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March 2014 Archives

New York State Athletic Commission Sued for Negligence

A very serious brain injury, possibly overlooked or misdiagnosed as less serious, results in a very serious lawsuit for New York Commission.

Attorney for brain-damaged boxer Magomed Abdusalamov files negligence suit against New York State Athletic Commission

The report says that despite numerous injuries, Abdusalamov was never transported by ambulance to a hospital by the commission doctors who checked him out following his decision loss to Mike Perez

Friday, March 28, 2014. By Mitch Abramson New York Daily News, via The attorney representing brain-damaged boxer Magomed Abdusalamov filed the long-awaited lawsuit alleging negligence and medical mismanagement by New York State Athletic Commission doctors, as well as several other parties who oversaw the heavyweight bout on Nov. 2 at Madison Square Garden that left Abdusalamov in a coma, according to an ESPN report. Despite myriad injuries, Abdusalamov was never transported by ambulance to a hospital by the commission doctors who checked him out following his decision loss to Mike Perez, the report says. Instead, he had to hail a cab and unsupervised, with only his handlers to shepherd him, made his way to Roosevelt Hospital perhaps a mile from the Garden. Though Abdusalamov complained of head pain, he was only told by the commission doctors to get examined a day or two following the bout, according to the ESPN report. "These doctors screwed up beyond belief," the fighter's attorney, Paul Edelstein told ESPN's "Outside the Lines" on Wednesday, the same day the suit was filed in Kings County Court. "Not giving him proper post-fight medical attention was reckless and egregious; not stopping the fight was negligent." The state inspector general initiated an investigation in November into the circumstances surrounding the fight at the urging of the office of New York's Secretary of State, the administrative body overseeing the commission. But the investigation is still ongoing. On Wednesday, Gov. Cuomo appointed the New York-based attorney and fight manager David Berlin as the commission's new executive director, a job he will start on May 1. The suit does not specify monetary damages, but says Abdusalamov will need exhaustive medical care for years to come, according to the ESPN report. The referee for the bout, the commission's inspector, Madison Square Garden, K2 Promotions and five state commission doctors, including Dr. Barry Jordan, the commission's chief medical officer, are named in the suit, the report said. Edelstein said he was unable to sue the commission directly because of a policy that makes it protected against legal action. Abdusalamov, who turned 33 on Tuesday, remains confined to a hospital bed and has "regained slight movement and can only follow simple commands" but he "may never walk or talk again," the report said. He underwent additional surgery on Thursday that was deemed a success, the report said. Related story. Family of brain-damaged boxer Magomed Abdusalamov will seek $100 million

More Enforcement Against Individuals Engaging in Misconduct and Fraud in the Mortgage Industry

Will there be an increase in lawsuits brought against individuals who worked in the mortgage industry during the housing bubble and not just against the major corporate finance and banking brands?

Financial services regulator urges more enforcement against individuals, reaffirms focus on nonbank mortgage servicers

March 21st, 2014. By BuckleySandler LLP via March 19, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky called on banking regulators to assess whether they are doing enough, particularly with regard to enforcement, to deter or prevent financial crime. In remarks  delivered to the Exchequer Club, Mr. Lawsky asserted that true deterrence means focusing not only on corporate liability, but individual accountability. He called on banking regulators to "publicly expose - in great detail - the actual, specific misconduct that individual employees engaged in," and, where appropriate, ensure individuals face "real, serious penalties and sanctions when they break the law." Mr. Lawsky is the most recent of several regulators and policymakers to advocate for more individual accountability. Federal enforcement officials, including  CFPB Director Richard Cordray and  SEC Chair Mary Jo White, have similarly threatened an enhanced enforcement focus on individuals. Earlier this year, U.S. District Judge Jed Rakoff  wrote critically of financial fraud enforcement, and suggested "that the future deterrent value of successfully prosecuting individuals far outweighs the prophylactic benefits of imposing internal compliance measures that are often little more than window-dressing." In addition to his prepared statement on individual enforcement, Superintendent Lawsky devoted a substantial amount of his remarks and Q&A responses to his  concerns about nonbank mortgage servicers. He specifically raised concerns about nonbank servicers' staffing, especially in the context of the single point of contact requirements of the CFPB's new servicing rules and the  agreements certain servicers entered into with the DFS in 2011 and 2012. View original post here.

Investment Firm Breach Of Fiduciary Duty

When an investment firm quietly has an interest in both the selling of a company and the buy-side financing there seems to be an obvious conflict of interest.

Investment Banker Held Liable For Aiding And Abetting Buyout Target Board's Breach Of Fiduciary Duty

March 26 2014. By Gardner F. Davis, Foley & Lardner via www.mondaq.comThe Delaware Chancery Court recently held a respected investment banking firm liable for aiding and abetting breaches of fiduciary duty by the target company board in connection with an allegedly flawed sale process. The investment banker's problems stem from alleged undisclosed conflicts of interest, including its purported push to participate in the buy-side financing syndicate for the transaction at the same time the banker was representing the seller in the final price negotiations. In re Rural Metro Corporation Shareholders Litigation, No. 3650-VCL, 2014 WL 971718 (Del. Ch. March 7, 2014), will send chills through the investment banking community. The Rural Metro case, following in the wake of the Chancery Court's El PasoAtheros and Del Monte decisions, demonstrates the Delaware Court's heightened sensitivity to investment bankers' potential conflicts of interest that may compromise their loyalty and objectivity.1 Boards should carefully consider potential conflicts of interest when selecting financial advisors and should specifically discuss and consider imposing limits upon the sell-side financial advisor's ability to provide staple financing or otherwise participate in buy-side financing.

Legal Malpractice Re Possible Settlement

In hindsight, is it legal malpractice not to properly advise a client regarding a settlement offer?

Rebuffed Deals Support Legal Malpractice Claim

March 7, 2014. By Ryan Abbott for Courthouse News.

WASHINGTON (CN) - A woman whose son police shot and killed may have a legal malpractice case against the lawyers who allegedly advised her to pass on a $3 million settlement, a federal judge ruled.

Can An Individual Qualify As Whistleblower Without Reporting To TheSEC?

In a pending amicus brief the SEC argues that an individual can more easily qualify as a whistleblower.

SEC Claims "Whistleblowers" Don't Have to Report to SEC

March 3 2014. By  Day Pitney LLP on amicus brief in Meng-Lin Liu v. Siemens AG, which is currently before the Second Circuit, arguing that an individual can qualify as a "whistleblower" for purposes of the Dodd-Frank anti-retaliation provisions even if the individual did not report to the SEC. Rather, the SEC argues, consistent with its clarifying rule, the anti-retaliation protections extend to anyone who engages in the whistleblowing activities described in Section 21F(h)(1)(A) of the Securities Exchange Act of 1934 irrespective of whether the individual makes a separate report to the SEC. According to the SEC, this reading will "maintain incentives for individuals to first report internally in appropriate circumstances." In Liu, Meng-Lin Liu alleged that Siemens had retaliated against him after he internally reported alleged corrupt practices by the company. The district court dismissed Liu's case on the grounds that the anti-retaliation provisions do not extend to Liu as an overseas whistleblower. The district court discussed but did not reach Siemens' argument that because Liu did not report to the SEC, he did not qualify as a whistleblower under the anti-retaliation provisions.

Class Action Can Sue Twice?

In an unusual case in Illinois, a class is enabled to sue a second time, individually, after the class action was settled.

A settlement that gave plaintiffs a second bite at the apple

February 20 2014, by Ronald F. Wick / Cozen O'Connor, on

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