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Credit Crunch Digest -- May 2014

This issue of the Credit Crunch Digest focuses on ongoing investigations into Libor manipulation by Deutsche Bank; fines against Barclays stemming from manipulation of the gold market; a warning by the SEC regarding Bitcoins;...more

Fiduciary Duty for Broker-Dealers and Agents

Could the states impose fiduciary duty on their own? For more years than I care to remember, consumer groups, state securities regulators and investment advisers large and small have warned of the confusion wrought on...more

Bernstein Shur Business and Commercial Litigation Newsletter #37

We are pleased to present the 37th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent developments concerning securities fraud liability against law firms and other...more

FERC Enforcement Chief Norman Bay Testifies Regarding FERC’s Energy Market Oversight and Enforcement Authority and Approach

On January 15, 2014, Norman C. Bay, Director of the Office of Enforcement (OE) of the Federal Energy Regulatory Commission (FERC), testified before the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Financial...more

Orrick's Financial Industry Week in Review - January 13, 2014

European Parliament Committee Publishes Opinion on Money Laundering Directive 4 - On January 7, the European Parliament published an opinion, written by its Committee on Legal Affairs (or JURI) relating to the...more

Nevada AG Announces RMBS Agreement

On October 17, Nevada Attorney General (AG) Catherine Cortez Masto announced that she had finalized an agreement with a financial institution that requires the financial institution to pay $11.5 million, without admitting...more

Are Misstatements In A Form 10-K Actionable By The California Attorney General?

Last week, the California Attorney General Kamala D. Harris announced that she had filed a complaint for civil penalties, permanent injunction and other equitable relief against Corinthian Colleges and three of its school...more

PHOENIX LIGHT SF LIMITED et al v. JPMORGAN CHASE & CO., J.P. MORGAN SECURITIES LLC. et al

COMPLAINT ALLEGING THAT JPMORGAN DEFENDANTS KNEW THAT THE REPRESENTATIONS IN THE OFFERING DOCUMENTS WERE FALSE AND MISLEADING

Every single one of the large financial institutions deserves to be closed and dissolved, their officers imprisoned and every single one of the regulators involved, including The Fed, SEC, OTS and OCC should be...more

7th Circuit Explains Rationale of Class Action Attorneys’ Fees

This week's discussion focuses on the 7th Circuits examination of that rationales underlying the class action attorneys' fee awards in Silverman v. Motorola Solutions, Inc....more

Department of Justice Sues Bank of America for Defrauding Investors in Connection with Sale of Over $850 Million of Residential...

Department of Justice Sues Bank of America for Defrauding Investors in Connection with Sale of Over $850 Million of Residential Mortgage-Backed Securities. The complaint alleges that Bank of America lied to investors about...more

Orrick's Financial Industry Week in Review - June 10, 2013

In This Issue: SEC Proposed Rule on Money Market Reforms; FDIC Final Rule on Orderly Liquidity Authority; FDIC Credit Risk Assessment Report; CFTC No-Action Relief; CFPB Exam Procedures for New Mortgage Rules; Rating Agency...more

SEC ORDER INSTITUTING CEASE-AND DESIST PROCEEDINGS AGAINST Credit Suisse Securities (USA) LLC; DLJ Mortgage Capital, Inc.; Credit...

http://www.sec.gov/litigation/admin/2012/33-9368.pdf This SEC decision is one that deserves several readings. The SEC have drilled down far enough to discover that the banks made settlements on buy-backs, kept the money...more

Judge Denies S&P’s Motion to Dismiss Claims Brought By Illinois AG

On November 7, Judge Mason of the Circuit Court of Cook County, Illinois ruled that the Illinois Attorney General’s state law deceptive business and trade practice claims against Standard and Poor’s survived S&P’s motion to...more

Mortgage-Backed Securities Litigation -- Litigation and Regulatory Trends

A CLE presentation covering the common claims and defenses asserted in MBS litigation and recent litigation and regulatory trends....more

Hamilton (City) v. Metcalfe & Mansfield Capital Corporation, 2012 ONCA 156

Limitation in Misrepresentation Cases: Damage v. Damages

Last week, the Ontario Court of Appeal addressed the important distinction between damage and damages with respect to the limitation issue in misrepresentation cases. In Hamilton (City) v. Metcalfe & Mansfield Capital...more

Supreme Court Limits Investors' Right to Sue in Securities Fraud Lawsuits

The Supreme Court issued an opinion on Monday barring a group of investors from proceeding with a lawsuit against Janus Capital Group for allegedly making misleading statements in Janus mutual fund prospectuses. The ruling...more

SEC v. Goldman Sachs & Co.

Goldman Sachs and Fabrice Tourre Complaint filed by SEC

Form 8-K appending Complaint filed by SEC....more

SEC v. Goldman Sachs & Co. and Fabrice Tourre

SEC v. Goldman Sachs & Co. and Fabrice Tourre Complaint (Form 8-k)

The Commission brings this securities fraud action against Goldman, Sachs & Co. (“GS&Co”) and a GS&Co employee, Fabrice Tourre(“Tourre”), for making materially misleading statements and omissions in connection with a...more

SEC Rules For Losses Caused by Stock Brokers

On behalf of the Public Investors Arbitration Bar Association (PIABA), I am pleased to comment on the above-referenced proposed changes to the Suitability Rule and the Know Your Customer Rule, FINRA Rules 2111 and 2090. PIABA...more

Caveat Consiliator - Let the Adviser Beware: Imposing Fiduciary Duties on Fee-Based Financial Professionals

This article proposed that fee-based financial professionals should be subjected to mandatory fiduciary standards. In addition to providing background information about stockbrokers, financial advisers, investment advisers,...more

You know it is a tax scam when ...

The article reviews indicators and warning signs that should alert a taxpayer that what he/she is being told and/or sold is a tax scam that may put him/her at risk for severe civil or criminal penalties. Look at what...more

White Paper Exposing Abuses of Wall Street On Subprime Mortgage Industry

First paper to define predatory lending and also create the terms "predatory servicing" and "predatory mortgage servicing" as well as "predatory securitization." A must read for anyone involved in litigation in subprime...more

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