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19 results found

Article

Murtha Cullina LLP | USA | 16 Aug 2016

What Community Bank Board Members Need to Know About D&O

A bank director's responsibilities are similar to directors of other types of corporations, including the duties of loyalty and care. Federal banking

Article

Borden Ladner Gervais LLP | Canada | 5 Jul 2016

Court of Appeal Denies Investor Appeal on the basis that the Claim was Statute Barred

In 2012, an investor commenced an action against the defendant, WFG Securities of Canada Inc. ("WFG") for negligence, misrepresentation, breach of

Article

Buckley LLP | USA | 18 Apr 2014

Eleventh Circuit holds custodian bank has no duty to police securities transactions by customer’s investment advisor

On April 14, the U.S. Court of Appeals for the Eleventh Circuit held that a custodian bank had no duty under New York or Florida law to identify or

Article

Sheppard Mullin Richter & Hampton LLP | USA | 20 Sep 2013

First Department sustains Connecticut Unfair Trade Practices Act and other claims against subsidiaries and officers of Lehman Brothers based upon an allegedly improper asset substitution on the eve of the Lehman Brothers collapse

In Aetna Life Insurance Company v. Appalachian Asset Management Corp, et al., 2013 Slip Op 05506 (1st Dep't July 30, 2013) the Appellate Division

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

Dorsey & Whitney LLP | USA | 14 Sep 2011

Class action dismissed based on SLUSA

The Sixth Circuit Court of Appeals affirmed the dismissal of a securities class action tied to the market crisis and brought against three mutual funds issued by Morgan Keegan Select Fund, Inc., an open-ended investment company.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 6 Sep 2011

Justice Department amends complaint against Deutsche Bank

On August 22, 2011, the U.S. Department of Justice filed an amended complaint against Deutsche Bank, alleging additional details about Deutsche Bank's acquisition of MortgageIT, Inc. in 2007.

Article

Manatt Phelps & Phillips LLP | USA | 10 Aug 2011

FDIC v. bank directors: where do we stand?

In a recent ruling, the federal court in Los Angeles found that directors of a failed credit union were not liable for acts alleged to be negligent because the actions of the directors were protected by the so-called business judgment rule.

Article

Locke Lord LLP | USA | 25 Jul 2011

Ninth Circuit: professional liability policy excludes coverage for loss attributable to investments in derivatives

The Ninth Circuit recently affirmed a 2009 order granting summary judgment in favor of Illinois Union Insurance Co., ruling that the insurer owed no coverage on claims by allegedly defrauded clients of the now defunct Brookstreet Securities Corp.

Article

Stoel Rives LLP | USA | 27 Apr 2011

Alaska Supreme Court clarifies the business judgment rule for board members

On Friday, the Alaska Supreme Court decided Henrichs v. Chugach Alaska Corp., No. S-13094 (Apr. 22, 2011), in which it confirmed the vitality of the common law business judgment rule in Alaska.

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