Judicial Notice Doctrine Bolstered by Court of Appeal Decision
A recent California decision should make it easier for insurers to attack allegations at the pleading stage in state court actions. Full Story
JPMorgan
HAMP Requires Mortgage Servicers to Offer Permanent Loan Modification to TPP-compliant Borrowers
In West v. JPMorgan Chase, a California Court of Appeal held that when a defaulting mortgage borrower enters into a temporary loan payment reduction plan with the mortgage servicer under the Home Affordable Mortgage Program (“HAMP”), and when the borrower complies with the terms of the plan, HAMP requires the loan servicer to offer the borrower a permanent loan modification. Full Story
Second Circuit Reverses Class Certification Order, Holding That a Clearing Broker’s Alleged Knowledge of Fraud Against Shareholders, Absence Direct Involvement, is Insufficient to Create a Duty of Disclosure
In Levitt v. J.P. Morgan Securities, Inc., No. 10-4596, 2013 WL 1007678 (2d Cir. Mar. 15, 2013), the United States Court of Appeals for the Second Circuit reversed a district court order certifying a class of shareholder fraud plaintiffs in a lawsuit against J.P. Morgan Securities, Inc. and J.P. Morgan Clearing Corporation (“J.P. Morgan”). Full Story
Second Circuit Reverses Class Certification Order, Holding That a Clearing Broker’s Alleged Knowledge of Fraud Against Shareholders, Absence Direct Involvement, is Insufficient to Create a Duty of Disclosure
In Levitt v. J.P. Morgan Securities, Inc., No. 10-4596, 2013 WL 1007678 (2d Cir. Mar. 15, 2013), theUnited States Court of Appeals for the Second Circuit reversed a district court order certifying a class of shareholder fraud plaintiffs in a lawsuit against J.P. Morgan Securities, Inc. and J.P. Morgan Clearing Corporation (“J.P. Morgan”). Full Story
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Damning E-mails: Can We Talk?
It is nothing new for seemingly outrageous emails to trigger attention-grabbing claims of wrongdoing. Full Story
Federal Judge Remands Prudential Suit Against JP Morgan to New Jersey State Court
In April of 2012, the Prudential Insurance Company of America (the plaintiffs) filed suit against the J.P Morgan Securities, LLC, (the defendants) in New Jersey state court, claiming that the defendants made false statements and other misrepresentations
Supreme Court Wont Hear Employee’s ERISA Claims Over ‘Prudent’ Investments in Company Stock
The plaintiff’s ERISA claims in this action involved allegations that (1) the employer and director defendants negligently permitted plan participants to purchase and hold shares of JP Morgan common stock when it was imprudent to do so; (2) defendants failed to disclose and negligently misrepresented material facts to Plan participants; and (3) JP Morgan and the director defendants failed to appoint appropriate fiduciaries, monitor those fiduciaries, and supply them with the information necessary to fulfill their duties. Full Story
JPMorgan, Credit Suisse Settle SEC RMBS Claims
On November 16, 2012, JPMorgan Chase (JPMorgan) and Credit Suisse Group AG (Credit Suisse) agreed to settlements with the Securities and Exchange Commission (SEC) concerning charges related to misrepresentations in residential mortgage-backed securities (RMBS) transactions. Full Story
JPMorgan’s CEO Dimon Testifies Before the Senate Banking Committee: Industry Experts Know What’s Best… for the Industry
People should be scared of testifying before Congress, especially the Senate Banking Committee. Going before such a high powered group of people to be questioned about your actions should leave you quaking in your boots and sweating bullets. This is it – when the American people, the public, will hold you accountable for whatever poor judgment activity you engaged in. Full Story
In Defense of Regulation: “Those Who Cannot Remember the Past Are Condemned to Repeat It.” (Wal-Mart & The FCPA; JPMorgan & The Volcker Rule)
Exhibit number one: Wal-Mart and the Foreign Corrupt Practices Act. The U.S. Chamber of Commerce (read: pro-business lobbying group) hasrecently made efforts to “improve” (read: loosen) the Foreign Corrupt Practices Act (“FCPA”). The FCPA prohibits such nefarious acts as bribing foreignofficials and requires such pro-transparency acts as submitting financial statements and maintaining internal control systems. Full Story
