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Finance & Banking Professional Malpractice

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

The Lawyers' Lawyer Newsletter - Halloween Issue October 2017

by Hinshaw & Culbertson LLP on

Client Intake — Due Diligence — Liability to Parties Other than Client — Holding Funds in Trust - P&P Property Ltd. V. Owen White & Catlin LLP, et al. 2016 WL 05484797 (English High Ct. of Justice, Chancery Div. 2016)...more

Interesting and Useful Cases in Torts and Insurance - June 2017 in the Fourth Circuit Court of Appeals

by Nexsen Pruet, PLLC on

Nexsen Pruet attorney Marc Manos, a member of the SC Bar Torts and Insurance Practice Section Council, sheds light on a few recent cases from the Fourth Circuit Court of Appeals, focused in the area of Torts & Insurance....more

Does a removed trustee have a duty to see to it that the fiduciary reins are assumed by a qualified successor?

by Charles E. Rounds, Jr. on

A removed trustee retains myriad residual fiduciary duties and liabilities. The most obvious is the duty not to betray the confidences of the entrustment going forward. Less self-evident is the removed trustee’s residual...more

Seventh Circuit Affirms Dismissal of $1.5 Billion Malpractice Claim Filed by Lenders Against Borrower's Law Firm Because it Owed...

by Hinshaw & Culbertson LLP on

Oakland Police & Fire Ret. Sys. v. Mayer Brown, 2017 U.S. App. LEXIS 11522, ___ F.3d ___ (7th Cir. 2017) - Brief Summary - Plaintiffs filed a putative class action against the defendant, a law firm that represented a...more

Residual liability in the trust context of excluded fiduciaries

by Charles E. Rounds, Jr. on

Some states by statute have introduced into their trust jurisprudence the concept of the excluded fiduciary: In the case of a trust the terms of which allocate fiduciary functions between the trustee and, say, a trust...more

FBI Is Focused On Professional Service Providers

by Foodman CPAs & Advisors on

James C. Barnacle, Chief of the Money Laundering Unit in the Financial Crimes Section, Criminal Investigation Division, of the FBI recently stated that there is a RENEWED emphasis on investigations targeting “ money...more

Medical Litigation Newsletter - December 2016

by Hinshaw & Culbertson LLP on

Defending Audits Before They Happen: A Practical Guide to Documenting to Sustain A Challenge to E/M Codes - Although many believe malpractice suits to be the primary risk-management issue facing healthcare providers, an...more

Receiver for payday lenders sued by CFPB files malpractice lawsuit

by Ballard Spahr LLP on

The court-appointed receiver for a group of interrelated companies sued by the CFPB in September 2014 for engaging in allegedly unlawful online payday lending activities has filed a malpractice lawsuit against the law firm...more

Supreme Court of Nevada Holds That Legal Malpractice Claim Was Impermissibly Assigned

by Hinshaw & Culbertson LLP on

Tower Homes, LLC v. Heaton, ___ P.3d ___, 2016 WL 4273578 (Nev. 2016) - Brief Summary - The Supreme Court of Nevada held that a bankruptcy trustee's stipulation and court's order permitting creditors to pursue the...more

10 Questions to Ask your Law Firm Vendor Management Program (Part 1)

Law firms providing mortgage servicer clients default-related legal services are vendors, and financial services companies need to treat them as such. Not only that, law firms often interact directly and continuously with...more

Three Immigration Lawyers Sanctioned by the SEC for Brokering EB-5 Investments

The Securities and Exchange Commission (SEC) has just published three new decisions in connection with administrative proceedings against two well known immigration lawyers, as well as against a third lawyer. One party has...more

Court Affirmed Award of Prejudgment Interest On Fee Forfeiture Award

by Winstead PC on

In Holliday v. Weaver, clients obtained a fee forfeiture award against an attorney for breach of fiduciary duty related to the improper use of settlement proceeds. No. 05-15-00490-CV, 2016 Tex. App. LEXIS 7264 (Tex....more

