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DLA Piper | USA | 19 May 2016

Financial Services Regulation exchange - issue 29 - May 2016 - USA

The final US Department of Labor (DOL) fiduciary regulation (the Final Rule) and other guidance published by the DOL on April 8 will have a


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.


Dechert LLP | USA | 28 Feb 2012

Underwriter not a fiduciary of a security issuer

The New York state appellate court recently ruled that the lead underwriter in an initial public offering does not owe a fiduciary duty to the issuer of securities to disclose conflicts of interest in connection with the pricing of the securities, unless the two parties have a distinct relationship of higher trust that arises apart from the underwriting agreement.


Sheppard Mullin Richter & Hampton LLP | USA | 4 Jan 2012

New York High Court holds that state blue sky law does not preempt common law claims involving securities

In Assured Guaranty (UK) Ltd. v. J. P. Morgan Investment Management Inc., 2011 N.Y. Slip Op. 09162, 2011 WL 6338898 (N.Y. Dec. 20, 2011), the New York Court of Appeals held that the Martin Act, N.Y. Gen. Bus. Law art. 23-A New York’s “blue sky” law designed to address fraudulent practices in the marketing of securities does not preempt common law causes of action for breach of fiduciary duty and gross negligence in connection with the marketing or sale of securities, even if the alleged wrongdoing also would fall within the purview of the Martin Act.


Seyfarth Shaw LLP | USA | 17 Oct 2011

Southern District of New York drops plaintiffs’ stock-drop suit against Lehman Brothers for second time

Recently, many courts have dismissed ERISA “stock drop” cases at the pleadings stage, finding plaintiffs’ allegations insufficient to overcome the presumption of prudence which many courts find applies to the decision to offer qualifying employer securities as a plan investment option.


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.


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.


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.


Orrick, Herrington & Sutcliffe LLP | USA | 23 May 2011

Court dismisses shareholder derivative action against Citigroup officers and directors for inadequate pleading of demand futility

On May 17, 2011, Judge Stein of the Southern District of New York granted defendants' motion to dismiss with prejudice this consolidated shareholder derivative action against current and former Citigroup officers and directors.


Hodgson Russ LLP | USA | 11 Feb 2011

Teachers’ efforts to bring 403(b) plan lawsuits fall short

In two different cases from two different regions of the country, teachers brought lawsuits to challenge alleged endorsement and kickback arrangements involving IRC 403(b) plans on the basis of fiduciary breaches.

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