Top News

Kansas law firm alleges competitor engaged in false advertising

Jessica Karmasek Aug. 21, 2017, 3:25pm

Plaintiff Brave Law Firm LLC, based in Wichita, filed its complaint in the U.S. District Court for the District of Kansas last month. Brave alleges a group of Wichita-based law firms owned by attorney Bradley Pistotnik have been engaging in false advertising for years, in turn hurting Brave’s business.

Survey: DOL’s fiduciary rule already hurting savers, financial professionals

Jessica Karmasek Aug. 18, 2017, 1:34pm

The Financial Services Roundtable, an advocacy organization for the nation’s financial services industry, polled 600 financial advisers from July 7-12.

U.S. SC arguments in consolidated cases over arbitration agreements set for October

Jessica Karmasek Aug. 17, 2017, 11:34am

The Oct. 2 oral argument date means a decision likely won’t be reached in the cases -- Epic Systems Corp. v. Lewis, Ernst & Young v. Morris and NLRB v. Murphy Oil USA Inc. -- until late this year or even early 2018.

DOL moves to rescind its persuader rule, citing ‘concerns’ raised by courts and need to review

Jessica Karmasek Aug. 17, 2017, 10:45am

The U.S. Department of Labor’s Office of Labor-Management Standards published its notice in June, explaining it intends to rescind the rule, first published by the DOL in March 2016. The rule, or Persuader Advice Exemption Rule, effectively eliminates the “advice exemption” under the Labor Management Reporting and Disclosure Act.

Eighth Circuit asks for additional briefing in Target data breach class action settlement

Jessica Karmasek Aug. 16, 2017, 11:14am

The U.S. Court of Appeals for the Eighth Circuit, earlier this year, sent the case back to a Minnesota federal district court to reconsider the objections of class member Leif Olson. In May, the federal court approved certification of the class action for a second time.

Nevada strengthens law governing financial planners

Jessica Karmasek Aug. 15, 2017, 1:15pm

The revised state law, which became effective July 1, essentially requires investment advisers and stock brokers now to abide by the same fiduciary standards as others in the financial industry.

DOL looks to delay fiduciary rule until 2019

Jessica Karmasek Aug. 14, 2017, 5:10pm

The U.S. Department of Labor and its new secretary, R. Alexander Acosta, last week notified a Minnesota federal court that it submitted to the Office of Management and Budget, or OMB, proposed amendments to three exemptions. The proposed amendments include an “extension of transition period and delay of applicability dates” from Jan. 1, 2018 to July 1, 2019.

N.Y. high court says it must dismiss Facebook appeals over user information

Jessica Karmasek May 19, 2017, 1:55pm

In July 2013, a state Supreme Court issued 381 warrants directed at Facebook upon a warrant application by the New York County District Attorney’s Office. The warrants sought subscriber information and content from numerous user accounts in connection with a pending criminal investigation into allegations of widespread Social Security Disability fraud.

Racketeering lawsuit against Philadelphia asbestos firm refiled in Pennsylvania

Jessica Karmasek May 19, 2017, 11:49am

The Illinois-based industrial manufacturer, after having its lawsuit dismissed by an Illinois federal judge in March, has filed another lawsuit against Philadelphia-based Shein Law Center and attorney Benjamin P. Shein, claiming the firm “devised and implemented a scheme” to defraud JCI and others. JCI filed its complaint in the U.S. District Court for the Eastern District of Pennsylvania May 12.

Law prof: Trump's lawless behavior with fiduciary rule undermines process

Jessica Karmasek May 18, 2017, 11:48am

Mercer Bullard, a University of Mississippi law professor and founder of Fund Democracy, a group that advocates for mutual fund shareholders, is puzzled by the U.S. Department of Labor’s 60-day delay, arguing the rule had one of the most thorough vettings.

Minnesota federal judge again approves certification of Target data breach class action

Jessica Karmasek May 18, 2017, 10:18am

The U.S. Court of Appeals for the Eighth Circuit sent the case back to the U.S. District Court for the District of Minnesota in February. Judge Paul A. Magnuson, in an order Wednesday, granted the consumer plaintiffs’ renewed motion to certify the class.

CHOICE Act aims to end taxpayer-funded bailouts; opponents argue it guts Dodd-Frank protections

Jessica Karmasek May 17, 2017, 5:11pm

U.S. Rep. Jeb Hensarling, R-Texas, introduced the Financial CHOICE Act, or H.R. 10, in late April. The bill was advanced by the U.S. House Financial Services Committee, which Hensarling chairs, earlier this month.

Missouri SC sides with Humane Society in kennel owner’s defamation lawsuit

Jessica Karmasek May 16, 2017, 11:28am

The state’s high court, in an April 27 decision, agreed with the nation’s largest animal protection organization in a lawsuit brought against it by a Salem, Missouri, woman whose dog kennel was named one of the worst “puppy mills” in the state by The Humane Society of the United States.

Trump's decision to delay fiduciary rule might improve final version

Jessica Karmasek May 16, 2017, 9:43am

Uday Singh, a partner in the financial institutions practice of A.T. Kearney, a global strategy and management consulting firm, argues the 60-day holdup already has proven somewhat beneficial, in that new information has emerged.

Arkansas SC says it can’t rule on attorney’s disqualification due to lack of hearing transcript

Jessica Karmasek May 15, 2017, 2:18pm

Billy Ray Brocato, doing business as Splash Pool and Spa, filed a complaint against the Helena Country Club in September 2015, alleging claims of breach of contract and a violation of the Arkansas Deceptive Trade Practices Act, or ADTPA.

Arizona SC rules $1.4 million late fee is an ‘unenforceable penalty’

Jessica Karmasek May 12, 2017, 10:34am

A majority of the state Supreme Court, in its April 25 decision, concluded the fee couldn’t reasonably predict the bank’s loss and did not “reasonably approximate” the costs of handling and processing the late balloon payment.

Despite delay, fiduciary rule 'already causing great harm'

Jessica Karmasek May 12, 2017, 9:18am

Last month, the U.S. Department of Labor released a measure officially delaying the implementation of the rule and its related exemptions by 60 days. The applicability date is now June 9. Some argue a longer delay is necessary, while others contend the U.S. Securities and Exchange Commission should step in and craft a better rule.

Michigan woman sues Fox, Reese Witherspoon over alleged ‘implanted hate’ of Jews in 'Water for Elephants'

Jessica Karmasek May 8, 2017, 10:00am

Plaintiff Sarah Deming filed her nine-page complaint in the U.S. District Court for the Eastern District of Michigan, Southern Division, April 22. Los Angeles-based Fox Entertainment Group Inc. produced and distributed Water for Elephants, which was based on the novel of the same name.

Calif. appeals court upholds cap-and-trade program under state’s global warming law, says it’s not a tax

Jessica Karmasek May 5, 2017, 10:28am

In 2006, the state Legislature passed and then-Gov. Arnold Schwarzenegger signed the California Global Warming Solutions Act, which requires that covered entities reduce greenhouse gas, or GHG, emissions to 1990 levels by the year 2020. The California Chamber of Commerce and Morning Star Packing Company were among those who sued the State Air Resources Board over a cap-and-trade aspect of the law.

California SC: Provision in predispute arbitration agreement ‘contrary’ to public policy

Jessica Karmasek May 4, 2017, 4:09pm

In 2011, plaintiff Sharon McGill filed a class action lawsuit against Citibank N.A. based on its marketing of a “credit protector” plan and the handling of a claim. Pursuant to an arbitration provision, Citibank petitioned to compel McGill to arbitrate her claims on an individual basis.