News & Analysis as of

SEC Charges Adviser, Others In Fee Splitting Scheme

A registered investment adviser and its principals were named as Respondents in a proceeding that centers on allegations of undisclosed revenue sharing arrangements, conflict of interest, violations of the custody rule and...more

University Job Placement Rates Come Under Scrutiny

Higher education institutions face mounting pressure from prospective students, accrediting agencies and financial aid providers to disclose graduates’ job placement rates. Several recent high-profile legal battles have...more

Business Litigation Alert: "Did They Really Say That?"

E-Mails Continue to Be the Modern "Smoking Gun" - The recent financial-collapse and bankruptcy of former mega-law firm Dewey & LeBoeuf has captivated the attention of the legal industry, but are there lessons to be...more

Paying for Witness Testimony — Colorado

Colorado Court of Appeals Rules Against Paying For Witness Testimony - Even though case law was already in place against such measures, a case against it has been heard in Colorado. Even though this obviously unethical...more

Illinois Supreme Court Upholds Dismissal Of School District’s Claim Against Its Architect

The Illinois Supreme Court recently issued a decision in Gillespie Community Unit School District No. 7 v. Wight & Company that upholds the dismissal of the District’s claim of fraudulent misrepresentation against its...more

SEC Settles with Portfolio Manager of Private Equity Fund of Funds Over Undisclosed Valuation Practice That Inflated Fund...

The SEC settled public administrative proceedings against a portfolio manager (the “Portfolio Manager”) over misrepresentations he made or caused to be made to prospective and existing investors in the private equity fund of...more

Judge Dismisses Federal Securities Claims from NCUA Action Against Morgan Stanley

On January 22, Judge Denise Cote of the U.S. District Court for the Southern District of New York trimmed claims from a lawsuit brought by the National Credit Union Administration Board, as liquidating agent for various...more

Federal Court Dismisses FCA Claims Against Bank’s Outside Directors

On January 3, the U.S. District Court for the Northern District of Illinois held that a relator failed to support allegations that the outside directors of a failed bank misrepresented to the FDIC the quality of the bank’s...more

The SEC: The Future Path of Enforcement (Part II)

PRC based issuers, and the reliability of the financial information for these companies, continued to be a key issue for the Commission as well as the PCAOB in 2013. An action brought by the Commission against Subaye, Inc....more

Goldman Sachs Motion to Dismiss RMBS Fraud Suit Granted in Part, Denied in Part

On November 26, Justice Melvin Schweitzer of the New York Supreme Court granted in part and denied in part Goldman Sachs’s motion to dismiss a lawsuit brought by HSH Nordbank. Justice Schweitzer dismissed claims arising out...more

Illinois Supreme Court Debates Limitations and Repose for Architects and Contractors

November was a relatively light month for the Illinois Supreme Court on the civil docket, with only one civil case on for argument. Today, we report on the oral argument in Gillespie Community Unit School Dist. No. 7 v. Wight...more

Inside The Courts - December 2013 | Volume 5 | Issue 4

In This Issue: *U.S. SUPREME COURT: - Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (U.S. Nov. 15, 2013) Lawson v. FMR LLC, No. 12-3 (U.S. Nov. 12, 2013) - Chadbourne & Parke LLP v. Troice, No....more

HUD Revises Lender Self-Reporting Requirements

On November 13, HUD issued Mortgagee Letter 2013-41, which, effective immediately, clarifies self-reporting requirements for all single-family FHA-approved lenders. The letter details lenders’ obligations to report all...more

Seventh Circuit Affirms Dismissal Of Lender-Placed Insurance Claims

On November 4, the United States Court of Appeals of the Seventh Circuit affirmed a trial court’s dismissal of allegations that a lender and insurer fraudulently placed insurance on the borrower’s property after the...more

District Court Dismisses a Shareholder Suit for Failing to Plead Scienter

The US District Court for New Jersey recently granted a motion to dismiss by defendants, Columbia Laboratories, Inc. (Columbia) and Watson Pharmaceuticals, Inc. (Watson). The plaintiff group brought an action under Section...more

By The Book - August 2013: False Claims Act and Education Funds Lost to Fraud

While enforcement of the False Claims Act has traditionally been focused on the health care industry, universities and for-profit educational institutions have been increasingly targeted, typically based on representations...more

Washington Nationals Suit Highlights Value of Commercial Crime Insurance

A recent lawsuit by the Washington Nationals (the “Nationals”) against its insurance carrier related to the team’s hiring of a player based on false information about his age and identity highlights the importance to sports...more

Matter of Pinzon: Making False Statements Under 18 USC § 1001(a)(2) Is A Crime Involving Moral Turpitude

The Board of Immigration Appeals (BIA) recently held in Matter of Pinzon, 26 I&N Dec. 189 (BIA 2013), that convictions under 18 USC § 1001(a)(2) for “knowingly and willfully making any materially false, fictitious, or...more

The Difficulty With Proving Fraudulent Non-Disclosure

Readers may recall our previous entry in July 2012 on the decision of Prepaid Services Pty Ltd v Atradius Credit Insurance NV [2012] NSWSC 608. In that case, the Supreme Court of NSW held that the insurer was entitled to...more

UK Bribery Act: Serious Fraud Office Announces its First Prosecutions

On 14 August, the Serious Fraud Office (SFO) announced that four men connected to Sustainable AgroEnergy plc have been charged with offences of conspiracy to commit fraud by false representation and conspiracy to furnish...more

Public Employees Ruled Immune From Liability When Acting In Legislative Or Discretionary Capacity, Even If Fraud, Corruption, Or...

After landowners spent three years securing planning commission approval for a proposed senior living facility project, the city council rejected the project in the face of community opposition. The landowners sued, alleging...more

July 2013: Structured Finance Litigation Update - New York’s Evolving Reasonable Reliance Standard.

Among the more hotly contested issues facing structured finance investors and insurers bringing fraud claims in New York is the requirement that plaintiffs establish that they reasonably relied upon the alleged fraudulent...more

SEC Suit Against Radius Capital, CEO Dismissed in Part as Untimely

On July 15, U.S. District Judge John Steele of the Middle District of Florida granted in part a motion to dismiss the SEC’s claims against now-defunct Radius Capital and its former CEO, Robert DiGiorgio....more

SEC’s Cross-Border Working Group Continues to Target China-Based Issuers

Introduction - A pair of recent enforcement actions brought by the U.S. Securities and Exchange Commission (the “SEC”) reflect the SEC’s continued focus on China-based issuers listed in the U.S. In the most recent case...more

All Residential Mortgage Backed Securities Cases To Be Assigned To Justice Friedman of the Commercial Division

As reported yesterday in the New York Law Journal, Justice Marcy Friedman of the Commercial Division in Manhattan will now be assigned any new case filed in New York Supreme Court that alleges fraud or misrepresentation...more

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