Misrepresentation

News & Analysis as of

Brownstein Victory Demonstrates Value of Vigorously Challenging Materiality Allegations in Securities Fraud Trials

The materiality of misrepresentations and omissions in securities fraud litigation is a complex but critical issue. For several reasons, defendants sometimes give this element of a securities claim less at tention than it...more

Disclaimers effective to protect issuer from liability to secondary market investor – importance of basis or "duty-negating"...

The Court of Appeal in Taberna Europe CDO II plc v Selskabet (formerly Roksilde Bank A/S) (In Bankruptcy) [2016] EWCA Civ 1262 overturned a ruling against the issuer of subordinated notes who, at first instance, was found to...more

The FTC Brings Section 5 Charges Against Internet-of-Things Companies

On January 5, 2017, the FTC filed a complaint against the Taiwanese company D-Link and its US subsidiary, D-Link Systems. D-Link and its subsidiary manufacture and sell networked devices, including routers and...more

California Federal Court Holds that U.S. Securities Laws Apply to Sponsored, Unlisted ADRs

The U.S. District Court for the Northern District of California held on January 4, 2017 that the federal securities laws apply to U.S. transactions in sponsored, but unlisted, American Depositary Receipts (“ADRs”) for a...more

Telemarketer Penalized for Deceptive Tech Support Marketing

The Federal Trade Commission recently settled with Florida-based company Inbound Call Experts on December 22 for deceiving thousands of consumers with its telemarketing scheme. Under the final order, the company must pay...more

Investor’s Relocation to New York after Structuring a Financing Deal in Hong Kong Does Not Provide a Basis for Suit Against Swiss...

In Ace Decade Holdings Ltd. v. UBS AG, No. 653316/2015, 2016 BL 413780 (N.Y. Sup. Ct. Dec. 7, 2016), Justice Eileen Bransten of the Commercial Division dismissed a $500 million fraud suit brought by an investment holding...more

Fido Can’t Help Ring in the New Year (Unless He’s a True Service Animal)

Individuals wishing to begin the new year by taking a beloved pet or emotional support animal out to a restaurant may run into new legal deterrents in some states. While the Americans with Disabilities Act (ADA) entitles...more

Inbound Call Experts to Pay $10 Million for Consumer Redress

Florida-based tech support scheme, Inbound Call Expert, doing business as Advanced Tech Support, will pay $10 million for consumer redress in accordance with the Federal Trade Commission’s (FTC) final order. The FTC, and the...more

FTC Settles Claim of False Representations by Digital Advertising Company

The Federal Trade Commission (“FTC”) has entered into a Consent Order to resolve a complaint brought against a digital advertising company, Turn Inc. Turn provided advertisers with the ability to engage in targeted...more

FTC Settles with Targeted Digital Advertising Company over Supercookie Advertising Practices

The Federal Trade Commission (FTC) has entered into a proposed consent order requiring digital advertising company Turn Inc. to include a clear and conspicuous notice detailing how it collects, uses, or shares information...more

Ninth Circuit Rules Federal Arbitration Act Is Subject To Equitable Tolling, Permitting Challenge To An Arbitral Award Outside The...

The Ninth Circuit, as a matter of first impression, ruled that the Federal Arbitration Act (“FAA”) is subject to equitable tolling. Plaintiff Move, Inc. (“Move”) moved to vacate an arbitration panel’s adverse decision,...more

FTC Settles with Turn Over Alleged Privacy Policy Misrepresentations

On Wednesday, the FTC announced that Turn, a California-based ad-tech firm, agreed to settle charges that it misrepresented its consumer tracking practices to Verizon Wireless customers. According to the FTC, such customers...more

Tenth Circuit Affirms Refusal To Compel Arbitration Where Agreements Contained Conflicting Arbitration Provisions

Mr. Ragab sued two financial companies and a corporate officer for misrepresentation and for violating several consumer credit repair statutes. There were six agreements between the parties, including, for example, a...more

Nebraska Real Estate And Nebraska Borrowers, But Federal Arbitration Act Applies

In a fight over whether a single lending transaction involved interstate commerce, the Supreme Court of Nebraska found the Federal Arbitration Act (FAA) applied and preempted its state arbitration act. Wilczewski v. Charter...more

This Week In Securities Litigation

The Commission filed four actions last week. One action centered on a cherry picking scheme; a second focused on an adviser that failed to follow its own procedures regarding conflicts; a third involved an investment adviser...more

Affair Website Ashley Madison Fined $8.75 Million Over Data Breach, Misrepresentations

The Federal Trade Commission (FTC) has entered into a multimillion dollar settlement with the owners and operators of AshleyMadison.com, a dating website for people interested in having discreet affairs, related to the...more

California UCL Standing Requirement — On This You Can Rely

The California Court of Appeal recently confirmed, in case there was any doubt, that plaintiffs must allege (and ultimately prove) actual reliance to adequately state a fraudulent prong Unfair Competition Law claim (Cal. Bus....more

SEC Charges Adviser With Concealing True Value of Accounts

When investment advisers and brokers misrepresent the value of the account to a client it is frequently because something untoward has occurred – huge trading losses, misappropriation or other malfeasance. The Commission’s...more

Natural Consequences: FTC Finds California Company Misrepresented Product Ingredients as “All Natural”

The Federal Trade Commission (FTC) recently granted summary decision against California Natural Inc., a seller and marketer of personal care products, holding that the company engaged in false and misleading advertising in...more

CFPB enters into consent orders with reverse mortgage companies to settle alleged advertising violations

The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more

NY Medical Providers: Use Caution When Soliciting Positive Reviews on Consumer-Review Websites

Consumers often seek online reviews of a business on platforms such as Yelp, CitySearch, Yahoo and Google Plus Pages before purchasing products or services. This includes patients seeking online reviews of a physician or...more

Court Of Chancery Summarizes Law On Reliance Disclaimers

Large commercial contracts frequently try to limit a buyer’s remedies for any extra-contractual misrepresentations by the seller. Many Delaware decisions deal with disclaimers of extra-contractual representations and this...more

Delaware Supreme Court Rejects Fraud Defense To Advancement

Delaware strongly protects a party’s right to advancement of attorney’s fees. This decision holds that a claim of fraudulent inducement cannot be asserted as a defense in a contractual advancement case even when the fraud is...more

Immediate Relief: Application for Certification of B.C. Cold-Fx Class Action Dismissed

The British Columbia Supreme Court recently dismissed an application for certification of a class action regarding the cold and flu product Cold-Fx in Harrison v. Afexa Life Sciences Inc. (Harrison). The plaintiff alleged...more

Recent Decisions Highlight Legal Risks Associated with Product Cybersecurity Vulnerabilities

Last month, plaintiffs in two product cybersecurity class actions were partially successful in surviving motions to dismiss, continuing the recent trend by plaintiffs and regulatory agencies to expand the pool of defendants...more

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