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FCA Publishes Decision Notices In Respect Of Three Former Members Of Keydata’s Senior Management

In this decision report, we consider the FCA’s decision notices issued to the former chief executive, sales director and compliance officer of Keydata Investment Services Ltd in connection with the sale of structured...more

Whistleblower Aims to Uncover Bank Fraud

Whistleblower Nicholas Wilson has alleged that HSBC, Great Britain’s largest bank, has committed fraud totaling in £1 billion throughout the last three decades. He also claims that despite his allegations being backed by...more

SEC Files It's First Robocop Cherry Picking Action

When the SEC announced it financial fraud task force and a related data initiative to facilitate the identification of situations where the company “cooked the books,” many dubbed the data program “Robocop.” While the SEC may...more

Bank Bond Covers Third-Party Losses Arising out of Bank Employee’s Fraud, Eighth Circuit Holds

Fidelity bonds are purchased primarily to protect against loss to the policyholder’s own assets, from things like employee theft or embezzlement. In Avon State Bank v. BancInsure, Inc., however, the Eighth Circuit interpreted...more

Vivek Ranadivé and Wisconsin IA Both Big into Cherrypicking, According to Sources

Here’s a thing I think I know about billionaires: They’ve made piles and piles of money doing something someone somewhere surely advised them not to do because it was a dumb idea. Then later, actually dumb ideas come along...more

SEC’s Data-Driven Analysis Identifies Allegedly Improper Trade Allocations by Investment Advisor

Relying on a data-driven statistical analysis conducted by the Division of Economic and Risk Analysis (DERA), the SEC recently commenced administrative proceedings against an investment advisor, Welhouse & Associates, Inc.,...more

Banks’ Motion to Dismiss Commerzbank RMBS Fraud Claims Granted

On June 18, 2015, Justice Marcy Friedman of the New York Supreme Court dismissed RMBS fraud claims brought by Commerzbank AG London Branch (“Commerzbank”) against UBS, Nomura Holdings Inc., Barclays Bank PLC, Citigroup and...more

MassMutual Motion for Partial Summary Judgment Denied As to 9 of 10 Securitizations

On June 22, 2015, United States District Judge Mark G. Mastroianni of the District of Massachusetts largely denied Massachusetts Mutual Life Insurance Company’s (“MassMutual”) motion for partial summary judgment seeking to...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As: June 26, 2015 - On June 26, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing eight new questions. The single rulebook Q&As relate...more

U.S. Supreme Court Says “Regular Review” of ERISA Investments Required

ERISA plan fiduciaries charged with responsibility for selecting, monitoring or removing plan investment options should pay close attention to the U.S. Supreme Court’s recent ruling in Tibble v. Edison Intl., 135 S. Ct. 1823...more

Ontario Expands Scope of Prohibited Insider Trading

The Ontario government has amended Ontario’s Securities Act (Act) to expand the scope of prohibited insider trading and enhance the record-keeping requirements imposed upon capital market participants in the province. This...more

Do Investment Advisers Automatically Have Fiduciary Duties to Their Clients?

I always thought they did. But on Friday I read this sentence: “An investment advisor-client relationship is not a de jure fiduciary relationship.” It sort of jumped out at me, because for a long time I’ve assumed that an...more

The ERISA Litigation Newsletter - June 2015

Editor's Overview - In this month's newsletter, Anthony Cacace analyzes the heavily anticipated Supreme Court ruling in Tibble v. Edison Intl., 135 S. Ct. 1823 (2015), where the Court held that ERISA's fiduciary duty of...more

"The New Mutual Fund Exception: Ninth Circuit Allows Direct Claims to Redress Derivative Injury"

Courts have sought to simplify their approach to determining whether an action is derivative or direct — a determination that the Delaware Supreme Court has acknowledged “is sometimes difficult.” Tooley v. Donaldson, Lufkin &...more

Second Circuit Refuses to Stay Injunction During American Express Appeal

On Tuesday, the U.S. Court of Appeals for the Second Circuit rejected American Express Co.’s request to stay an injunction ordered by a judge in the Eastern District of New York which prevented Amex from imposing certain...more

SEC Commissioner Gallagher: Guidance is Needed For IA CCOs

SEC Commissioner Daniel Gallagher published a statement explaining his dissent in two recent enforcement actions in which the Chief Compliance Officer of an investment adviser was charged, noting that the trend in such...more

SEC Charges Advisory Firm to Sports Figures and Officers With Fraud

The SEC filed two actions centered on an advisory firm that serves on high net worth individuals, primarily current and former professional athletes. The actions are based on the theft of client funds and a failure to...more

A Sign of Things to Come: Securities and Futures Trends Analysis: Greater Corporate and Individual Accountability for Regulatory...

2008 marked the height of the global financial crisis. The intervening years have seen criticism of financial regulators, a variety of enforcement activities and a raft of regulatory reforms. Hong Kong and its Securities and...more

Massachusetts Supreme Judicial Court Takes Expansive View of Investment Advisor’s Liability Under Blue Sky Law in Hays v. Ellrich

Last week, the Massachusetts Supreme Judicial Court (SJC) handed down Hays v. Ellrich, a decision with important implications for the investor advising community. The case is significant for two reasons. First, even though...more

FTC Announces First Action Involving Crowdfunding

Last week, the FTC announced its first legal action involving crowdfunding. For those of you who don’t know, crowdfunding is the practice of raising money for a project by seeking contributions from a large number of people,...more

SEC Sues For-profit College Over Alleged Loan Fraud

A major for-profit education corporation is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) because of allegedly fraudulent activity by the company’s chief executive officer and chief financial...more

The Monetary Risks of Filing an Involuntary Bankruptcy Petition

The Bankruptcy Code offers several advantages for the creditors of financially distressed individuals and corporations, including federal court supervision of a possibly untrustworthy debtor and mitigation of the risk of...more

California Decision Expands Actuary’s Potential Liability Based on Aiding and Abetting Theory

The recently published California decision in Nasrawi v. Buck Consultants LLC, issued by the Court of Appeal, Sixth District, has the potential to expand an actuarial firm’s liability well beyond its current limits under...more

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

NC Business Court Says That Bank Didn't Owe A Fiduciary Duty To Its Customer, But Recognizes New Cause Of Action: Breach Of A Duty...

Were you thinking that the Business Court might, one day, find that a bank owed a fiduciary duty to its customer? That seemed like it might happen eventually, as the NC Supreme Court seemed to hold out that possibility last...more

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