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AAA's Impartiality Challenged by Lawyer Seeking Alternate Forum
A New Jersey lawyer for plaintiffs in commercial suits against Snap-On Tools claims that his clients should not be required to arbitrate through the American Arbitration Association, arguing that AAA's process is tainted by bias toward businesses that pay for its services. A superior court judge has granted an order to show cause for the plaintiffs, temporarily restraining Snap-On from proceeding with AAA arbitrations.Lawsuit Over Picasso Painting Dismissed
A New York court Monday dismissed a lawsuit filed by the alleged owner of a Pablo Picasso painting who claimed his great-uncle was forced by the Nazis to sell the artwork. Justice Rolando T. Acosto found that Julius H. Schoeps, who claims to be an heir to Paul von Mendelssohn-Bartholdy, lacked standing to sue the Andrew Lloyd Webber Art Foundation, the current owner of "Portrait de Angel Fernandez de Soto," because he had not been appointed as the personal representative of Mendelssohn-Bartholdy's estate.D'Annunzio v. Prudential Insurance Co. of America et al
CEPA's definition of "employee" turns on the employer's control and direction of the worker and does not foreclose the likelihood that a worker who might be classified as an independent contractor at common law may qualify as an employee for CEPA purposes.Broker-Dealers Have Powerful Protections Under UCC
Securities broker-dealers can sometimes face third-party claims concerning loss of assets maintained in customer accounts. But the Uniform Commercial Code, in the form of �8-115, provides a complete defense to such claims, with some very limited exceptions. As attorney David J. Libowsky describes, �8-115 effectively immunizes a broker-dealer with a primary exception where the broker-dealer has colluded with the wrongdoer and violated the rights of the adverse claimant.Merrill Lynch Settles Class Actions Over Internet Companies
Merrill Lynch has settled three class action lawsuits that claimed it provided misleading analyst research about Internet companies to purchasers of mutual funds.2nd Circuit Says Adviser's Knowledge of Bayou Hedge Fund Fraud Not Proven
An adviser on investing in hedge funds cannot be sued for securities fraud for recommending a fund that later turned out to be a Ponzi scheme, the 2nd U.S. Circuit Court of Appeals has ruled in a closely watched case. The circuit found that the requirement of scienter was not met in the pleadings against an adviser who steered a client to Samuel Israel III and other founders of the Bayou funds group that later bilked investors out of more than $400 million.
Madoff Investors Entitled Only to Recovery of Real Losses, Panel Says
A family that invested in Bernard Madoff's Ponzi scheme through multiple entities can recover some of its losses under insurance policies, a First Department panel ruled yesterday, but the recovery will be based on the difference between what each entity put into the scheme and what it got out, not the losses recorded in Madoff's fraudulent statements.N.J. Supreme Court Asked to Resolve Confusion Over Settling Party's Right to Sue Lawyers
The New Jersey Supreme Court on Wednesday tackled the issue of when a client can sue his or her lawyer for malpractice over a settlement that the client originally said was acceptable. The case -- against Duane Morris -- has drawn widespread attention among the bar, since it goes to the heart of whether a settlement on the record is final and binding, or whether alleged incompetence of counsel can give a settling party an out.Workers` Comp Carrier Is Sanctioned for Hinting Worker Faked Disability
For the first time in New Jersey, a court has assessed attorneys` fees to sanction a workers` compensation insurer that tried to use covert video surveillance and other subterfuge to terminate benefits.Trending Stories
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