Financial Services News
May 17, 2012
Wall Street Journal |
May 17, 2012
Two shareholder lawsuits were filed late Tuesday against J.P. Morgan Chase Co. and its top executives over the revelation last week that the bank had suffered more than $2 billion in trading losses.
May 16, 2012
Wall Street Journal |
May 16, 2012
The Justice Department has opened an inquiry into J.P. Morgan Chase Co.'s $2 billion-plus trading loss, according to a person familiar with the matter. The probe is at an early stage and it isn't clear what possible legal violation federal investigators may be focusing on.
Tags: Financial Services
May 15, 2012
New York Times |
May 15, 2012
The Securities and Exchange Commission cannot ignore serious securities violations just because it has not brought an action against other firms in the same industry. That’s a profoundly unwise strategy that would encourage, not deter, wrongdoing.
Tags: Financial Services
American Lawyer |
May 15, 2012
Last week we described a multi-pronged attack by a gaggle of banks and the Mortgage Electronic Registry System on a proposed class action brought by an Ohio county. The Geauga County prosecutor, represented by Bernstein Liebhard, accused MERS and the banks of improperly recording thousands of loans in their zeal to fuel the mortgage securitization boom, bilking the counties out of fees in the process. The defendants struck back with motions to block class certification and to dismiss the case, arguing that they hadn't broken any laws and that the prosecutor had no standing to represent other counties, especially after bringing in outside counsel.
Tags: Class Action, Financial Services, Ohio
May 14, 2012
American Lawyer |
Subscription Required |
May 14, 2012
Jamie Dimon has a reputation for being a smart guy. So it seems clear that when the CEO of J.P. Morgan candidly admitted that the nation's largest bank royally screwed up by losing at least $2 billion on complex derivatives trades, he was acting strategically to settle investors. But how will his blunt words affect the inevitable shareholder suits and enforcement activity?
Tags: Financial Services
New York Times |
May 14, 2012
Regulators are investigating potential civil violations surrounding the $2 billion loss that JPMorgan Chase disclosed on Thursday, raising further questions about trading activities at the nation’s biggest bank.
Tags: Financial Services
Wall Street Journal |
May 14, 2012
It is a question that has been asked time and again since the financial crisis: How many executives have been convicted of criminal wrongdoing related to the tumultuous events of 2008-2009? The Justice Department doesn't know the answer.
Tags: Financial Services
May 10, 2012
Business Insider |
May 10, 2012
SEC Disagrees with Supreme Court’s Anti-U.S. Investor Morrison Decision and Favors Clearly Defined Private Right of Action against Foreign Wrongdoers, rather than Abolition of U.S. Investors’ Legal Rights, SEC Staff Study Asserts.
May 2, 2012
New York Times |
May 2, 2012
One lesson of the financial crisis is that excessive pay led to excessive risk-taking. To help curb exorbitant pay, the Dodd-Frank reform law included a so-called say-on-pay provision, which requires companies to put their pay practices to a shareholder vote at least every three years.
Tags: Financial Services
April 30, 2012
Baltimore Sun |
April 30, 2012
Finally, a spotlight will be shone on a widespread business practice that forces unhappy customers to settle disputes through binding arbitration — rather than by telling their story in court.
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From The Blog
The Foreign Corrupt Practices Act bars U.S.-based and U.S.-traded companies from giving things of value to foreign...
Arbitration is a fair way of resolving claims, according to the testimony of Victor Schwartz (which he discusses in the...
Madison County Circuit Judge Clarence Harrison has ended the pre-assignment of asbestos trials to plaintiffs’ law firms...