Texas Supreme Court Holds that Individual Beneficiary Had Standing to Bring a Legal Malpractice Claim Involving a Loan From an...

by Winstead PC on

On May 27, 2016, the Texas Supreme Court held that an individual beneficiary of a self-directed retirement account managed by a corporate trustee had standing to bring legal malpractice claims against a law firm based on...more

No Closure Yet on the Issue of Aggregation of Claims Against Solicitors

by Cozen O'Connor on

The Court of Appeal in AIG Europe Ltd v OC320301 LLP (formerly The International Law Partnership LLP) has ordered a retrial of the question of whether actions brought by 214 investors in two failed holiday property schemes in...more

Debt Collection Litigation in the Cross Hairs: CFPB's Consent Order Against New Jersey Law Firm Creates More Problems Than...

by Clark Hill PLC on

Lightning can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another debt...more

Texas Supreme Court Hears Oral Argument on Legal Malpractice Case Involving Standing of Beneficiary of Trust

by Winstead PC on

On February 10, 2016, the Texas Supreme Court heard argument in a case that involves the issue of legal standing to sue when a trust is injured by the actions of a third party. In DLA Piper US, LLP v. Linegar, Chris Linegar...more

"Auditors Must Beware the Consequences of Settling SEC Enforcement Actions"

The Securities and Exchange Commission (SEC) launched “Operation Broken Gate” in October 2013 to hold accountable those auditors who have intentionally or negligently violated professional auditing or accounting standards....more

SEC Nabs Immigration Lawyers Acting as Unregistered Brokers, Orders Fines and Disgorgement

In 2012, we wrote about the risky business of immigration lawyers accepting finder’s fees for selling limited partnership interests in EB-5 deals. For the past several years, securities law violations have been part and...more

PCAOB Announces First Settled Order with Admissions

by WilmerHale on

Last week, the Public Company Accounting Oversight Board (PCAOB) joined the list of regulators who will, in certain circumstances, seek admissions of liability from audit firms and individuals in settlements. Although the...more

DOJ Report Clears Agency From Unlawful Behavior Charges in Operation Choke Point

Why it matters A new report from the Department of Justice's (DOJ) Office of Professional Responsibility (OPR) found that agency attorneys did not engage in professional misconduct by improperly targeting objectionable...more

Part 2: Sienkiewicz v Salisbury Group Ltd – Insurers denial of indemnity upheld

by DLA Piper on

In October 2013, James Baird posted an article following the Federal Court’s decision to join insurers to a proceeding issued by the applicants (trustees Mr and Mrs Sienkiewicz and AT Melville Pty Ltd) against their former...more

Supreme Court Confirms That Trustees Are Liable Only For Loss Caused Due To Breach

by Allen & Overy LLP on

Mark Redler & Co Solicitors (Mark Redler) acted for both the claimant bank, AIB Group (UK) Plc (AIB), and the borrowers on a GBP 3.3 million loan. In return for the loan, AIB was supposed to secure a first legal charge over...more

Bad Faith Sentinel - December 2014

In This Issue: - Court of Appeals of Michigan: Trial Court’s Incorrect Instruction on the Definition of Bad Faith Did Not Require Reversal - District of Colorado: Insureds Have No Obligation To Hire Public...more

ABA Takes Restrictive Approach to Use of Law Firm Letterhead in Debt Collection - ABA Standing Committee on Ethics and...

by Holland & Knight LLP on

Brief Summary: The American Bar Association (ABA) has concluded that a prosecutor who allows a debt collection company to use the prosecutor's letterhead to demand payment from borrowers violates Model Rules 8.4(c) and...more

Accountant’s Fiduciary Duty as Independent Auditor

by Brooks Pierce on

In North Carolina, an accounting firm now owes a fiduciary duty to its audit client, both as a matter of law and as a matter of fact. On November 4, 2014, a North Carolina appellate court held — for the first time —...more

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