Top News

DOL proposes 18-month delay of fiduciary rule’s full implementation

Jessica Karmasek Sep. 1, 2017, 1:59pm

In June, the U.S. Department of Labor published a Request for Information, or RFI, related to the rule and whether to delay its full implementation. The rule, released in April 2016, mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.

Amazon.com sued over allegedly defective solar eclipse glasses

Jessica Karmasek Aug. 31, 2017, 1:55pm

Plaintiffs in the proposed class action lawsuit, filed in a South Carolina federal court this week, accuse the online retailer of selling “unfit” glasses and criticize Amazon for its last-minute email recall of the product.

Delaware law firm files suit against former attorney over Celgene whistleblower lawsuit

Jessica Karmasek Aug. 31, 2017, 10:42am

Plaintiff Grant & Eisenhofer PA alleges in its lawsuit, filed in the U.S. District Court for the District of Columbia last week, that one of its former attorneys allegedly breached his duty to the firm and acted unethically. The firm filed a separate but related lawsuit earlier this month, seeking to recover millions in fees and costs it incurred in representing a California whistleblower.

Groups, including AAJ and AFL-CIO, argue splitting Ninth Circuit would be a mistake

Jessica Karmasek Aug. 28, 2017, 2:03pm

Last week, more than 150 groups and organizations sent a letter to members of the U.S. Senate Judiciary Committee, urging them to oppose any “ill-considered efforts” that would split the U.S. Court of Appeals for the Ninth Circuit. So far, three such bills have been introduced in Congress this year.

Conn. SC: Private school had duty to warn, protect against insect-borne disease on study abroad trip

Jessica Karmasek Aug. 25, 2017, 11:19am

The state Supreme Court, in a request for guidance by the U.S. Court of Appeals for the Second Circuit, also upheld a damages award of $41.5 million to the family of a private school student who contracted tick-borne encephalitis on a school-sponsored trip to China.

Johnson & Johnson already planning appeal of $417 million California talc powder verdict

Jessica Karmasek Aug. 24, 2017, 2:53pm

After a four-week trial, a Los Angeles Superior Court jury returned a verdict of $417 million against Johnson & Johnson Monday. The total includes $70 million in compensatory damages and $347 in punitive damages.

Lawsuit accuses ‘professional spammers’ of sending nearly 600 unsolicited emails

Jessica Karmasek Aug. 23, 2017, 12:42pm

The case, originally filed in a California state court last year, was removed to the U.S. District Court for the Northern District of California earlier this month. The plaintiffs are seeking a damages award of $1,000 per email.

Delaware law firm seeks more than $7 million in costs, fees it advanced in Celgene whistleblower lawsuit

Jessica Karmasek Aug. 23, 2017, 9:51am

Plaintiff Grant & Eisenhofer PA contends the defendants -- including law firms Richard Harpootlian PA and Bienert Miller & Katzman PLC -- conspired to interfere with and help terminate its agreement with California whistleblower Beverly Brown, a former Celgene sales representative.

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.