Risk Management Investor Class Action Against Credit Suisse Continues

On February 19, 2019, Judge Lorna G. Schofield, of the United States District Court for the Southern District of New York, recently ruled that investors in Credit Suisse Group AG (“Credit Suisse”) sufficiently alleged that the bank concealed risk management issues in its fixed-income franchise before $1 billion in write-downs in 2016. The class, headed […]

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GoPro To Settle Stock Drop Class Action for $6.75 Million

A proposed class of investors in GoPro, Inc. (“GoPro”) have requested that the United States District Court for the Northern District of California approve a $6.75 million settlement of claims that the action camera company hid mistakes that caused its stock prices to fall. The suit accuses GoPro of announcing a new camera, HERO5, and […]

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FINRA Targets Non-Attorneys Representing Clients in Arbitration

The Public Investors Arbitration Bar Association has known of a troublesome arbitration-linked fact for some time. So too have proven securities law attorneys who diligently represent clients in private arbitration matters before the Financial Industry Regulatory Authority. That it this: Material harm has been suffered by many investors over the years who have relied upon […]

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Transamerica Faces 401(k) ERISA Class Action

On December 28, 2018, a proposed class of approximately 17,000 participants in the 401(k) Plan for Transamerica Corp. (“Transamerica”) sued the financial services company in the United States District Court for the Northern District of Iowa. The participants are accusing Transamerica of violating the Employee Retirement Income Security Act (“ERISA”) by including six obviously underperforming […]

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SEC’s Whistleblower Program Having Marked Success

Numbers speak loudly regarding evaluations surrounding the anti-fraud whistleblower program established by the U.S. Securities and Exchange Commission back in 2011 pursuant to the enactment of the federal Dodd-Frank legislation. Here’s an example: Whistleblowers coming forward with key tips helping regulators spotlight and punish securities fraud collected more money in the past fiscal year than […]

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A Look at Seminal Study’s Conclusions Regarding FINRA Arbitrations

Talk about exhaustive research that can’t easily be called into question. A team of researchers who recently published a paper on FINRA (Financial Industry Regulatory Authority) arbitration buttressed the validity of their results through research spanning nearly 9,000 decisions rendered by approximately 8,000 arbitrators. Although a number of notable conclusions emerged from that ambitious effort, […]

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SEC Sues Elon Musk Over his Tweets to Take Tesla Private

On September 27, 2018, the U.S. Securities and Exchange Commission (“SEC”) sued Tesla CEO, Elon Musk (“Musk”), alleging his August tweets about being prepared to take his Tesla private at a much higher price than its stock at the time were baseless assertions and violated federal securities laws. On August 7, 2018, Musk tweeted that […]

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A Look at Finra-Overseen Securities Arbitration

As an investor, how do you resolve a material dispute with your financial adviser and/or securities brokerage? Where do you turn for help if you reasonably suspect that one or more professionals you justifiably rely upon have defrauded you through illegal behavior? The offices of an established law firm might logically be your go-to venue […]

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SEC Alleges Two Brokers Made $4.6 Million Through High-Frequency Trading Fraud

On September 7, 2018, the U.S. Securities and Exchange Commission (“SEC”) filed two federal lawsuits on accusing New York-based brokers, Emil Botvinnik (“Botvinnik”) and Jovannie Aquino (“Aquino”), of violating the anti-fraud provisions of the federal securities law and earning a combined $4.6 million through excessive high-frequency trading. Botvinnik and Aquino recommended that their customers use […]

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Deutsche Bank Agrees to $21.9 Million ERISA Settlement

A class of Deutsche Bank (“Deutsche” or the “Bank”) employees has announced a $21.9 million settlement to resolve ERISA claims that Deutsche funneled their retirement savings into expensive and underperforming proprietary funds. The operative complaint accuses Deutsche of violating its ERISA fiduciary duties and placing its own interests ahead of those of its employees by […]