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Federal Judge Dismisses $186 Billion 'Cash Sweep' Class Action Against Brokerages
New York federal Judge Richard Sullivan on Monday dismissed a $186 billion class action that was filed against Merrill Lynch, Morgan Stanley, Citigroup, Charles Schwab and Wachovia. Plaintiffs claimed that the brokerages' disclosures about their cash sweep programs were inaccurate and that the brokerages owed customers a fiduciary duty to place their extra cash in highest interest-bearing accounts. The judge rejected all of the plaintiffs' claims, citing 2nd Circuit precedent on brokers' duties to customers.
In Re M. Fabrikant & Sons, Inc.
Publication Date: 2013-01-18 Practice Area: Bankruptcy |
Creditors and Debtors Rights
Industry: Court: U.S. District Court, Southern District Judge: District Judge Richard J. Sullivan Attorneys: For plaintiff: For defendant: Debtor is represented by Lindsey Godfrey of Susman Godfrey LLP, Seattle, WA. by Arun Srinivas Subramanian of Susman Godfrey LLP, New York, NY. and Johnathan Jeffrey Ross of Susman Godfrey LLP, Houston, TX. Appellee JP Morgan Chase Bank, N.A. is represented by Steven J. Mandelsberg of Hahn & Hessen LLP, New York, NY. Appellee ABN AMRO Bank N.V. is represented by Ingrid Bagby of Cadwalader, Wickersham & Taft LLP, New York, NY. Appellee Bank of America, N.A. is represented by Paul S. Samson of Reimer & Braunstein LLP, Boston, MA. Appellee HSBC Bank USA, National Association, is represented by William J. Brown of Phillips Lytle LLP, New York, NY. Appellee Bank Leumi is represented by Andrew C. Gold of Herrick, New York, NY. Appellee Israel Discount Bank of New York is represented by Russell Lowell Reid of Sheppard Mullin Richter & Hampton, New York, N.Y. Appellee Antwerpse Diamantbank, N.V. is represented by Matthew Roseman of Cullen and Dykman, LLP, Garden City, NY. Appellees Sovereign Precious Metals, LLC, and Sovereign Bank are represented by Michael T. Conway of LeClairRyan,, New York, NY. Case number: 11 Civ. 2649 (RJS)
Cite as: In Re M. Fabrikant & Sons, Inc., 11 Civ. 2649, NYLJ 1202585000071, at *1 (SDNY, Decided September 30, 2012)District Judge Richard J. Sul
Competing fixes for bribery law
Top U.S. Department of Justice officials are preparing to issue new guidance about the government's enforcement of foreign bribery laws, as members of Congress and business advocates press for sweeping changes of their own.Response in KPMG Case Could Point to Appeal
In an unusual move, federal prosecutors acknowledged last week that dismissing charges against 12 of the 16 former KPMG employees facing criminal prosecution in a high-profile tax shelter case was the appropriate remedy for constitutional violations found last year by Southern District of New York Judge Lewis A. Kaplan.
Federal Law Blocks Challenge to Airline's 'Cash-less' Cabin Policy
The law that deregulated the nation's airlines in 1978 bars a state court suit over Continental Airlines' policy of not accepting cash for in-flight amenities, a New Jersey appeals court holds.TRENDING STORIES
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