Settlement

News & Analysis as of

This Week In Securities Litigation

The Commission filed another settled FCPA action this week. The proceeding named two U.S. citizens living abroad as Respondents. The DOJ issued an Opinion discussing successor liability....more

Financial Services Weekly News Roundup - November 2014 #3

FINRA Requests Comment on Proposed “Pay-to-Play” Rule - FINRA issued Regulatory Notice 14-50 requesting comment on proposed “pay-to-play” and related rules that would regulate in a manner similar to Rule 206(4)-5 under...more

California Appellate Court Rejects Class Action Settlement Due to Excessive Attorney Fees

Pigs get fat and hogs get slaughtered, so the saying goes. As we’ve noted before on Oct. 7, June 5, and Dec. 18, courts are starting to examine attorney fee awards in class action settlements much more closely, and the...more

Five Million Dollar Penalty is Stark Reminder About "Gun Jumping"

On November 7, 2014, the Antitrust Division of the Department of Justice ("DOJ") announced that it had imposed a civil penalty of $3.8M and disgorgement of $1.15M in profits on Flakeboard America Limited (and its parent...more

Recent FCPA Enforcement Actions: The Layne Christensen Case and SBM Offshore

The Fourth Quarter of 2014 has been a busy one for DOJ and SEC in the FCPA arena. We are all praying that DOJ and SEC resolve the Avon case soon so that we do not have to include the case on our lists for predictions for...more

Allocation Methodology

This article will focus on the due process aspect of allocation methodologies in mass tort class actions and multidistrict litigations. This typically involves the substantive right to allocation and procedurally how the...more

SEC Files Settled FCPA Charges Against Two Individuals

The SEC filed another settled FCPA action. The proceeding named two individuals as Respondents. It centers on using expensive gifts and travel as bribes. In the Matter of Stephen Timms, Adm. Proc. File No. 3-16281 (November...more

Trolls Under the Bridge: FTC Proposes Settlement with Patent Assertion Entity

On November 6, 2014, the Federal Trade Commission (FTC) issued a press release regarding a proposed settlement that would bar the company, MPHJ Technology Investments, LLC (MPHJ), from making deceptive representations when...more

DOJ Antitrust Division Announces Settlement with Two Companies for Federal Antitrust Law Violations

On November 7, the Antitrust Division of the Department of Justice announced a settlement with Flakeboard America Ltd. (Flakeboard) and SierraPine for federal antitrust law violations. The settlement requires the companies to...more

CFPB settles second loan originator compensation case

The CFPB entered into a stipulated order and final judgment with Franklin Loan Corporation (Franklin) to settle allegations that Franklin paid its employee loan originators compensation based on the interest rates charged on...more

Major bank traders discovered to be trading info in chat rooms

Another day, another few billion dollars in fines - You’d think the biggest banks in the world would be a little more responsible these days. I mean, six of them just had to pay $4.3 billion in fines for...more

Accomodating Employee Odor Sensitivivity Makes Scents for Employers

Employers should be aware that the American with Disabilities Act (“ADA” or the “Act”) may cover an employee’s sensitivity to odors and related allergies. Failure to accommodate odor sensitivity could result in significant...more

Banks Settle with U.K. Regulatory Authority Over Forex Manipulation

Today it was announced that six banks settled with the U.K. Financial Conduct Authority and other regulators for a combined total of approximately $4.3 billion for their roles in the manipulation of the $5.3 trillion-a-day...more

SEC Scrutiny of Crowdinvesting Sites Not Registered as Broker-Dealers

On November 10, 2014, the SEC announced a settlement with Eureeca Capital SPC, which is a crowdinvesting portal incorporated in the Cayman Islands. Eureeca’s website seeks to match foreign-based issuers with investors...more

Missouri Court Allows Insured to Pursue Breach of Fiduciary Duty Claim Against Excess Insurer

In its recent decision in SSM Health Care Corp. v. Repwest Ins. Co., 2014 U.S. Dist. LEXIS 158164 (E.D. Mo. Nov. 7, 2014), the United States District Court for the Eastern District of Missouri had occasion to consider whether...more

Bank of America and U.S. Bank Agree to Settle MBS Suit with Pension Funds

On October 30, Bank of America notified Judge Katherine B. Forrest of the United States District Court for the Southern District of New York of a planned settlement of an action brought by pension funds in 2012. ...more

SRDP No Longer New Wine

More than four years after the Centers for Medicare & Medicaid Services' (CMS) issuance of the Stark Self-Referral Disclosure Protocol (SRDP), it's time to assess the results. The SRDP was designed by Congress to resolve...more

Illinois Court of Appeals Decision Serves as Caution to Policyholders Seeking Coverage for Underlying Settlements

The Illinois Court of Appeals recently issued an opinion providing guidance for policyholders seeking insurance coverage under commercial liability policies for settlements to resolve class actions asserted against them. In...more

Round Two: Prosecutors Reopen Bank Settlements

With our political system suffering from a growing chasm down party lines, our public servants seem to be increasingly vulnerable to public pressure. Politicians scramble to fight for whatever cause du jour will garner them...more

Trade & Manufacturing - News of Note - November 2014

United States Announces Settlements Of WTO Disputes With Brazil and Indonesia - In October, the United States settled two long-running disputes at the World Trade Organization (WTO) – one with Brazil over cotton...more

Successful Motions to Dismiss Securities Class Actions, A Review of What Worked in 2014

Motions to dismiss have been called “the main event” in securities class actions. They are filed in over 90% of securities class actions and they result in dismissal close to 50% of the time they are filed. In contrast, out...more

Eleventh Circuit Requests Assistance in Interpreting Consent-to-Settle Provision

Most cases in the United States settle. Insurers are well-aware of this fact. Thus, insurance companies employ consent-to-settle provisions in insurance policies to limit and control their liability in the likely event of a...more

$1B Settlement Reached in Stryker Hip Implant Mass Tort

Thousands of plaintiffs in New Jersey and around the country who had surgery to remove failed hip implants settled their claims November 3 in a deal that is expected to pay out more than $1 billion. It was reached after four...more

Three Observations From the SEC’s Settlements with Thirteen Municipal Dealers Over Below-Denomination Sales of Puerto Rico Bonds

On November 3, 2014, the SEC announced settlements with thirteen different registered municipal securities dealers in connection with sales of non-investment grade bonds issued by Puerto Rico in 2014. The settlements...more

Judge Posner’s Scathing Critique of a Proposed Coupon Settlement

The topic of potential self-dealing in class action settlements has been written about extensively. While class counsel may be fully aligned with the class in seeking to maximize the settlement, their interests diverge...more

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