NEW YORK - An online foreign exchange trading services provider and its CEO concealed that the company's American subsidiary had engaged in "false and misleading solicitations of its foreign exchange customers" in violation of federal securities laws, an investor argues in a Feb. 8 securities class action complaint filed in New York federal court (Ying Zhao v. FXCM Inc., et al., No. 17-0955, S.D. N.Y.).
NEW YORK - A federal judge in New York on Feb. 8 dismissed an amended complaint filed by investors who alleged that a financial services firm and its CEO engaged in a scheme to manipulate prices at which certain futures contracts traded on the Chicago Mercantile Exchange Global Platform (CME Globex), ruling that the investors failed to show that the alleged transactions took place on an American exchange as required pursuant to U.S. Supreme Court precedent in Morrison v. National Australia Bank, Ltd. (Myun-Uk Choi, et al. v. Tower Research Capital LLC, et al., No. 14-9912, S.D. N.Y., 2017 U.S. Dist. LEXIS 18174).
HOUSTON - A dispute over two design patents covering ornamental women's sandals should be litigated in the U.S. District Court for the Southern District of New York where an infringement defendant is headquartered, a Texas federal judge concluded Feb. 10 (JPT Group LLC v. Balenciaga America Inc., No. 16-1596, S.D. Texas, 2017 U.S. Dist. LEXIS 19003).
NEW YORK - A New York federal judge's decision to dismiss allegations that Takeda America Holdings Inc., Takeda Pharmaceuticals U.S.A. Inc., Takeda Development Center Americas Inc. and Takeda Pharmaceuticals Co. Ltd. (Takeda, collectively) violated state law analogs of the Sherman Act, 15 U.S.C. 2, by preventing competitors from marketing a generic version of the diabetes drug ACTOS was partly vacated by the Second Circuit U.S. Court of Appeals Feb. 8 (In re: ACTOS End-Payor Antitrust Litigaiton, No. 15-3364, 2nd Cir., 2017 U.S. App. LEXIS 2291).
NEW YORK - A federal judge in New York on Feb. 7 granted an insurer's motion to stay a $5.4 million reinsurance dispute and compel a European reinsurer to the arbitration table, holding that the reinsurer cannot avoid an arbitration clause in a reinsurance agreement by arguing that the reinsurance agreement is void (HDI Global SE v. Lexington Insurance Company, No. 16-cv-07241, S.D. N.Y.).
NEW YORK - A New York federal magistrate judge on Feb. 6 found that an in camera review of an insurer's documents requested through discovery by a disability claimant is necessary to determine if the documents are protected under the work product doctrine or if the fiduciary exception to the attorney-client privilege applies (Cherylle McFarlane v. First Unum Life Insurance Co., No. 16-7806, S.D. N.Y., 2017 U.S. Dist. LEXIS 16433).
NEW YORK - Production of electronic documents in an asbestos dispute do not satisfy discovery requests where they are not in the requested format and lack metadata, a New York justice held in an opinion posted Feb. 3 (All Craft Fabricators Inc. v. ATC Assoc. Inc.,, No. 156897/13, N.Y. Sup., New York Co.; 2017 N.Y. Misc. LEXIS 323).
NEW YORK - A reinsured insurer argues in a Feb. 3 brief in a federal court in New York that since a German reinsurer is challenging an agreement as a whole and not the arbitration clause, the parties' dispute regarding the validity of a reinsurance agreement should be left to arbitrators to decide (HDI Global SE v. Lexington Insurance Company, No. 16-cv-07241, S.D. N.Y.).
NEW YORK - A New York federal judge on Feb. 3 awarded a disability claimant more than $233,000 in attorney fees and more than $5,000 in costs but only after determining that a reduction of the hours charged by the claimant's counsel is warranted (Dimitra Dimopoulou v. First Unum Life Insurance Co., et al., No. 13-7159, S.D. N.Y., 2017 U.S. Dist. LEXIS 15944).
NEW YORK - A federal magistrate judge in New York on Feb. 3 recommended approving a settlement agreement between the federal government and the New York Racing Association over the association's discharges of wastewater into New York state's and the city of New York's sewer systems without a National Pollutant Discharge Elimination System permit, finding that the terms of the agreement were fair and reasonable (United States of America v. The New York Racing Association, No. 16 CV 5442, E.D. N.Y., 2017 U.S. Dist. LEXIS 16621).
BROOKLYN, N.Y. - An insured's breach of contract claim against her homeowners insurance provider was filed outside the contractual and statutory limitations periods and is, thus, time-barred, while her remaining claims for insurance bad faith and declaratory relief are duplicative of the breach of contract claim, a federal judge in New York ruled Feb. 6 in granting the insurer's motion to dismiss (Gelsomnia Maniello v. State Farm Fire and Casualty Co., et al., No. 16-1598, E.D. N.Y., 2017 U.S. Dist. LEXIS 16450).
WASHINGTON, D.C. - The Judicial Panel on Multidistrict Litigation (JPMDL) on Feb. 7 centralized 53 federal Eliquis lawsuits before Senior Judge Denise L. Cote of the U.S. District Court for the Southern District of New York (In Re: Eliquis [Apixaban] Products Liability Litigation, MDL Docket No. 2754, JPMDL, 2017 U.S. Dist. LEXIS 16639).
NEW YORK - The Second Circuit U.S. Court of Appeals on Jan. 31 affirmed a bankruptcy court's finding that a mortgage company's statutory duty to respond to a request under the Real Estate Settlement Procedures Act (RESPA) was never triggered (Barry F. Mack v. Rescap Borrower Claim Trust, No. 16-304, 2nd Cir., 2017 U.S. App. LEXIS 1683).
NEW YORK - A trial court erred when it permitted the admission of an employer's settlement offer and disqualified counsel on both sides in a disability bias suit brought by a pregnant employee, a Second Circuit U.S. Court of Appeals panel ruled Feb. 2 (Jia Sheng v. M&TBank Corporation, et al., No. 14-4467, 2nd Cir., 2017 U.S. App. LEXIS 1912).
BROOKLYN, N.Y. - A New York appeals panel on Feb. 1 found that an insurer has no duty to defend its insured under an insurance policy's directors and officers liability and entity liability coverage section, reversing a lower court's ruling against the insurer (Thomas C. Hansard, Jr. v Federal Insurance Co., No. 2014-09639, N.Y. Sup., App. Div., 2nd Dept., 2017 N.Y. App. Div. LEXIS 629).
NEW YORK - A New York appeals panel on Feb. 2 affirmed a lower court's ruling in favor of a lawyers professional liability insurer in a dispute over coverage for underlying counterclaims against an insured for repudiation of a consulting agreement and legal malpractice (Law Offices of Zachary R. Greenhill P.C., et al. v. Liberty Insurance Underwriters, Inc., et al., No. 650414/14, N.Y. Sup., App. Div., 1st Dept., 2017 NY Slip Op 00727).
NEW YORK - A federal bankruptcy judge in New York on Jan. 31 held that errors and omissions insurers violated the Barton doctrine by filing proceedings against MF Global Holdings Ltd. (MFGH) in Bermuda without obtaining leave from the bankruptcy court (In re: Mf Global Holdings Ltd., et al., Chapter 11, No. 11-15059, S.D. N.Y. Bkcy., 2017 Bankr. LEXIS 251).