Finance & Banking Professional Malpractice

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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

Part 2: Sienkiewicz v Salisbury Group Ltd – Insurers denial of indemnity upheld

In October 2013, James Baird posted an article following the Federal Court’s decision to join insurers to a proceeding issued by the applicants (trustees Mr and Mrs Sienkiewicz and AT Melville Pty Ltd) against their former...more

Supreme Court Confirms That Trustees Are Liable Only For Loss Caused Due To Breach

Mark Redler & Co Solicitors (Mark Redler) acted for both the claimant bank, AIB Group (UK) Plc (AIB), and the borrowers on a GBP 3.3 million loan. In return for the loan, AIB was supposed to secure a first legal charge over...more

Bad Faith Sentinel - December 2014

In This Issue: - Court of Appeals of Michigan: Trial Court’s Incorrect Instruction on the Definition of Bad Faith Did Not Require Reversal - District of Colorado: Insureds Have No Obligation To Hire Public...more

ABA Takes Restrictive Approach to Use of Law Firm Letterhead in Debt Collection - ABA Standing Committee on Ethics and...

Brief Summary: The American Bar Association (ABA) has concluded that a prosecutor who allows a debt collection company to use the prosecutor's letterhead to demand payment from borrowers violates Model Rules 8.4(c) and...more

Accountant’s Fiduciary Duty as Independent Auditor

In North Carolina, an accounting firm now owes a fiduciary duty to its audit client, both as a matter of law and as a matter of fact. On November 4, 2014, a North Carolina appellate court held — for the first time —...more

Third Circuit Upholds Defense Cost Reimbursement Clause in Professional Liability Policy

On October 10, 2014, the 3rd Circuit Court of Appeals decided Camico Mutual Ins. Co. v. Heffler, Radetich & Saitta, LLP, where it enforced a policy clause providing for repayment to the insurer of defense costs, and confirmed...more

Hacking Coverage Dispute Under Professional Liability Policy Gets the Go-Ahead from Federal Court

On October 6, 2014, a federal court denied a professional liability insurer’s motion to dismiss a coverage dispute over a $3.5 million payment the policyholder-bank made when a bank customer’s account was targeted by a...more

Federal Judge Concludes Restitution May Be Covered Under Commonly Used Professional Liability Policy Language

A federal judge in Minnesota recently held that “restitution” paid to settle a class action lawsuit was covered under the terms of a professional liability policy. The court in U.S. Bank National Ass’n et al. v. Indian Harbor...more

Fourth Circuit Holds Supreme Court’s Janus Ruling Not Applicable in Criminal Cases

The Fourth Circuit Court of Appeals this week rejected the bid of a securities lawyer to vacate his guilty plea on the ground that the conduct to which he pled guilty was no longer criminal under the U.S. Supreme Court’s...more

Financial Advisor Found Liable for Aiding and Abetting Director Breaches of Fiduciary Duties in Connection With Cash-Out Merger -...

In a 91-page post-trial decision, Chancellor Travis Laster found RBC Capital Markets LLC (“RBC”) liable for aiding and abetting breaches of fiduciary duty in connection with RBC’s role as a financial advisor in the 2011 $438...more

Washington Bars Insurers from Maintaining Legal Malpractice Suit Against Policyholder Defense Counsel

In Stewart Title Guar. Co. v. Sterling Savings Bank, et al., Wash. No. 87087-0 (October 3, 2013), the Washington Supreme Court held that a nonclient insurer may not pursue a malpractice claim against appointed defense counsel...more

Insurance Recovery Law -- Oct 18, 2013

New York Court Rules That Conflict Between Exclusion and Grant of Coverage Created Ambiguity in Exclusion Requiring Trial - Why it matters: In a coverage dispute arising out of the Madoff debacle, a financial bond...more

Texas Court Holds No Duty to Defend Under Mortgage Broker E&O Policy

In its recent decision in AXIS Surplus Lines Ins. Co. v. Halo Asset Management, LLC, 2013 U.S. Dist. LEXIS 139065 (N.D. Tex. Sept. 27, 2013), the United States District Court for the Northern District of Texas had occasion...more

New York’s Lichtenstein Decision Highlights Conflicts of a Carve-Out Guarantor

The recent New York case of Lichtenstein v. Willkie Farr addresses a borrower's conflict caused, in part, by a loan covenant. The covenant invoked personal liability of the members in the event the entity files a voluntary...more

Georgia Court Holds No Coverage for Restitutionary Amounts

In its recent decision in Fidelity Bank v. Chartis Specialty Ins. Co., 2013 U.S. Dist. LEXIS 110935 (N.D. Ga. Aug. 7, 2013), the United States District Court for the Northern District of Georgia had occasion to consider...more

Old Doctrine Misunderstood, New Doctrine Misconceived: Deconstructing the Newly-Minted Restatement (Third) of Property’s Power of...

Old Doctrine Misunderstood, New Doctrine Misconceived: Deconstructing the Newly-Minted Restatement (Third) of Property’s Power of Appointment Sections In was in the course of preparing the 2013 edition of Loring and...more

Legal Notebook: Hunt & Hunt Lawyers v Mitchell Morgan Nominees PTY LTD (ACN 108 571 222) And ORS – High Court Appeal (Australia)

Snapshot - Readers of this journal may recall the judgment of Mitchell Morgan Nominees Pty Limited v Vella [2011] NSWCA 390, which we covered in the Legal Notebook section of the March 2012 edition. That judgment...more

Chad Elie v. Ifrah Law PLLC

Complaint (Exempt From Arbitration)

Chad Elie v. Ifrah Law PLLC: Complaint (Exempt From Arbitration) DISTRICT COURT CLARK COUNTY NEVADA Case No. A-13-679951-C Dept No.: XV I Filed April 11, 2013 S!GAL CHATTAH, ESQ. Nevada Bar No.: 8264 LAW OFFICES...more

Home Loan Modification Help FAQs from the State Bar of California

Senate Bill 94 does not prevent an attorney from earning fees for helping consumers with home loan modifications. However, no one can accept fees up front for the work, nor can they place fees in their trust...more

DOJ Revokes Some Pre-Clearances for Bank Leumi Depositors

A recent press release should send a shudder to some voluntary disclosure participants. It should frighten some tax preparers and their clients....more

Bill on Bankruptcy: Fee Agreement Puts Law Firm In Trustee's Sights [Video]

Jan. 9 (Bloomberg) -- Law firm Kaye Scholer LLP and financial advisor Capstone Advisory Group LLC are in the sights of a U.S. Trustee aiming to claw back $12 million for an undisclosed agreement to share fees awarded in...more

CFPB gets preliminary injunction in mortgage relief assistance case

On November 16, a federal district judge in California entered a preliminary injunction in favor of the CFPB in the action it filed this past July against a law firm that offered mortgage assistance relief services to...more

The Clock is Ticking! October is the Time to Report Unclaimed Funds

Are you holding unclaimed or abandoned client funds? October is the month to remit and report - learn how by reading this article....more

Opinion Letters – Do's and Don'ts (Ethics, Professionalism and Malpractice Avoidance)

Originally published in Volume 34; Number 1 - Real Property e-newsletter, The Official Publication of the Real Property Section of the North Carolina Bar Association - September 2012. This article contains practical...more

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