News and Events for Attorneys and Executives

Banking & Finance

Lawsuit Alleging General Electric Ripped Off Its Workers Shows the Pitfalls of 401(k) Plans

News
The Los Angeles Times explains that the suit alleges that GE managed the plan for its own benefit by loading it with mutual funds owned by its own subsidiary.

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Jury Slaps JPMorgan Chase with $6 Billion-Plus Verdict in Sabre Creator’s Estate

News
A jury has awarded the widow and heirs of Sabre airline reservation system pioneer Max D. Hopper more than $6 billion in damages after finding JPMorgan Chase in breach of its fiduciary duty in administering the multimillion-dollar Hopper estate.

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Wilmington Trust $60M Settlement Gets Criminal Charges Dropped

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Wilmington Trust Corp., the only financial institution to be criminally charged in connection with the federal bank bailout program, reached a $60 million settlement with prosecutors Tuesday.

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Feds Accuse Georgia GC of Helping Orchestrate Client’s Ponzi Scheme

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Georgia lawyer was an “active participant” in fleecing elderly and unsophisticated investors out of their savings, reports the Atlanta Journal Constitution.

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Equifax Breach Caused by Lone Employee’s Error, Former CEO Says

Equifax Breach Caused by Lone Employee’s Error, Former CEO Says

News
The Equifax data breach happened because a single employee failed to implement software fixes, the company’s former chief executive told members of Congress.

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Before the Breach, Equifax Sought to Limit Exposure to Lawsuits

News
Before Equifax discovered a massive computer breach that exposed sensitive information about millions of Americans, the company lobbied Congress on legislation to limit how much it could be forced to pay if sued by consumers, reports The Washington Post.

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Blank Rome Welcomes Former Small Business Administration Deputy GC in Washington, D.C.

News
Blank Rome LLP announces that Martin Teckler has joined the firm as a partner in the Finance group in the Washington, D.C., office.

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Valeant’s Latest Legal Threat Could Be Especially Costly

News
If other investors were to follow Lord Abbett’s lead, Valeant’s legal exposure could balloon,” according to Bloomberg.

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Seven Charged in U.S. Insider Trading Ring

News
The alleged tipster, Daniel Rivas, and James Moodhe, the father of Rivas’ girlfriend, both pleaded guilty to charges of fraud, conspiracy, and making false statements to the FBI, Reuters reports.

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GM Accuses Bankruptcy Trust of Secret $1 Billion Stock Plot

GM Accuses Bankruptcy Trust of Secret $1 Billion Stock Plot

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As Bloomberg’s Erik Larson explains, the accord will pit GM against the “Old GM” General Unsecured Creditors Trust for the first time since the 2009 bankruptcy sale created the split to save the company.

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Has the Era of the Consumer Class Action Waiver Passed?

Insight
As a result of a rule imposed by the Consumer Financial Protection Bureau, consumer contracts entered into after March 19, 2018, with a wide range of consumer financial services companies will need to be revised in regard to their agreements’ arbitration clauses.

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PwC to Pay $1 Mln to Settle Merrill Lynch Audit Complaint

PwC to Pay $1 Mln to Settle Merrill Lynch Audit Complaint

News
Reuters is reporting that accounting company PricewaterhouseCoopers LLP will pay $1 million to settle a civil complaint alleging it conducted a flawed audit into Merrill Lynch’s compliance with federal brokerage customer protection rules.

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New U.S. Rule on Class Actions Survives First Challenge

New U.S. Rule on Class Actions Survives First Challenge

News
Reuters reports that the Consumer Financial Protection Bureau’s rule abolishing “mandatory arbitration clauses” was released on July 10, and was immediately threatened by Republicans in Congress and President Donald Trump’s administration

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Wells Fargo Lawyer Accidentally Releases Trove of Data on Wealthy Clients

Wells Fargo Lawyer Accidentally Releases Trove of Data on Wealthy Clients

News
A Bressler, Amery & Ross lawyer representing Wells Fargo accidentally produced documents without redaction or confidentiality designations that revealed “billions of dollars of client account information.”

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Defense Lawyer: Shkreli Would Lose $65 Million If Convicted

Defense Lawyer: Shkreli Would Lose $65 Million If Convicted

News
A defense lawyer says former pharmaceutical CEO Martin Shkreli would lose a $65 million stake in a drug company he founded if he’s convicted at his securities fraud trial, reports the Associated Press through ABC News.

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Republicans Introduce Bills to Scrap New Bank Arbitration Rule

News
The new Consumer Financial Protection Bureau rule would ban banks and other financial institutions from forcing arbitration clauses on customers to prevent them from bringing or joining class-action suits, reports The Los Angeles Times.

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CFPB Hits Back at Efforts to Kill Rule Easing Bank Lawsuits

CFPB Hits Back at Efforts to Kill Rule Easing Bank Lawsuits

News
Under the new rule, financial firms are restricted from forcing consumers to resolve their disputes through arbitration, a practice that has been used by the industry for years to keep grievances tied to payday loans, credit cards and other products out of courts, reports Bloomberg.

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My Smart Contract Just Ate $14 Million – Now What?

My Smart Contract Just Ate $14 Million – Now What?

InsightM
A digital currency exchange reported recently that a malfunction in a smart contract is responsible for a $14 million dollar loss of the cryptocurrency ether, reports Jared Butcher in the Steptoe Blockchain Blog.

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HSBC, UBS Settle U.S. Rate-Rigging Litigation; 10 Banks’ Total Payout Tops $408 Million

HSBC, UBS Settle U.S. Rate-Rigging Litigation; 10 Banks’ Total Payout Tops $408 Million

News
If approved by the judge overseeing the case, the settlements would boost the total payout from 10 settling banks to $408.5 million. HSBC and UBS denied wrongdoing.

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Wells Fargo’s $142-Million Sham Accounts Settlement: What You Need to Know

Wells Fargo’s $142-Million Sham Accounts Settlement: What You Need to Know

News
The Los Angeles Times offers some answers to typical questions that consumers may have about the settlement and what it can mean for the customer individually.

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