News & Analysis as of

Misrepresentation Fraud

Vast – Or at Least Half-Vast – Conspiracy Claim Dismissed

by Reed Smith on

Imagine a conspiracy so vast that it includes not only your usual plaintiff-side fantasy of the FDA conspiring with a drug company, but also high FDA officials, President Obama, Robert Mercer (noted Trump supporter and...more

Legal Lessons from “Maserati Rick” – The Man Who Falsely Claimed to be a Miami Dolphin for Over 3 Years

by Butler Snow LLP on

In 2014, Ricardo Agnant, a.k.a. “Maserati Rick,” snuck into an NFL Regional Combine at the Miami Dolphins’ training center. An NFL Regional Combine is a selective NFL-sanctioned event that provides aspiring NFL athletes a...more

Art Advisors and Duty of Loyalty in Focus Again Over Sale of Basquiat

by Sullivan & Worcester on

We reviewed in December an important decision that addressed the duties of loyalty that art advisors may, or may not, owe to their clients in dealing in the art market. That question—of to what extent advisors and...more

Sixth Circuit Upholds Dismissal of Fraud and Contract Claims Against Employer Sponsoring Green Card Application for Employee

by Butler Snow LLP on

In an interesting case situated at the intersection of immigration and contract law, the Sixth Circuit recently affirmed a district court’s dismissal of claims against Dow Corning Corporation stemming from its sponsoring an...more

Privileged information is generally safe from Subject Access Requests

by White & Case LLP on

Subject Access Requests ("SARs") are an increasingly popular weapon in litigation, because they can be used to provide a cheap and quick form of pre-action disclosure. However, courts have confirmed that information subject...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

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

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

Directors’ Duties in the UK (England and Wales)

by Reed Smith on

A director who breaches the obligations and duties imposed on him by his office may be liable to compensate the company for breach of duty, may incur personal liability for the company’s debts, may also face criminal or civil...more

Avoiding Lender Liability for Credit-Related Actions in California

by Snell & Wilmer on

Aside from general statutory prohibitions on lender discrimination, there are certain circumstances under California law in which lenders may be held liable for credit-related actions, such as negotiating or denying credit....more

Double-Breasted Company Owners, Officers Can Be Indicted for Underpaying Benefit Contributions

by Holland & Knight LLP on

The U.S. District Court for the District of Massachusetts held in September that the shareholders and officers of a double-breasted construction company can be indicted and could go to prison if the government proves they...more

UK Regulator Bans former Barclays Wealth Management Chief Operating Officer

by Shearman & Sterling LLP on

The Financial Conduct Authority published a Final Notice banning Mr. Andrew James Tinney from the UK financial services industry. Mr. Tinney was the Global Chief Operating Officer of Barclays Wealth and Investment Management,...more

Ninth Circuit Affirms Dismissal of Fraud-Based UCL Claims Based on Lack of Reliance

The Ninth Circuit Court of Appeals’ recent decision in Haskins v. Symantec Corp., Case No. 14-16141 (9th Cir. June 20, 2016), supports the requirement that plaintiffs must allege exposure to and reliance on specific...more

A State Law Wolf in Federal Common Law Clothing: The Third Circuit Rejects Insured’s Attempt to Expand Causes of Action Under the...

Courts across the country (and particularly since Super Storm Sandy in 2012) have consistently held that, in litigation involving a dispute concerning the investigation, adjustment, or payment of a flood claim under the...more

LogMeIn Class Action Dismissed: Termination of Free App Not False Advertising

A judge in the Eastern District of California recently dismissed a class action filed against LogMeIn based on the company’s decision to terminate its free app, which allowed users to access a remote desktop computer via a...more

SEC Charges Another China Based Firm With Fraud

by Dorsey & Whitney LLP on

The key to China based Longwei Petroleum Investment Holding Limited’s business was its storage facilities for oil, gas, fuel oil and solvents, claimed to be the largest in the area. While the firm repeatedly made...more

Appellate Court Explains Difference Between Divorce Settlement Agreement And All Other Contracts

In an April 2016 non-precedential Superior Court Appellate decision, Doyle v. Doyle, the court found that a husband and wife had entered into a valid divorce settlement agreement despite the wife’s argument that the agreement...more

It’s Good to be the King: Nullus Tempus Allows TN Fund’s Suit on Decade-Old RMBS Buys

by Burr & Forman on

Chancellor Carol McCoy allowed a Tennessee state retirement fund’s securities suit over decades-old RMBS purchases to continue last week, holding that time doesn’t run against the king – even on statutes of repose....more

Some Case-by-Case Comment K Mixed with Some Insufficient Pleading of Fraud

by Reed Smith on

In Hawaii, from whence today’s case comes, tourists are encouraged to try poi, mashed up taro root, which looks like purple wallpaper paste and tastes like, well, purple wallpaper paste. The term is also used as a friendly...more

"Bad Boy" Guarantys

by Barley Snyder on

The term “bad boy” guaranty is used in certain circumstances to describe a guaranty to be provided – usually by an individual, not an entity – in connection with, most often, real estate financing. The original intent of...more

SEC Brings Two Financial Fraud Actions

by Dorsey & Whitney LLP on

Financial fraud has long been a staple of SEC enforcement. In the wake of the market crisis the agency has attempted to once again focus on the area creating, for example, a financial fraud task force two years ago. Last...more

Supreme Court of South Carolina sides with MERS in Kubic v. MERSCORP Holdings, Inc.

On March 30 2016, the Supreme Court of South Carolina weighed in on the attempts of several South Carolina counties to make Mortgage Electronic Registrations Systems, Inc. (MERS), and its member banks pay for the correction...more

Silence Would Have Been Golden: Unnecessary Illogical Preemption Decision in Motrin SJS/TENS Summary Judgment Victory

by Reed Smith on

We sat through The Revenant again this weekend, at the plaintive (not plaintiff) request of a Drug and Device Law Friend who had yet to see it. Last time, we barely stayed awake. This time, we lost the battle. We have heard...more

FRANCHISEE 101: Relying on Franchisor’s Profit Projections

by Lewitt Hackman on

Most experienced franchisors know better than to make claims about profits franchisees can expect when those claims do not match the information in the franchisor's Franchise Disclosure Document. However, if a franchisor or...more

Insurance Recovery Law - January 2016

Despite Finding Policy Application Misrepresentation, Jury Rules Against Policy Rescission - Why it matters: A federal jury concluded that Starr Surplus Lines Insurance Company did not have a valid basis to rescind the...more

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