Labor & Employment Law Community

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1	Magistrate: Online Posting Made Song A U.S. Work, Defeats Copyright Claims	14013
2	The LexisNexis Top 25 Labor and Employment Law Blogs of 2011	12781
3	Staub v. Proctor Hosp., 560 F.3d 647 (7th Cir. Ill., 2009)	11738

SEC Approves Elimination Of Inability-To-Pay Defense For FINRA Arbitration Awards

WASHINGTON, D.C. - The U.S. Securities and Exchange Commission issued an order June 2 approving a change to Financial Industry Regulatory Authority Inc. (FINRA) Rule 9554, under which FINRA members can no longer use the "inability-to-pay" defense to avoid

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

Government Regulator Fines Company, Brokers For Credit Default Swap Violations

WASHINGTON, D.C. - The Financial Industry Regulatory Authority (FINRA) has fined Phoenix Derivatives Group LLC, three of its brokers and four other interdealer brokerage firms $4.3 million "for improper communications about customers' proposed brokerage

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

Merrill Lynch Sued For Selling 'Illiquid Junk' Debt Securities

SEATTLE - A county government sued Merrill Lynch & Co. Inc., two of its subsidiaries and 100 John Doe defendants in Washington federal court on July 19, arguing that the defendants sold the county debt securities that iares represented as liquid, but

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

New York Comptroller Sues Merrill Lynch, Bank Of America Over Acquisition

NEW YORK - New York State Comptroller Thomas P. DiNapoli, as trustee of the state's Common Retirement Fund, filed a pair of lawsuits in New York federal court on July 22 against Merrill Lynch & Co. and Bank of America Corp. for alleged federal securities

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

SEC: Investment Firm Duped Investors Into Overpaying For CDO Bonds

NEW YORK - The Securities and Exchange Commission sued an investment advisory firm, its subsidiary, broker-dealer and owner and president in New York federal court on June 21, arguing that the defendants engaged in a scheme to deceive the investment firm

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

SEC Sues Portfolio Manager Associated With Bond Scam At ICP Asset Management

NEW YORK - The Securities and Exchange Commission on June 25 filed another complaint in connection with an alleged scheme to deceive investment firm ICP Asset Management LLC investors into overpaying for collateralized debt obligation (CDO) bonds, this

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

Federal Judge: Debt Collection Act Not Violated

HARRISBURG, Pa. - A federal judge in Pennsylvania on June 23 dismissed a debtor couple's lawsuit against a group of creditors, ruling that there were no violations of federal debt collection practices in their attempts to recover the outstanding balance

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

Arbitration Clause In Student Loan Company's Loan Agreement Ruled Unconscionable

NEW YORK - A clause within a student loan company's loan agreement requiring that all disputes be heard in arbitration is unconscionable under California law, a panel of the Second Circuit U.S. Court of Appeals ruled July 12 (Joshua G. Fensterstock v

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

10th Circuit: No Abuse Found; Trustee May Not Avoid Liens On Vehicle Loans

DENVER - The 10th Circuit U.S. Court of Appeals on June 23 ruled that a bankruptcy court did not abuse its discretion when it dismissed a trustee's adversary proceeding against two lenders in a consolidated case challenging the avoidance of liens on vehicles

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

Judge: Borrower Failed To State Federal Claims In Car Loan Dispute

COLUMBUS, Ga. - A federal judge in Georgia on July 8 dismissed a lawsuit filed by a borrower against two banks, ruling that the borrower had failed to properly plead either of her federal claims against the banks (Dr. Theresa Bradley v. Sovereign Bank

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

Federal Judge: Debtors Showed Lenders' Fraud Preceded Foreclosure

LOS ANGELES - A federal judge in California on June 25 ruled that a debtor couple had sufficiently demonstrated that a group of lenders violated state and federal laws through fraudulent practices, which led to foreclosure proceedings (George Hannibal

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

ATM Cardholders' Antitrust Claims Related To Fixed Interchange Fee Survive

SAN FRANCISCO - A federal judge in California on June 21 ruled that automatic teller machine (ATM) cardholders may continue with their claims that the fixed interchange fee that a bank pays when its customers use ATMs owned by other institutions violates

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

Borrower Entitled To Full Recovery Of Proceeds Under Bond, Judge Rules

COLUMBUS, Ohio - A borrower who had previously been awarded by an Ohio state court more than $65,000 in damages stemming from a predatory lending scheme is entitled to the full amount under the terms of a mortgage broker's bond, a federal judge in Ohio

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

Florida Court Overturns $521M Verdict Against Accounting Firm

MIAMI - The Florida Third District Court of Appeal on June 23 overturned a jury verdict and final judgment awarding Banco Espirito Santo International $170 million in compensatory damages and $351.7 million in punitive damages on the bank's claims that

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

FDIC Sues Former IndyMac Officers Over Homebuilder Loan Losses

LOS ANGELES - The Federal Deposit Insurance Corp. (FDIC), on behalf of failed bank IndyMac Bank F.S.B. sued four former officers of IndyMac's homebuilder division on July 2, contending that the defendants were negligent and breached their fiduciary duty

Published Wed, Jul 28 2010 8:54 AM by LexisNexis® Financial Services Litigation News

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SEC Approves Elimination Of Inability-To-Pay Defense For FINRA Arbitration Awards

Government Regulator Fines Company, Brokers For Credit Default Swap Violations

Merrill Lynch Sued For Selling 'Illiquid Junk' Debt Securities

New York Comptroller Sues Merrill Lynch, Bank Of America Over Acquisition

SEC: Investment Firm Duped Investors Into Overpaying For CDO Bonds

SEC Sues Portfolio Manager Associated With Bond Scam At ICP Asset Management

Federal Judge: Debt Collection Act Not Violated

Arbitration Clause In Student Loan Company's Loan Agreement Ruled Unconscionable

10th Circuit: No Abuse Found; Trustee May Not Avoid Liens On Vehicle Loans

Judge: Borrower Failed To State Federal Claims In Car Loan Dispute

Federal Judge: Debtors Showed Lenders' Fraud Preceded Foreclosure

ATM Cardholders' Antitrust Claims Related To Fixed Interchange Fee Survive

Borrower Entitled To Full Recovery Of Proceeds Under Bond, Judge Rules

Florida Court Overturns $521M Verdict Against Accounting Firm

FDIC Sues Former IndyMac Officers Over Homebuilder Loan Losses