After eight years of litigationand a major ruling from the U.S. Court of Appeals for the Second Circuit that has spawned uncertainty and a
On February 21, 2018, the US Supreme Court decided that the Dodd-Frank Act’s whistleblower protections do not extend to an individual who has not
Among recent financial services regulatory developments, there appear to be at least four worthy of particular note. First, the Consumer Financial
On February 4th, the First Circuit affirmed the dismissal of a shareholder derivative suit alleging that Smith & Wesson made misleading statements
The US Court of Appeals for the Second Circuit in Loginovskaya v. Batratchenko, 13-1624-CV (2d Cir. N.Y. Sept. 4, 2014), upheld a lower-court's
On August 21st, the Second Circuit affirmed district court orders enjoining FINRA arbitrations. In these two consolidated cases, appellants sought
The U.S. Court of Appeals for the Second Circuit has provided a measure of clarity in limiting the definition of a "customer" who may bring a FINRA
In MBIA Inc. v. Fed. Ins. Co., No. 10-0355-cv, 2011 U.S. App. Lexis 13402 (2d Cir. July 1, 2011), the United States Court of Appeals for the Second Circuit held that a policyholder was entitled to coverage under a directors’ and officers’ liability insurance contract for costs associated with financial regulators’ investigations, including costs associated with the investigation of a derivative shareholder litigation and the cost of an independent consultant’s investigation pursuant to a settlement with government regulators.
On December 3rd, the Second Circuit affirmed the dismissal of an antitrust claim.
Recently, the United States Supreme Court, in a 5-4 decision, held in Cuomo v. The Clearing House Association that the Office of the Comptroller of the Currency’s (the “OCC”) regulation purporting to preempt state law enforcement was not a reasonable interpretation of the National Bank Act.