Prejudgment Interest

News & Analysis as of

SEC Charges Another Dark Pool

Dark pools are one of the issues which have been debated at least since Michael Lewis published Flash Boys and Scott Patterson put out Dark Pools. To date the SEC has brought two actions involving the trading venues. One was...more

Prejudgment Interest On Costs Is Improper

In Bean v. Pacific Coast Elevator Corp. (2015) 234 Cal.App.4th 1423, the California Court of Appeal for the Fourth Appellate District held that a trial court erred when it granted prejudgment interest on costs awarded in a...more

CCP § 998 Fees Rejected As Judgment Was Less Than Offer To Compromise

In Lee v. Silveira, 2015 DJDAR 5287, the California Court of Appeal for the Fifth Appellate District ruled on an interesting tort case involving the interpretation of CCP § 998. In the appeal, a personal injury plaintiff...more

Corporate Investigations & White Collar Defense - August 2015

Are the Circuits A-Splitting? The Ninth Circuit Declines to Follow the Second Circuit's Insider Trading Decision in U.S. v. Newman - Why it matters: On July 6, 2015, the Ninth Circuit in U.S. v. Salman declined to...more

SEC Settles Unregistered Broker Charges Tied To Offering Fraud

The SEC entered into partial settlements with three persons charged with acting as brokers without registering. The charges were tied to an offering fraud which centered on selling interests in a firm that claimed to be...more

SEC Settles FCPA Charges Tied to Payments to Health Care Professionals

The SEC filed another settled action in which payments to health care professionals at state owned entities in China were alleged to be violations of the Foreign Corrupt Practices Act. Although the company furnished extensive...more

SEC Settles Another Insider Trading Case Tied To Brocade Deal

The acquisition of Foundry Networks, Inc., a networking hardware company, by Brocade Communications System, Inc., a technology company specializing in data and storage networking products, announced on July 21, 2008, has...more

Wisconsin Supreme Court Accepts New Cases: Occurrences, 12% Interest, and Donning and Doffing

Last Friday, Wisconsin’s supreme court announced that it had accepted seven new cases. Three of them are of particular interest to Wisconsin businesses. In Wis. Pharmacal Co. v. Nebraska Cultures of Cal.,...more

Ninth Circuit: California Law Allows Prejudgment Interest Demand Without Judgment on Debt

On May 12, the Ninth Circuit held that a debt collection letter did not violate the FDCPA or California’s Rosenthal Act where the amount of the debt was certain, even though the debt collector had not yet obtained a judgment....more

Torts – Effect of Howell Decision on C.C.P. § 998 Offers

Lena Lee, et al. v. Joseph M. Silveira, et al. - Court Of Appeal, Fifth District (May 15, 2015) - A personal injury plaintiff is entitled to recover expert witness fees and pre-judgment interest if the...more

Ninth Circuit Rules FDCPA and California Law Do Not Prohibit Collection Letter Seeking Prejudgment Interest

The U.S. Court of Appeals for the Ninth Circuit recently ruled that a debt collection letter seeking prejudgment interest on the debt did not violate the Fair Debt Collection Practices Act (FDCPA) or California’s Rosenthal...more

Ninth Circuit Addresses Several CERCLA Issues of First Impression in the Circuit

In AmeriPride Services Inc. v. Texas Eastern Overseas Inc., the Ninth Circuit examined several issues under CERCLA, some of which were issues of first impression in the Circuit, including: - Whether a district court...more

Disgorgement of Profits Not Available for Arbitrary and Capricious Benefits Denial – This Time

Wrongful denial of employee benefits will not expose plan fiduciaries to equitable remedies – such as disgorgement of profits – where restoration of benefits is adequate to make the claimant whole, says the Sixth Circuit in...more

Calculating Prejudgment Interest in Personal Injury Actions

Civil Code section 3291 provides that if the plaintiff in a personal injury action makes a Code of Civil Procedure section 998 offer to compromise which the defendant does not accept, and the plaintiff obtains a more...more

In Personal Injury Actions, Prejudgment Interest on Costs Not Recoverable

In Bean v. Pacific Coast Elevator Corporation, 2015 DJDAR 2864 (“Bean”), the California Court of Appeal, Fourth Appellate District, held in the published portion of its opinion that courts may not award prejudgment interest...more

Eighteen Percentage Spread between Pre- and Post-Judgment Interest Rates Affirmed

The current post-judgment interest rate in federal court is the infinitesimally meager rate of 0.22% (that is 22 hundredths of a percent, not 22 percent) as per statute, 28 U.S.C. § 1961(a). ...more

SEC Obtains $585 Million Judgment Against MRI International for Ponzi Scheme

A Nevada District Court granted the Securities and Exchange Commission’s request for a $585 million judgment against MRI International, Inc. and its former CEO, Edwin Fujinaga, consisting of disgorgement, prejudgment interest...more

Is There a Constitutional Right to 12% Interest?

Central bankers have been the bane of a saver’s return for awhile now, but Wisconsin’s court of appeals appears to have carved out a place for litigants to earn a market-beating return. In a decision issued by District II...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending December 12-26, 2014 & January 2, 2015

REAL PROPERTY UPDATE - - Quiet Title: investor who pooled money with two other entities to purchase property could not quiet title after the two entities recorded second version of deed that omitted investor’s name...more

Financial Services Weekly News Roundup - December 2014

The SEC’s Semiannual Regulatory Agenda. The Federal Office of Information and Regulatory Affairs posted the SEC’s most recent Semiannual Regulatory Agenda which, in compliance with the Regulatory Flexibility Act, identifies...more

Federal Circuit Addresses Plethora of Issues in Affirming $19.5 Million Damage Award

SSL Services, LLC v. Citrix - The U.S. Court of Appeals for the Federal Circuit, in an opinion that broached issues of claim construction, non-infringement, willful infringement, invalidity, the legal implications of a...more

Three Principals of Adviser Settle SEC Charges Over Undisclosed Conflicts

The Commission filed another settled action based on undisclosed conflicts involving an investment adviser. In this proceeding Respondents, principals of the adviser, failed to disclose a fee splitting arrangement with an...more

California Court Holds Mechanic’s Lien Claimants Entitled to Pre-Judgment Interest of 7 Percent, Not 10 Percent, Against...

Under California Civil Code (CC) Section 3289, a mechanic’s lien claimant may obtain pre-judgment interest against contracting property owners calculated at 10 percent per annum from the date of breach. In Palomar Grading &...more

This Week In Securities Litigation

Rengan Rajaratnam settled his insider trading case with the SEC this week, consenting to the entry of a permanent injunction and agreeing to pay disgorgement, prejudgment interest, a civil penalty and to be barred from the...more

Lincolnshire Pays $2.3 Million to Settle SEC Charges of Misallocation of Portfolio Company Expenses

On September 22, 2014, New York-based private equity firm Lincolnshire Management, Inc. (Lincolnshire) agreed to pay $2.3 million to settle Securities and Exchange Commission (SEC) allegations that Lincolnshire misallocated...more

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