A bank director's responsibilities are similar to directors of other types of corporations, including the duties of loyalty and care. Federal banking
In 2012, an investor commenced an action against the defendant, WFG Securities of Canada Inc. ("WFG") for negligence, misrepresentation, breach of
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
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
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.
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.
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.
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.
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.
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.