Breach of Duty

News & Analysis as of

California’s “Independent” Cumis Counsel Regime Faces A Novel Challenge

On May 5, the California Supreme Court will hear argument in a case that has the potential to profoundly change the relationship between the insurer, its insured and the insured’s independent defense counsel under Civil Code...more

The ERISA Litigation Newsletter - April 2015

Editor's Overview - In this month's Newsletter, Robert Rachal discusses recent "church plan" rulings where some federal judges have declined to give deference to long-standing, consistent guidance from the Internal...more

Firm Sanctioned for Breach of Fiduciary Duty and Violation of the Compliance Rule

The SEC sanctioned a registered investment adviser for breaching its fiduciary duty by failing to disclose to its clients a conflict of interest created by a portfolio manager’s outside business activity and personal...more

Pensions News - March 2015

In This Issue: - Budget 2014 reforms - Budget 2015 - The Pensions Regulator - Legislation - DC Charges and Governance - Case Law - HMRC - Public Service Pension Schemes - Other News - On the...more

Court Of Chancery Notes The Outer Limits Of Contract/Fiduciary Claims

There is a long line of decisions that holds when the parties set out their mutual rights and obligations in a contract, only contract law governs and a breach of fiduciary duty claim cannot also be brought....more

District Court Rules On Discovery In Bad Faith Case

In a dispute between the excess and primary liability insurance carriers of a common insured based upon the primary insurer’s alleged breach of the duty to defend the common insured, the U.S. District Court for the Eastern...more

The UNC Former Student-Athletes’ Litigation: The Defense Enters the Field

We wrote last month about the lawsuit filed against the University of North Carolina and the NCAA by former UNC student-athletes Rashanda McCants and Devon Ramsey....more

Alert: Civil Claims for Bribery: an Overview of the English and Common Law Position

Take a simple bribery scenario. A foreign Government Minister is the key decision-maker for the award of a contract to build and operate infrastructure, say a toll road. A UK contractor wins the contract in a purportedly...more

Court Finds Lenders to Hedge Fund Not Liable as ERISA Fiduciaries

A federal court recently dismissed ERISA breach of fiduciary duty claims asserted by Delphi Beta Fund, LLC, a hedge fund, against two of its bank lenders, because there was no precedent for applying ERISA’s fiduciary duties...more

Ameriprise Agrees to Pay $27.5 Million to Settle Fiduciary Breach and Prohibited Transaction Claims

Defendants Ameriprise Financial, Inc., the fiduciary committees of the Ameriprise 401(k) plan, and individual committee members agreed to settle a lawsuit brought by a class of participants in the Ameriprise 401(k) plan for...more

Settlement Reached in Stock-Drop Case

A class of former LandAmerica Financial Group employees agreed to a $5 million settlement of stock-drop claims arising from LandAmerica’s 2008 bankruptcy, and have submitted the agreement for court approval. LandAmerica filed...more

NCUA Sues HSBC For Alleged Breaches of Duties as Trustee for 37 RMBS Trusts

On March 20, the National Credit Union Administration Board, acting as liquidating agent for five failed credit unions, filed suit against HSBC USA in the Eastern District Court of Virginia. NCUA alleged that HSBC breached...more

Courts Continue to Dismiss Shareholder Suits Based on FCPA Violations

On March 16, 2015, Judge Paul G. Gardephe of the Southern District of New York dismissed a shareholder derivative suit filed by Sylvia Pritika against the CEO and others of Avon Products Inc. ("Avon") alleging breach of...more

Ameriprise Avoids Trial On Class Action Suit By Current and Former Employees With $27.5 Million Payment

In 2011, a group of current and former employees filed a class action lawsuit in the District Court of Minnesota claiming that Ameriprise Financial, Inc. and members of its 401(k) Plan fiduciary committee had breached their...more

Orrick's Financial Industry Week in Review

UBS and Capital Ventures Settle RMBS Dispute - On March 26, Capital Ventures International and several UBS affiliates filed a stipulation of dismissal after reaching a settlement disposing of all claims in the action....more

Recent Developments in the Canadian Law of Contract

In 2014, the Supreme Court of Canada rendered two decisions relating to the law of contract. Parties doing business in Canada should be aware of these decisions because they have significantly changed how contracts are to be...more

Volunteer Directors and Officers Liable to Facility Creditors

The Third Circuit Court of Appeals recently upheld a trial court’s jury verdict finding the individual board members and officers of a non-profit healthcare facility personally liable to the facility’s creditors. The board...more

Attorney Who Set Up and Administered VEBA and Welfare Benefit Plans Found Liable Under ERISA

SUMMARY: Defendants set up over 500 multiple-employer death benefit plans with entities they controlled acting as the trustees. The Department of Labor (“DOL”) brought a civil action alleging breach of fiduciary duty and...more

Mediation Confidentiality Statute Bars Malpractice Claim Where Breach Allegedly Occurred During Mediation

In Amis v. Greenberg Traurig LLP (No. B248447 - filed March 18, 2015), Division Three of the Second District Court of Appeal held that a malpractice plaintiff cannot circumvent mediation confidentiality by advancing...more

Virtus Capital L.P. v. Eastman Chemical Co. et al., C.A. No. 9808-VCL (Del. Ch. Feb. 11, 2015) (Laster, V.C.)

In this decision, the Court of Chancery denied a motion to dismiss for lack of personal jurisdiction brought by an individual that controlled the majority stockholders of a Delaware corporation, holding that the complaint...more

Fiduciary Breach Claim Based On Oral Representation Can Proceed

A federal district court in New Jersey held that oral misrepresentations may support a breach of fiduciary duty claim under ERISA. Plaintiff Richard Lees was hired by American Re–Insurance Company, although he was paid by...more

Ninth Circuit Opinion May Open Litigation Doors Most Thought Closed

A recent Ninth Circuit Court of Appeals opinion charts potential new pathways for claims for damages resulting from portfolio losses by mutual fund shareholders against both a fund’s trustees and its investment adviser....more

Locke Lord QuickStudy: Range Resources Case

On March 6, 2015, the Texas Supreme Court decided a case involving the duties owed to the non-executive holder of a nonparticipating royalty interest by both the executive rights holder and the lessee that negotiated the...more

Clarity For Calif. Negligent Emotional Distress Claims

The recent decision in Wilson v. Southern California Edison Co. provides greater clarity to the California rule permitting claims for negligent infliction of emotional distress by direct victims who do not suffer a physical...more

Sixth Circuit Rejects Claim that Disgorgement of Profits Is Appropriate Remedy in ERISA Benefit Denial Action

On March 5, 2015, the U.S. Court of Appeals for the Sixth Circuit, sitting en banc in the matter of Rochow v. Life Insurance Company of North America, 2015 WL 925794 (6th Cir. Mar. 5, 2015), reversed the finding of a prior...more

268 Results
|
View per page
Page: of 11

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* 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.
×