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Brokers Switching Firms: The Protocol and Recent Developments

In August 2004, Merrill Lynch, Citigroup, and UBS entered a pact not to sue one another over client relationships in their wealth management businesses. This pact was known in the industry as the Protocol for Broker...more

New York Supreme Court Denies Barclays’ Motion to Dismiss NYAG’s Martin Act Claim – Court Finds Martin Act Applies to Barclays’...

Last week, the New York Supreme Court denied Barclays’ motion to dismiss the New York Attorney General’s fraud claim against the bank, finding that the NYAG may proceed with its claim under New York’s Martin Act based on...more

Court Reins In Prosecutorial Overreach in Insider Trading Cases

In an effort to reinstate powers stripped from them by the Court of Appeals in U.S. v. Newman and Chiasson, prosecutors have sought a rehearing of the landmark Second Circuit decision which severely curtailed the scope of...more

Trends In Canadian Securities Class Actions

Filings for new Canadian securities class actions have been essentially flat over the last three years, according to a recent report by NERA Economic consulting. That trend is consistent with the one for the filing of U.S....more

Joinder of defendants in apportionable claims: a question of justice

A recent Western Australian Court of Appeal case demonstrates the circumstances in which a court will join a prospective defendant in an apportionable claim. In Hart v JGC Accounting & Financial Services Pty Ltd...more

Orrick's Financial Industry Week in Review

SEC Proposes Rules for Disclosure of Hedging Policies - On February 9, the SEC issued proposed rules that are intended to enhance disclosure of company hedging policies for directors and employees, as mandated by...more

Louisiana Lessee Could be Liable for Withholding Information

A Quiz - You are in Louisiana and are described as having a “lesion beyond moiety”. What do you do? A. Contact your primary care physician for an appointment...more

Top Ten Finance Litigation And Regulatory Decisions Of 2014

A summary of the most interesting banking litigation and regulatory decisions from 2014. The selection is necessarily subjective and draws from a wide range of cases and developments that are of direct relevance to finance...more

SEC "Claws Back" Bonuses and Stock Sale Profits From CFOs of Public Company Charged With Accounting Fraud

On February 10, 2015, the SEC announced settlements with two former chief financial officers of Saba Software, a Silicon Valley software company, that require the CFOs to repay Saba more than $500,000 in bonuses and profits...more

Weavering: Appeal court judgment clears directors of wilful default

On 12 February 2015 the Cayman Islands Court of Appeal handed down its long-awaited judgment in Weavering Macro Fixed Income Fund Ltd v Peterson and Ekstrom. The case, which measured the liability of directors, sent...more

What are you implying?

Case law teaches contractors a valuable lesson when dealing with ownership of copyright. It is essential to deal with each party’s position, typically through a written copyright licence, to avoid pitfalls further down the...more

Assignment Consideration Can Be Representation, Support and Opportunity - Memorylink Corp. v. Motorola Solutions, Inc.

Addressing whether a patent was properly assigned and whether claims of inventorship fraud were properly barred by the statute of limitations, the U.S. Court of Appeals for the Federal Circuit affirmed a lower court’s summary...more

The Business Court Rules Again On Claims Under The North Carolina Securities Act

Last week's decision in Atkinson v. Lackey, 2015 NCBC 13 doesn't tell you everything you wanted to know about the North Carolina Securities Act (the "NCSA"), but it comes pretty close. The lawsuit was brought by three...more

How Recent Fiduciary Duty Cases Affect Advice To Directors And Officers Of Delaware And Texas Corporations

The conduct of corporate directors and officers is subject to particular scrutiny in the context of business combinations (whether friendly or hostile), executive compensation and other affiliated party transactions,...more

SEC Brings Another Insider Trading Case As Administrative Proceeding

There is little doubt that the SEC is bringing more cases in an administrative forum. While the agency has not acknowledge the trend, over the last several months it has filed a series of insider trading cases as...more

Dead Hand Provisions: A Lesson for Lenders from the Delaware Chancery Court

In Pontiac General Employees Retirement System v. Ballantine, et al., the Delaware Chancery Court refused to dismiss a claim against a lender for aiding and abetting a breach of fiduciary duty by the borrower’s directors. ...more

2014 Securities Class Actions Year in Review: Five Developments That Will Change the Landscape

The year 2014 brought further development and maturity to Canadian securities class action regimes but the case law continues to reveal discordant themes. Preliminary issues relating to jurisdiction, the leave test and...more

Minority Powerbrokers Q&A: Carlton Fields' Patterson-Strachan

Shaunda Patterson-Strachan is a shareholder and co-chairwoman of the financial services and insurance litigation practice group at Carlton Fields Jorden Burt in Washington, D.C. She represents life insurance companies in...more

New York Court Dismisses Bad Faith Cause of Action

In its recent decision in Spandex House, Inc. v. Travelers Property Cas. Co. of America, Inc., 2015 U.S. Dist. LEXIS 14667 (S.D.N.Y. Feb. 6, 2015), the United States District Court for the Southern District of New York had...more

Sinchareonkul v. Fahnemann, C.A. No. 10543-VCL (Del. Ch. Jan. 22, 2015) (Laster, V.C.)

In this memorandum opinion, the Court of Chancery denied the plaintiff’s motion for an expedited preliminary injunction hearing to be held prior to February 10, 2015, but found that good cause existed for an expedited two-day...more

Shareholder’s Challenge to Smith & Wesson SLC’s Independence Misfires in the First Circuit

On February 4, 2015, the First Circuit affirmed the summary dismissal of a shareholder derivative suit, which brought Nevada state claims for breach of fiduciary duty, waste of corporate assets, unjust enrichment, and...more

"Securities Litigation Developments Largely Expected to Shift From SCOTUS to District and Circuit Courts in 2015"

As observed in the 2014 edition of Insights, the Supreme Court stood poised last term to resolve a number of noteworthy issues with the potential to affect the securities litigation landscape. In Chadbourne & Parke, LLP v....more

D&O Insurance Law - 2014 Year in Review

Directors and Officers (D&O) liability and the insurance coverage issues presented by litigation arising from the same continued to be the subject of numerous judicial decisions at the state and federal level during 2014. The...more

"Delaware Court of Chancery Decision Clarifies Fiduciary Issues in Insolvent Company Context"

The Court of Chancery of Delaware recently issued a noteworthy decision clarifying fiduciary duties and confirming business judgment rule protection for board-level business strategy decisions by directors of insolvent...more

Bharara Appeals Second Circuit’s Decision Vacating Insider Trading Convictions

Preet Bharara, United States Attorney for the Southern District of New York, has petitioned the United States Court of Appeals for the Second Circuit for a rehearing en banc of last month’s landmark decision vacating multiple...more

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