News & Analysis as of

Misrepresentation

Fourth Circuit Court Of Appeals Affirms Dismissal Of Securities Fraud Class Action, Stating That Scienter Cannot Be Pled By...

by Shearman & Sterling LLP on

On November 15, 2017, the United States Court of Appeals for the Fourth Circuit affirmed the dismissal of a putative securities fraud class action against PowerSecure International, Inc. (the “Company” or “PowerSecure”), and...more

CFPB Files Suit Against National Debt-Settlement Services Provider For Allegedly Misleading Consumers

by Goodwin on

On November 8, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced it filed suit in federal court in California against a national debt-settlement services provider and its CEO based on alleged violations of the...more

Don’t overlook the legal malpractice insurance application

by Dentons on

As part of the process of renewing or replacing legal malpractice insurance, law firms are typically required to complete an application. Law firms that treat the application as a formality and fail to give the application...more

Competitor’s Claim of False Advertising Through Use of Certification Mark Dismissed

by Dorsey & Whitney LLP on

In Board-Tech Elec. Co. v. Eaton Electric Holdings LLC, the U.S. District Court for the Southern District of New York recently dismissed a novel claim that a competitor’s authorized use of a third party’s certification mark...more

CFTC Fines Cargill $10 Million For Misreporting Swap Trades

by Shearman & Sterling LLP on

On November 6, 2017, the U.S. Commodity Futures Trading Commission (“CFTC”) filed a settled enforcement action against Cargill, Inc. (“Cargill”), an agriculture commodities trader, for allegedly misrepresenting the mid-market...more

Which Comes First Standing Or Class Certification? Northern District Of Illinois Weighs In

by Carlton Fields on

The Northern District of Illinois recently waded into the conflict between standing and class certification when it held that a putative class representative must demonstrate standing to assert each claim before the motion...more

Court Says “Lights Out” on UL Certification Lanham Act Claim

Last week, a federal judge in Manhattan examined the intersection of false advertising and trademark infringement law in connection with the alleged misuse of a certification mark, and found the plaintiff to be entitled to...more

Hedge Fund Manager Sentenced to Prison

by Dorsey & Whitney LLP on

A claimed hedge fund manager was sentenced to prison after pleading guilty to conspiracy to commit securities and wire fraud. Defendant Nicholas Mitsakos founded Matrix Capital, a California state registered investment fund...more

FTC Obtains $6.8 Million Judgment Against Two Individuals in “Free” Credit Report Scheme

by Goodwin on

?On October 30, the Federal Trade Commission (FTC) announced that it had obtained a stipulated order for a permanent injunction and monetary judgment against two individuals for allegedly using fake rental property ads to...more

Real Property, Financial Services, & Title Insurance Update: Week Ending October 20, 2017

by Carlton Fields on

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE  TITLE INSURANCE UPDATE - Foreclosure: witness may testify as to business records of another company so long as that witness can lay proper foundation of personal knowledge...more

9th Circuit Resolves Split on False Advertising Injunctions

• The 9th Circuit held that consumers may have Article III standing to seek an injunction under California false advertising law even though the consumer subsequently learned that the advertising in question was false or...more

FTC settles Section 5 claims against company promoting schools to military servicemembers

by Ballard Spahr LLP on

The FTC has entered a proposed consent order with Victory Media, Inc. (VMI) to settle the FTC’s charges that VMI violated Section 5 of the FTC Act by engaging in deceptive acts or practices in connection with its promotion of...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In the U.K. three F.H. Bertling executives were sentenced on corruption charges. An HSBC senior executive based in London was convicted by a New York jury for front running a client in the currency markets....more

Sanctions Award Strengthens Fight to Protect Confidential Company Records

On October 18, 2017, a federal district judge in Alaska ordered a former employee to pay nearly $170,000 of his ex-employer’s legal fees as sanction for removing nine attorney-client privileged documents prior to his...more

Fall 2017 Consumer Financial Protection Bureau Update

by Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Misled Consumers Can Obtain Injunctions Against Businesses

by Selman Breitman LLP on

A consumer misled by fraudulent representations may still obtain an injunction against a business so long as the consumer claims that he or she wishes to purchase the product or service in the future but cannot confidently...more

Food & Beverage Litigation Update | October 2017 #3

by Shook, Hardy & Bacon L.L.P. on

FDA Warns Snyder’s-Lance About Iron Content Labels - The U.S. Food and Drug Administration (FDA) has sent a warning letter to Snyder’s-Lance, Inc. about the iron content of its Lance Toast Chee Crackers. The letter...more

CFPB Files Complaint Alleging Debt-Relief Providers Misrepresented Affiliation with U.S. Government

by Goodwin on

On October 12, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against two debt-relief companies and their owners, and a third company that processed payments for and provided other services...more

Clear Notice of Alteration of the Attorney-Client Relationship

by Wilson Elser on

In Thomas Cesso v. Gary Owen Todd, Massachusetts Appeals Court 16-9-76 (August 28, 2017), the Massachusetts Appeals Court held that filing a notice of withdrawal does not necessarily terminate the attorney-client...more

SEC Brings First Enforcement Action Related to Initial Coin Offerings

by Jones Day on

The Situation: Promoters of two recent initial coin offerings face charges of investor fraud brought by the SEC, after allegedly misrepresenting the assets purportedly backing the offerings, exaggerating the amount of funds...more

Southern District Of New York Dismisses Securities Fraud Class Action With Prejudice, Finding Plaintiffs Failed To Plead That...

by Shearman & Sterling LLP on

On September 22, 2017, United States District Judge Alison J. Nathan of the United States District Court for the Southern District of New York dismissed with prejudice an amended consolidated putative class action complaint...more

California District Court Dismisses Securities Fraud Class Action, Finding Technology Company's Statements of Growth Were Not...

by Shearman & Sterling LLP on

On October 2, 2017, Judge Yvonne Gonzalez Rogers of the United States District Court for the Northern District of California dismissed with prejudice a putative securities fraud class action against Nimble Storage, Inc....more

Section 75-1.1 And Trial Evidence

by Ellis & Winters LLP on

When a claim for violation of N.C. Gen. Stat. § 75-1.1 goes to trial, what analytical framework governs the admissibility of evidence related to that claim? Today’s post studies a recent decision by Judge Louis A. Bledsoe,...more

Vineyard buyer's fraud claim dying on the vine

by Thompson Coburn LLP on

Sellers of a vineyard were exonerated of a claim for fraud because they “could not be held liable for nondisclosure in the absence of evidence they had actual knowledge of the facts to be disclosed.” In Opinion - RSB...more

FTC Provides Guidance to Social Media Influencers in Live Twitter Chat

by Ballard Spahr LLP on

Influencer marketing is the popular practice of using individuals with large social media audiences—known as "influencers"—to advertise products and services through their social media accounts....more

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