Professional Malpractice Finance & Banking

Read Professional Malpractice updates, alerts, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

Supreme Court of Nevada Holds That Legal Malpractice Claim Was Impermissibly Assigned

Tower Homes, LLC v. Heaton, ___ P.3d ___, 2016 WL 4273578 (Nev. 2016) - Brief Summary - The Supreme Court of Nevada held that a bankruptcy trustee's stipulation and court's order permitting creditors to pursue the...more

10 Questions to Ask your Law Firm Vendor Management Program (Part 1)

Law firms providing mortgage servicer clients default-related legal services are vendors, and financial services companies need to treat them as such. Not only that, law firms often interact directly and continuously with...more

Three Immigration Lawyers Sanctioned by the SEC for Brokering EB-5 Investments

The Securities and Exchange Commission (SEC) has just published three new decisions in connection with administrative proceedings against two well known immigration lawyers, as well as against a third lawyer. One party has...more

Court Affirmed Award of Prejudgment Interest On Fee Forfeiture Award

In Holliday v. Weaver, clients obtained a fee forfeiture award against an attorney for breach of fiduciary duty related to the improper use of settlement proceeds. No. 05-15-00490-CV, 2016 Tex. App. LEXIS 7264 (Tex....more

Texas Supreme Court Holds that Individual Beneficiary Had Standing to Bring a Legal Malpractice Claim Involving a Loan From an...

On May 27, 2016, the Texas Supreme Court held that an individual beneficiary of a self-directed retirement account managed by a corporate trustee had standing to bring legal malpractice claims against a law firm based on...more

No Closure Yet on the Issue of Aggregation of Claims Against Solicitors

The Court of Appeal in AIG Europe Ltd v OC320301 LLP (formerly The International Law Partnership LLP) has ordered a retrial of the question of whether actions brought by 214 investors in two failed holiday property schemes in...more

Debt Collection Litigation in the Cross Hairs: CFPB's Consent Order Against New Jersey Law Firm Creates More Problems Than...

Lightning can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another debt...more

Texas Supreme Court Hears Oral Argument on Legal Malpractice Case Involving Standing of Beneficiary of Trust

On February 10, 2016, the Texas Supreme Court heard argument in a case that involves the issue of legal standing to sue when a trust is injured by the actions of a third party. In DLA Piper US, LLP v. Linegar, Chris Linegar...more

"Auditors Must Beware the Consequences of Settling SEC Enforcement Actions"

The Securities and Exchange Commission (SEC) launched “Operation Broken Gate” in October 2013 to hold accountable those auditors who have intentionally or negligently violated professional auditing or accounting standards....more

SEC Nabs Immigration Lawyers Acting as Unregistered Brokers, Orders Fines and Disgorgement

In 2012, we wrote about the risky business of immigration lawyers accepting finder’s fees for selling limited partnership interests in EB-5 deals. For the past several years, securities law violations have been part and...more

PCAOB Announces First Settled Order with Admissions

Last week, the Public Company Accounting Oversight Board (PCAOB) joined the list of regulators who will, in certain circumstances, seek admissions of liability from audit firms and individuals in settlements. Although the...more

DOJ Report Clears Agency From Unlawful Behavior Charges in Operation Choke Point

Why it matters A new report from the Department of Justice's (DOJ) Office of Professional Responsibility (OPR) found that agency attorneys did not engage in professional misconduct by improperly targeting objectionable...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

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

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

61 Results
View per page
Page: of 3

Follow Professional Malpractice Updates on:

JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.