Rolling Stone’s Matt Taibbi described Goldman Sachs as “a great vampire squid wrapped around the face of humanity,” a phrase that, while defamatory of a uniquely adapted cephalopod minding its own business 3,000 feet under the sea, rang true. Full Story
In April 2011, the U.S. Supreme Court handed down its landmark opinion in AT&T Mobility v. Concepcion, holding that the Federal Arbitration Act preempted California’s Discover Bank rule, which had previously voided waivers of class arbitration in most consumer cases. Full Story
Suppose you have your employees’ sign agreements to arbitrate all of their employment disputes. (I’ve talked about arbitration agreements in many posts before.) Full Story
Since Concepcion, the plaintiffs’ bar has been exhorting courts to recognize exceptions to its holding that courts may not refuse to enforce an arbitration agreement on the ground that it precludes class actions. Full Story
On March 21, 2013, the Second Circuit issued its long-awaited decision in Parisi v. Goldman, Sachs & Co., No. 11-5229 (2d Cir. Mar. 21, 2013). In a significant ruling for employers, the Second Circuit held that a plaintiff has no substantive right to pursue a pattern or practice claim via a class action and, therefore, must arbitrate her discrimination claims on a bilateral basis in accord with her arbitration agreement. Full Story
On March 21, 2013, the Second Circuit issued its opinion in Parisi v. Goldman Sachs & Co., Case No. 11-5229, reversing a decision from the Southern District of New York, and holding that arbitration agreements which preclude Title VII class actions are enforceable. Full Story
In a major victory for employers, a New York federal circuit court ruled yesterday that an employer with a mandatory arbitration agreement with Goldman Sachs can require an employee to go to arbitration on a Title VII class action because Title VII contains no substantive right to pursue a pattern-or-practice sex-bias claim. Full Story
On March 14, 2013, a federal court in California dismissed as time-barred claims based on seven out of eight certificates in the National Credit Union Administration Board’s (NCUA) $491 million lawsuit against Goldman Sachs concerning residential mortgage-backed securities (RMBS). Full Story
It seems that some of the nation’s largest public company banks must be avid readers of this blog and have taken to heart our 2013 prediction that the SEC would require greater disclosure related to data security risks and breaches. Full Story
On March 1, 2013, the U.S. Court of Appeals for the Second Circuit vacated and reversed a district court’s decision that had dismissed a pension fund’s class action lawsuit that accused several banks of misrepresenting the riskiness of six residential mortgage-backed securities (RMBS) in offering materials provided to investors. Full Story
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