Scary case
After a trip to the Supreme Court and back, a massive case against 16 of the world’s largest banks for rigging the London inter-bank offer rate (LIBOR) — “the world’s most important number” — will return to the district court in Manhattan scarier than ever for the defendants. Gelboim v. Bank of Am.
In Roach v. T.L. Cannon Corp., No. 13-3070-cv (2d Cir. Feb. 10, 2015), the Second Circuit gave a narrow reading of the Supreme Court's ruling on class certification in Comcast Corp. v. Behrend, 133 S. Ct. 1426 (2013).*
The outcome does not surprise Blawgletter, who had the honor of arguing Comcast Corp.
Good faith and fair dealing
New York law "implies" a duty in all contracts — a duty to perform promises in good faith.*
Does that mean a party must adjust a contractual benchmark rate if it knows something has distorted the benchmark?
Yes, the Second Circuit held in Security Plans, Inc. v. CUNA
Equal pay for equal work
The Equal Pay Act of 1963, 29 U.S.C. 206(d), mandates equal pay for "equal work".
But what does "equal work" mean? A ruling by the Second Circuit focuses on the "content" of the "work" and rejects titles and labels as the basis for comparing male and female workers.
"Actual
Get ready for the Supreme Court to resolve a question that has divided courts of appeals for years:
Whether and in what circumstances is the dismissal of an action that has been consolidated with other suits immediately appealable?
If that doesn't sound sexy enough for you, consider that the issue arises in massive litigation over
No more over-the-air TV on your laptop?
The Supreme Court today struck a mighty blow against Internet television.
Firms that beam television programs to Internet users for a fee now face staggering liability for copyright infringement.
The 6-3 Court held that Aereo infringed the copyrights of content owners by enabling subscribers to select the channels
Billions in bonds
You have a $2.5 billion judgment in a U.S. court against Argentina on bonds it defaulted on, but you have a problem. You can't find assets in the U.S. to satisfy the judgment. The pesky Argentines keep all of their seizable valuables overseas.
Can you get help from the U.S. court?
The U.S.
Foreign firms lose billions
Every year, non-U.S. firms overpay billions and billions of dollars for goods and services as a result of price-fixing, collusive market-splitting, and other restraints of trade. But many of the firms can get no relief in a U.S. court.
The reason? A U.S. statute — the Foreign Trade Antitrust Improvements Act (FTAIA) – generally exempts from
Investors who wished for a helping hand in pursuing claims against banks that sold them exotic debt instruments instead got a kick in the pants from the Second Circuit today.
No no-admit deals
In 2011, U.S. District Judge Jed Rakoff famously refused to approve a consent decree between the Securities and Exchange Commission and Citigroup. The pact
Get ready, folks, for a new wave of cases under the Racketeer-Influenced and Corrupt Organizations Act of 1970 — RICO, for short. The Second Circuit ruled this week that a case by the European Community and EC member states may proceed with a RICO case against RJR Nabisco for money laundering and worse. European Community v. RJR