Defendants “formed an enterprise with their respective subsidiaries, affiliates,...more
SIX FORMER BOA EMPLOYEES TESTIFY THAT BOA MODIFICATION AND FORECLOSURE SPECIALISTS WERE PAID AND INSTRUCTED TO LIE TO HOMEOWNERS, PAID WITH GIFT CARDS IF THEY SUCCESSFULLY THREW THE HOMEOWNER INTO FORECLOSURE AND WERE...more
On October 26, 2011, the Commission filed an enforcement action in SEC v. Andrey C. Hicks and Locust Offshore Management, LLC, 1:11-cv-11888-RGS (D. Mass. 2011) (the “Locust Matter”). ...more
Attached is an affidavit of a senior loan collector for BOA that was filed in United States District Court for the District of Massachusetts under case number MDL 2193. Simone Gordan stated the following under oath: ...more
The U.S. Commodity Futures Trading Commission (CFTC) received Federal Court orders to charge three Utah residents from Bentley Equities (Bentley), LLC, over $2.7 million in disgorgement and civil monetary charges for...more
Attorney General Eric T. Schneiderman filed a lawsuit against HSBC Bank USA and HSBC Mortgage Corporation (USA) for failing to follow state law related to foreclosure actions, putting homeowners at greater risk of losing...more
In this memorandum opinion, the Court of Chancery awarded the plaintiff substantial payments, pre-judgment interest and attorneys’ fees and costs. Plaintiffs, entities that managed and invested in a fund that owned...more
The Securities and Futures Commission (the SFC), Hong Kong’s principal securities regulator, won a significant victory this past April in a long-running, high-profile case against New York hedge fund Tiger Asia Management LLC...more
On May 14, the U.S. District Court for the Northern District of California reinstated a prior order enjoining a national bank from engaging in false or misleading representations relating to certain overdraft practices and...more
CLASS ACTION FINDINGS OF FACT AND CONCLUSIONS OF LAW AFTER BENCH TRIAL AWARDING $203 MILLION TO WELLS FARGO'S CALIFORNIA CUSTOMERS. On May 14, 2013 the U.S. District Court for the Northern District of California...more
On May 6, monoline insurer Assured Guaranty Ltd. announced a $358 million settlement with UBS and its affiliates stemming from losses on residential mortgage-backed securities that were issued, sponsored or underwriten by...more
Attorney General Kamala D. Harris today filed an enforcement action against JPMorgan Chase & Co. (Chase) alleging that the bank engaged in fraudulent and unlawful debt-collection practices against tens of thousands of...more
This issue of the Credit Crunch Digest focuses on the dismissal of antitrust claims against major banks in Libor-related litigation; settlement in the Merrill Lynch/Bank of America merger case; settlement in the SAC Capital...more
NATIONAL CONSUMER LAW CENTER (NCLS) Banks Raking In Billions In Profits From Overdraft Fees The notion behind an overdraft fee — in which a bank customer is charged a penalty for overdrafting his account — is twofold:...more
For more than thirty years, I’ve driven by, but never stopped at, the Roy Rogers and Dale Evans Museum in Victorville, California. The museum eventually relocated to Missouri but reportedly did not survive for long. Despite...more
Umesh Tandon, president, chief compliance officer, and sole owner of Simran Capital Management, recently agreed to a settlement with the SEC relating to alleged violations of the Investment Advisers Act of 1940 and the...more
On February 22, 2013, the United States Court of Appeals for the Second Circuit in In re Bernard L. Madoff Investment Securities LLC held that certain individuals who had invested indirectly in Bernard L. Madoff Investment...more
The Consumer Financial Protection Bureau (“CFPB” or “the Bureau”) submits to Congress its second annual report summarizing its activities to administer the Fair Debt Collection Practices Act (“FDCPA” or “the Act”), 15 U.S.C....more
This OCC Mortgage Metrics Report for the fourth quarter of 2012 provides performance data on first-lien residential mortgages serviced by selected national and federal savings banks. The mortgages in this portfolio comprise...more
The Supreme Court’s 2011 CIGNA v. Amara decision suggested that an employer’s pension plan could be rewritten to remedy the employer’s failure to fulfill its disclosure obligations under the Employee Retirement Income...more
On March 14, Freddie Mac sued 15 banks and the British Bankers’ Association (BBA), claiming that the institutions manipulated the London Interbank Offered Rate (LIBOR) and caused substantial losses to Freddie Mac on...more
Following on the heels of significant regulatory actions by the Consumer Financial Protection Bureau, Federal Reserve, and the FDIC against regulated companies and their third-party service providers, the Federal Trade...more
On March 6, the U.S. District Court for the Central District of California identified for the first time factors for courts to consider when assessing a civil penalty under the Financial Institutions Reform, Recovery and...more
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