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☆ Why Wall Street's biggest wealth managers could face an avalanche of lawsuits thanks to one judge's ruling
▼ + stars: | 2024-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +10 min

The banks, in turn, make shareholders happy by reporting lower compensation costs since deferred compensation is marked as a liability. At Morgan Stanley, advisors forfeit this pay if they leave for another employer before four years of service. This ruling was used by a lawyer on another case, Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. In November, Morgan Stanley successfully fought off a class action attempt by 12 ex-Morgan Stanley advisors. Lawyers told Business Insider that the award and the ruling in Shafer v. Morgan Stanley will likely inspire more ex-advisors to sue.

Persons: —, Morgan Stanley, Morgan Stanley's, Alan Rosca, Cerulli, Rogge Dunn, Biden, Dunn, Goldman Sachs, Spencer Platt, Rosca, It's, Shafer, Judge Paul Gardephe, Meaghan VerGow, Pamela Miller, O'Melveny, Jack Edwards, Edwards, Street Former Morgan Stanley, Phil Waxelbaum, They've, you've, — Rosca, Waxelbaum, We're Organizations: Service, Wall, Business, Advisors, Biden Administration, FTC, Getty, Financial Industry Regulatory Authority, Street Former, Ajamie LLP, JPMorgan Locations: Cleveland, Dallas, New York, Shafer, Houston, Wells

The creators of the hit crime drama "Better Call Saul" on Monday won the dismissal of a defamation and trademark infringement lawsuit by Liberty Tax Service for depicting a shady fictional tax firm that appeared to resemble its own. Gardephe said Liberty Tax offered no "particularly compelling" allegations that viewers would be confused into thinking Sweet Liberty was one of its more than 2,500 offices. "Better Call Saul" starred Bob Odenkirk as Saul Goodman, a corrupt lawyer also known as Jimmy McGill. Peter Siachos, a lawyer for Liberty Tax, said his client will explore its legal options, including an appeal or refiling the lawsuit in a state court. Both said their use of Sweet Liberty was protected by the U.S. Constitution's First Amendment.

Persons: Bob Odenkirk, Saul, Paul Gardephe, Gardephe, Liberty, Saul Goodman, Jimmy McGill, Goodman, Craig, Betsy Kettleman, Rosa Parks, Parks, Peter Siachos, Jonathan Stempel, Rami Ayyub Organizations: REUTERS, Monday, Liberty Tax Service, U.S, District, AMC Networks, Sony Pictures Television, Liberty Tax Services, Liberty Tax, Liberty, Court, Southern District of, Thomson Locations: Los Angeles , California, U.S, Manhattan, New Mexico, Virginia Beach , Virginia, Southern District, Southern District of New York, New York

☆ SEC punts on whether syndicated loans are securities, in closely watched appeal
▼ + stars: | 2023-07-19 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Law firm alerts have gone so far as to call the appeal an “existential threat” to the entire syndicated loan market. The SEC later added to the suspense by requesting two more extensions from the 2nd Circuit, noting the complexity of the issue. On the other hand, any remaining uncertainty will be resolved as soon as the 2nd Circuit issues a ruling. But it’s a good bet that the trustee's lawyers from McKool will urge the 2nd Circuit to read the SEC’s silence as proof of the complexity of the issue. An earlier version incorrectly reported that Judge Michael Park was part of the 2nd Circuit panel that heard oral argument.)

Persons: Cromwell, JPMorgan Chase, Marc Kirschner, Paul Gardephe, Manhattan, Gardephe, McKool Smith, Jose Cabranes, Joseph Bianco, Myrna Perez, ”, Malcolm Stewart, Christopher Johnson, McKool, SEC wouldn’t, Michael Park, Alison Frankel, Leigh Jones Organizations: Sullivan, U.S . Securities, Exchange Commission, U.S, Circuit, SEC, 2nd, JPMorgan, Millennium, U.S . Justice Department, District, Trading Association, Securities Industry, Financial Markets Association, Justice Department, U.S . Treasury Department, Thomson, Reuters Locations: U.S .

☆ 2016 Trump campaign in $450,000 lawsuit settlement voids worker non-disclosure pacts
▼ + stars: | 2023-02-04 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

Former President Donald Trump's 2016 campaign, as part of a $450,000 settlement of a class-action lawsuit by a former campaign aide, agreed to void non-disclosure agreements that hundreds of campaign workers and volunteers had signed as a condition of their work. The deal, revealed Friday in a court filing, ended a lawsuit filed by former Trump campaign aide Jessica Denson in U.S. District Court in Manhattan. "This compromise is in fact a total victory for Jessica Denson, and all 2016 Trump campaign workers," said David Bowles, a lawyer for Denson. The Trump campaign will pay $450,000 in the settlement, the vast majority of which will cover Denson's lawyers' fees and costs. Prior to the settlement, the 2016 Trump campaign said it would release all employees, contractors and volunteers from any non-disclosure or non-disparagement agreements.

NEW YORK, Nov 7 (Reuters) - The United States is seeking the forfeiture of more than $1 billion in Bitcoin stolen from the Silk Road online marketplace, federal prosecutors in Manhattan said on Monday. By the time it was seized, the Bitcoin was worth more than $3 billion. Some of the stolen Bitcoin was found on a computer in a popcorn tin stored in a bathroom closet, IRS special agent Trevor McAleenan said in an affidavit. The U.S. government seized Silk Road in 2013, describing the underground website as a massive illegal drug and money-laundering marketplace. Silk Road creator Ross Ulbricht was convicted in 2015 of seven counts of enabling illegal drug sales via bitcoin.

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