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Breach of Duty Financial Services Industry

Marshall Dennehey

FINRA Grants Respondents’ Motions for Sanctions Against Claimant and Broker’s Request for Expungement

Marshall Dennehey on

Marlin Keith Andrews v. William S. Humber and Stifel, Nicolaus & Co., Inc., FINRA Case #22-01176 - The claimant asserted causes of action including failure to supervise, breach of fiduciary duty, respondeat superior,...more

Paul Hastings LLP

SEC Wins Trial Involving First-Ever Shadow Trading Case

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On April 5, 2024, a federal jury in the Northern District of California found defendant Matthew Panuwat liable for insider trading in the Securities and Exchange Commission’s (“SEC”) first-ever case involving the so-called...more

Stikeman Elliott LLP

Pleading Breaches of Fiduciary Duties in Class Proceedings: Court of Appeal Keeps the Bar Low in Ontario

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In Boal v International Capital Management Inc.(“Boal”), the Ontario Court of Appeal (the “Court”) considered the pleading requirements for certification of a breach of fiduciary duty cause of action. In holding that it was...more

Littler

Michigan Court Dismisses ERISA Class-Action

Littler on

Fiduciaries of 401(k) and other retirement plans continue to be targeted by class action lawsuits brought under the Employee Retirement Income Security Act (ERISA) challenging fiduciary decisions regarding investment options...more

Littler

Federal Court Dismisses Case Alleging Breach of ERISA Fiduciary Duties in 401(k) Class Action

Littler on

Fiduciaries of retirement plans continue to be plagued by class actions brought under the Employee Retirement Income Security Act (ERISA) challenging their fiduciary management of investment options and participant fees. A...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

SeaWorld Litigation will continue

A class action lawsuit brought by former SeaWorld employees that alleged participants in the SWBG LLC 401(k) plan were harmed will continue. The former employees’ arguments sustained the fiduciary breach of the duty of...more

Patton Sullivan Brodehl LLP

Lenders Have No Duty to “Process, Review, and Respond Carefully and Completely” to Loan Modification Applications

One of the unresolved issues over the past several years in the realm of lender liability law is whether lenders owe tort duties to borrowers in connection with loan modification applications. Until now, case law has been all...more

Goodwin

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

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IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

Bilzin Sumberg

Rulings on Standing and Statute of Limitations Deliver Huge Blow to RMBS Investors

Bilzin Sumberg on

Last week, the U.S. District Court for the Southern District of New York dealt a major blow to mortgage investors in two parallel actions pending for the past few years. The impact proved to be fatal to one of the actions,...more

Goodwin

Tenth Circuit Upholds District Court’s Ruling Finding No Breach of Fiduciary Duties in Section 36(b) Case

Goodwin on

In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more

McGlinchey Stafford

SEC’s 2021 Examination Priorities Focus On Fintechs And Sustainability

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In March, the Securities and Exchange Commission (SEC)’s Division of Examinations announced its 2021 examination priorities. The SEC has committed to focusing its investigations on, among other issues, “attendant risks...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Preventative Medicine For Your 401(K) And 403(B) Plan

Multiple new lawsuits have been filed since the start of 2020.  Complications caused by the Coronavirus have not slowed the onslaught of 401(k) fee litigation across the country. Last month, Teva Pharmaceuticals USA Inc. was...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending September 18, 2020

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Real Property Update - Foreclosure / Jurisdiction: section 720.04's exception to the local action rule is applicable where the cross-collateralized mortgages are construed as one instrument and the court has subject...more

Cadwalader, Wickersham & Taft LLP

2019 Year in Review: Securitization Litigation and Regulation

There were significant developments in 2019 as courts continued to issue important decisions in this space and significant legislation impacting the residential mortgage-backed securities (“RMBS”) market came into effect.  A...more

Robins Kaplan LLP

Financial Daily Dose 12.17.2019 | Top Story: USMCA Back on Track After Last-minute Wrangling

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The United States and Mexico appear poised to move past a last-minute snag over new language on Labor Department attaches to posts in Mexico. Mexico feared that the diplomats would “act as labor inspectors,” and for a day or...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending December 6, 2019

Carlton Fields on

Real Property Update - Due Process: Trial court violated developer’s due process rights by considering and ruling upon developer’s motion to quash service of process, which was not set for hearing, despite developer’s...more

Hogan Lovells

UK Supreme Court upholds first breach of Quincecare duty

Hogan Lovells on

At the end of last month, the Supreme Court gave judgment in Singularis Holdings Limited (In Official Liquidation) v Daiwa Capital Markets Europe Ltd.This is the first case in which a bank has been held to have breached its...more

A&O Shearman

Seventh Circuit Affirms Dismissal Of Putative Securities Class Action, Holding SLUSA's "Covered Class Action" Definition Includes...

A&O Shearman on

On January 24, 2019, the United States Court of Appeals for the Seventh Circuit affirmed the dismissal of a putative securities class action against several investment advisory and financial services firms for allegedly...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

The world’s keeping a wary eye on Turkey’s economic well-being, especially given the precipitous drop in the value of the country’s currency (which has pushed up prices for consumers and corporations) and President Erdogan’s...more

Kramer Levin Naftalis & Frankel LLP

When a Bankruptcy Plan Precludes Inquiry Into the Conduct of a Trustee

In yet another of the many cases against Residential Mortgage Backed Securities (RMBS) trustees for their alleged responsibility for losses suffered by investors, Judge Jesse Furman of the Southern District of New York...more

Carlton Fields

Summary Judgment Win for Insurer in “Stable Value” Interest Rate Setting Case

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In July, MetLife obtained a win in the Northern District of Illinois when the court granted summary judgment in its favor on a claim that it had breached the duty of good faith and fair dealing in setting interest rates for a...more

Carlton Fields

Dismissal of Individual Claims Cap Insurer’s Winning Streak in Action Challenging FIA Product Features

Carlton Fields on

In May, the Southern District of California handed ING a win in a case involving allegations that the company targeted seniors with annuities that hid an embedded derivative structure that made them worth less than promised....more

Carlton Fields

Pennsylvania Court Holds Fiduciary Duty Exists Only Where Consumer Cedes Decision-Making Control to the Fiduciary

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The Pennsylvania Supreme Court recently held in Yenchi v. Ameriprise Financial, Inc. that a financial adviser owed no fiduciary duty to a couple who purchased a life insurance policy based on the adviser’s advice where they...more

Carlton Fields

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

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Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

Proskauer - Employee Benefits & Executive...

Department of Labor Officially Proposes Delaying Fiduciary Rule’s Exemptions for 18 Months

On August 30, 2017, the Department of Labor (“DOL”) officially proposed delaying the applicability date of exemptions to its fiduciary rule until July 1, 2019. The proposal was expected after DOL stated in a court filing...more

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