- Robinhood now faces roughly 90 lawsuits after GameStop trading halt—here’s how customers might actually get their day in court, CNBC (Feb. 17, 2021)
“The bottom line is that they can’t force people to not participate in the class action and to go to arbitration instead,” says Mark Strauss, a securities litigation and whistleblower attorney based in New York.
- Maverick Funds Sue Bausch Claiming Valeant Price-Gouging , Law360.com (Feb. 28, 2020)
- 3rd Circuit rules banks can’t push clients out of FINRA arbitration, breaks with 2nd, 9th , Reuters (Aug. 8, 2018)
- JP Morgan Can't Duck FINRA Arbitration, 3rd Circ. Says , Law360.com (Aug. 7, 2018)
- Bear Stearns Seeks 3rd Circ. Halt To FINRA Claim's Arbitration , Law360.com (Oct. 10, 2017)
- Chancery Lets Pipeline Co. Investors See Oil Spill Records , Law360.com (Aug. 8, 2017)
- Force-placed insurance class actions continue to brew , RESPA News (Aug. 29, 2016)
- $13M GMAC Force-Placed Coverage Settlement Gets Nod , Law360.com (May 24, 2016)
- Law Firm of Kirby McInerney LLP Announces $1.5 Million Settlement Resolving Whistleblower Claims That Athletic Wear Company Underpaid U.S. Import Duties , Class Action Review (Apr. 22, 2016)
- 2nd Circ. Accepts Force-Placed Insurance Rate Defense , Law360.com (Jul. 22, 2015)
- Force-Placed Insurance Rate Defense Advances To 2nd Circ. , Law360 (Apr. 4, 2014)
- GMAC Force-Placed Insurance Class Action Gets Judge's OK , Law360.com (Sept. 30, 2013)
- Borrower Class Says $57M ResCap Set-Aside Isn't Enough , Law360.com (Aug. 8, 2013)
- GMAC Insurance Scheme Bilked Homeowners, Suit Claims , Law360.com (May 2, 2012)
- Noble Jewelry Pays $3.85M For Dodging Import Duties , Law360.com (Aug. 31, 2011)
- Refco Wins Dismissal, But Not Safe Yet , Law360.com (Sept. 14, 2007)
Bausch Health Cos. Inc. was hit with a securities fraud suit in New Jersey federal court Friday from companies managed by hedge fund Maverick Capital alleging that the business, then known as Valeant Pharmaceuticals International Inc., engaged in a price-gouging scheme that cost investors billions.
Reading lawyer Mark Strauss of Kirby McInerney said in an email that the 3rd Circuit panel decision should be the end of the forum selection issue. There's no reason for the 3rd Circuit to rehear the case en banc, he said, because the unanimous decision was based on the appellate court's own 1987 precedent on implicit waiver in Patten Securities v. Diamond.
"Usually it's the brokerage industry that's the party seeking to compel arbitration of disputes with customers," Strauss said. "But it has to be remembered that, under FINRA rules, customers have the right to compel arbitration, too. This decision acknowledges the importance of that right. It establishes -- at least in the Third Circuit -- that the industry can't compel customers to litigate in court by putting cryptic supposed waiver clauses in their contracts which they can then decide to invoke whenever it suits them."
"A forum selection clause that doesn't specifically reference arbitration doesn't include arbitration," Reading's attorney Mark A. Strauss of Kirby McInerney LLP told the panel. He added that Bear Stearns has raised no argument to explain why the FINRA guidance was wrong, and that to reject that guidance would contravene public policy.
"The evidence plaintiffs presented at trial sufficiently establishes a credible basis to warrant further investigation into whether the Plains board complied with its standard of care under the Plains limited partnership agreement," the vice chancellor wrote. "The production shall be incorporated by reference into any subsequent derivative complaint."
Attorney Mark Strauss of Kirby McInerney LLP -- a prominent class-action litigation firm -- has confirmed with RESPA News that it is investigating the force-placed insurance practices of Cenlar FSB and other mortgage servicers.
"This is an excellent settlement that will provide cash relief to tens of thousands of mortgage borrowers who we alleged were overcharged for lender-placed insurance. Unfortunately, lenders and mortgage servicers frequently overcharge homeowners," plaintiffs' counsel Mark Strauss of Kirby McInerney LLP said in an email. "We bring class lawsuits, but state and federal authorities should be more aggressive in investigating and prosecuting such activities, which prey on the weakest consumers."
In this action, the whistleblower will receive an award of 20% of the $1.5 million settlement, or $300,000.
The plaintiffs asserted Racketeer Influenced and Corrupt Organizations Act claims on the basis of letters GMAC sent to borrowers that they said concealed the free services and commissions it was reaping from Balboa. According to the suit, the lender demanded these kickbacks as a condition of designating Balboa as its exclusive force-placed insurance provider.
"In denying Balboa's motion to dismiss, the district court held that the filed-rate doctrine was inapplicable. We're confident that the Second Circuit will affirm that well-reasoned opinion," the plaintiffs' attorney Mark Strauss of Kirby McInerney LLP said.
"We're very pleased with the court's well-reasoned opinion, and will continue to prosecute this case aggressively on behalf of the borrowers who were victimized by this scheme," said Mark A. Strauss of Kirby McInerney LLP, who represents the putative class.
A class of residential mortgage borrowers on Thursday attacked Residential Capital LLC's Chapter 11 plan, saying it improperly aims to keep them from suing nondebtor entities and that the $57.6 million set aside for borrower claims isn't enough.
GMAC Mortgage LLC was hit Monday with a putative class suit in New York alleging it received kickbacks from a hazard insurer that forced homeowners to obtain expensive policies, joining the ranks of top lenders to face such claims.
"This case is a great example of a courageous whistleblower standing up for the taxpayers and alerting the government to a serious fraud at a time when every dollar counts," Mark A. Strauss of Kirby McInerney LLP, who represents [whistleblower Ken] Karlin, said on Wednesday.
Refco schemed to conceal its massive financial losses through a series of fraudulent loans that temporarily transferred the company's debts to Refco Group Holdings Inc., an entity owned by Refco CEO Phillip Bennett and President Tone Grant, plaintiffs have alleged.