The Securities and Exchange Commission announced on July 18, 2022, that Equitable Financial Life Insurance Company would pay $50 million to 1.4 million variable annuity investors. The company provided false or misleading statements and omissions to the investors, many...
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Commercial Litigation
Two JPMorgan gold traders convicted of spoofing
A federal grand jury convicted two precious metals traders working for JPMorgan. One was the bank’s top gold trader, and the other was the head of its’ precious metals desk. They were charged with manipulating gold prices by sending misleading orders that they later...
Two individuals fight over SEC award
Noted short seller Carson Block and his equity firm Muddy Waters LLC and a former business associate Kevin Barnes are in dispute over a $14 million whistleblower award by the SEC enforcement action in 2015. In a lawsuit not involving this firm but filed in the New...
SEC levies penalties for ESG omissions and lies
On May 23, the Securities and Exchange Commission (SEC) charged BNY Mellon Investment Advisor with a $1.5 million penalty. BNY Mellon claimed that specific mutual fund investments had passed the Environmental, Social and Governance (ESG) review when, in reality, they...
Whistleblower claim survives his death
Whistleblower cases can take months or years to investigate and resolve. So, it is not surprising that some who come forward pass away before the case is finished. A recent example was Insinga v. Commissioner of the Internal Rev. Service, which involved a situation of...
Gymnasts allege the FBI and others turned a blind eye on Nassar
Official USA Gymnastics physician Larry Nassar systematically abused hundreds of girls and women, and he was finally charged in 2016 with federal child pornography offenses and sexual abuse charges in Michigan. Nassar pled guilty in 2017, but gymnasts believe that...
What is fiduciary duty?
Fiduciary involves legal duties and obligations between partners, businesses and clients, and corporations and their employees. There is payment to perform these fiduciary duties. For example, clients hire a money manager to look after the client’s financial...
What you need to know about non-compete agreements in New York
Non-compete agreements protect businesses from unfair competition when an employee leaves the company. The agreements typically include language that prevents sharing trade secrets or using your unique skills to help the competition for a specific length of time....
When a noncompete waiver goes too far
One basic principle of the American free market system is that workers have the opportunity for advancement. If that opportunity does not come at your current job, a competitor might see your experience and hire you at a better salary. It is a cornerstone of the...
Former Wells Fargo insurance broker sued on non-compete agreement
Non-compete agreements serve an important purpose: To protect a company's interests after an employee departs. An issue involving non-compete agreements recently entered the news in New York. USI Insurance Services, L.L.C., is suing a former broker at Wells Fargo...