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Article

Chadbourne & Parke LLP | USA | 1 Mar 2012

New York’s Martin Act does not preempt private securities-related common law claims

The New York Court of Appeals, New York’s highest court, recently held that New York’s Martin Act does not preclude private investors from bringing common law tort claims such as breach of fiduciary duty or negligence arising out of the sale of securities.

Article

Chadbourne & Parke LLP | USA | 13 Sep 2011

Public sideprivate side wall helps defeat breach of loyalty claim

A New York federal court recently ruled that an information barrier in place between the “public” and “private” sides at JPMorgan Chase Bank (“JPMC”) was adequate to prevent public trust group personnel from obtaining material non-public information from JPMC’s private investment business.

Article

Chadbourne & Parke LLP | USA | 13 Sep 2011

Madoff trustee has no standing to bring common law claims on behalf of Madoff customers

The trustee of Bernard L. Madoff Investment Securities, LLC (“BLMIS”), Irving Picard, recently suffered a severe setback in his efforts to recover money on behalf of investors in BLMIS at the expense of the banks and other financial firms that provided services to BLMIS.

Article

Chadbourne & Parke LLP | USA | 13 Sep 2011

Creative arguments partly succeed in circumventing indenture’s “no action” clause

In his recent decision in RJ Capital, S.A. v. Lexington Capital Funding III, Ltd., 10 Civ. 25 (PGG), 2011 U.S. Dist. LEXIS 82912 (S.D.N.Y. July 28, 2011), Judge Paul G. Gardephe dealt with a noteholder’s creative attempts to circumvent noncompliance with a “no action” clause in an indenture that required several conditions to be met before suit thereunder could be brought.

Article

Chadbourne & Parke LLP | USA | 9 Aug 2011

Plan fiduciary action in wake of U.S. credit downgrade and global market fluctuations

In the wake of a recent downgrade in our nation's credit rating and global market fluctuations, fiduciaries of employee benefit plans may be required to take immediate action to ensure that plan investments are made in accordance with plan policies and to otherwise discharge their fiduciary duties.

Article

Chadbourne & Parke LLP | USA | 21 Dec 2010

Subfeeder fund not liable for failing to uncover Madoff scheme

Judge Leonard B. Sand of the United States District Court for the Southern District of New York recently granted a motion to dismiss a complaint filed by a putative class of investors against a subfeeder investment fund that invested in the now well-known Ponzi scheme orchestrated by Bernie Madoff.

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