BankAtlantic Verdict Voided
We previously reported on the jury verdict against BankAtlantic in the matter of In re BankAtlantic Bancorp, Inc. Securities Litigation, S.D.Fla. Docket No. 07-cv-61542-UU.
Read MoreTopic: Subprime/Credit Crisis Developments
Europe: European Systemic Risk Board and Industry-Specific Supervisory Authorities to be Operational from 1 January 2011
We have reported previously on the proposed overhaul of the European Financial Regulatory System (click here to see our previous post). On 17 November 2010, the Council of the European Union formally adopted the legal texts to establish the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs): a European Banking Authority (EBA), a European Insurance and Occupations Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA).
Read MoreForeclosure Crisis: Intramural Battles May be the Toughest Part
The New York Law Journal published an article titled “Foreclosure Crisis: Intramural Battles May be the Toughest Part,” which was authored by Mark Peters, a partner in the Firm’s New York office.
Read MoreBankAtlantic Loses Class Action Trial
In a verdict handed down on Thursday (11/18/10) ,a South Florida federal jury found that BankAtlantic violated federal securities laws by making several false statements to investors during the class period. These false statements included seven statements made by bank executives during investor conference calls.
Read MoreUK: FSA Enhances Client Asset Protection
In the light of the Lehman collapse, the FSA has been taking steps to improve client asset protection. On 20 October 2010 it published a policy statement giving details of some changes to the client assets regime which would take effect on a variety of dates in 2011.
Read MoreDistrict Court Dismisses Subprime Class Action Case With Prejudice
The U.S. District Court in Manhattan recently dismissed a securities class action brought by a proposed class of investors, alleging that the company and two of its senior officers violated Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and SEC Rule 10b-5 by making false or materially misleading disclosures about the company’s risk management and exposure to mortgage-related securities.
Read MoreEuropean Parliament Approves Overhaul of Financial Supervision in Europe
On 22 September 2010, the European Parliament approved a sweeping overhaul of financial supervision in Europe, including the creation of a new supervisory authority for insurance and reinsurance – the European Insurance and Occupational Pensions Authority (EIOPA) – and a European Systemic Risk Board (ESRB) which will monitor threats to the EU economy as a whole.
Read MoreUK: Proposed Special Administration Regime For Investment Banks
HM Treasury has issued a consultation paper on proposals for a special administration regime for investment banks which it hopes will lead to less disruption in financial markets and simplify the process of returning assets and money to clients and creditors of a failing bank.
Read MoreUK: Lehman English Administrators to Appeal Court of Appeal Ruling
It is reported in the press that the PWC administrators of Lehman Brothers International (Europe) Limited (LBIE), the London-based arm of the Lehman bank, are to appeal the recent Court of Appeal ruling relating to the distribution of segregated client funds. The first instance judge held that those clients of LBIE whose funds should have been segregated, but were not, were not entitled to share in the pot of client money.
Read MoreLive Blog from the Insurance and Financial Services Litigation Conference: Madoff Fallout Extends to Insurance Coverage
In addition to the panel on class actions (which we blogged about here), we attended an interesting panel this morning about a less publicized outgrowth from the Madoff litigation — insurance coverage litigation.
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