Broker-Dealer, Securities and Life Insurance Product Litigation
Representative Cases
Securities and Broker-Dealer Litigation
In re Taberna Capital Management – Represented senior executive in SEC investigation.
In re Saivian – Represented accounting firm in SEC investigation into multi-level marketing company.
In Re Tyco Securities – Represented a former Tyco director in SEC investigation into accounting practices.
In re Sovereign Bancorp – Represented public company and directors and officers in connection with SEC investigation.
In re First Maryland – Represented 21 witnesses in an SEC investigation.
Van Slyke v. Inverity, LLC, et al. – Represented broker-dealer and life insurance company in claims arising from purchase of real estate investments.
Henderson v. Scottsdale Capital Advisors Corp., et al. – Represented broker-dealer against claims of unsuitability, churning, excessive trading, and violations of state and federal securities laws in customer’s brokerage account.
Lamoreaux v. Michel, et al. – Represented broker-dealer in claims by purchaser of promissory notes in connection with Ponzi scheme.
Engel v.Collins, et al. – Represented broker-dealer against customers’ suitability and misrepresentation claims in connection with variable annuities and brokerage accounts.
Murray v. Caso, et al. – Represented broker-dealer against claims by son of investor complaining about beneficiary designations on investments.
Teachers Retirement System of Louisiana v. Maurice R. Greenberg, et al. – Represented the former Chief Financial Officer of American International Group, Inc. in this shareholder derivative action authorized by the company against several former officers and directors, and involving additional businesses as defendants. The claims challenged relationships involving AIG, businesses with directors and officers in common with AIG, and transactions that the plaintiff alleged to be self-interested.
[Certain Professional Athlete Agents] v. SFX Sports Group, Inc., et al. – Represented an international professional athlete representation firm against securities fraud and employment contract claims filed by selling principals. The dispute included a federal lawsuit and weeks of evidentiary hearings before a three-arbitrator panel.
In Re American International Group, Inc. Securities Litigation – Represented the former Chief Financial Officer of AIG in a consolidated federal securities class action involving decisions by AIG in 2005 to restate certain securities filings before that date. The claims against a group of defendants, some of which were asserted against the CFO, were settled for approximately $100 million.
In Re Meridian Securities Litigation– Represented a large regional bank holding company in class action claims related to alleged inadequate disclosure of loan losses. Settled case for a small percentage of alleged losses.
In Re Tyco Securities Litigation– Represented a former Tyco director in multidistrict securities and ERISA class action litigation.
Morrissey v. Amboy Bancorporation – Represented a class of frozen-out shareholders and secured a verdict of $20 million.
In re: Telxon Corporation Securities Litigation v. PricewaterhouseCoopers –Represented a publicly held corporation in prosecuting an auditing malpractice claim against a Big Four accounting firm for its failure to uncover a massive fraud conducted by the company’s management. After discovery was completed, the Magistrate Judge recommended to the District Court that our motion for default judgment based on defendant’s discovery misconduct be granted. Case subsequently settled for a confidential amount.
McCoy-McMahon v. Directors and Officers of Spotts, Stevens & McCoy – Defended directors and officers in a shareholder derivative action attacking a statutory merger and defending claims of breach of fiduciary duty and securities violations.
Life Insurance Product Litigation
Gaffney, et al. v. Serotte, et al. – Represented insurance carrier and broker-dealer in market conduct, unfair business practices, and misrepresentation claims in connection with the replacement of variable life insurance policies and sale of whole life insurance policies.
Pine Belt Enterprises, Inc., et al. v. Windsor Financial Group, Ltd., et al. – Represented insurance company in connection with claims arising from purchase of split-dollar financed second-to-die life insurance policies purchased for business succession planning.
Sylvestre v. Herlicka, et al. – Represented insurance company and broker-dealer against market conduct claims arising from the purchase of nine whole life insurance policies and an investment in a microbrewery.
Spuhler v. uFinancial Group, et al. – Represented insurance companies and broker-dealer in claims by former agent relating to termination of her contracts.
Wester-Ebbinghaus v. Montoya, et al. – Represented insurance company against claims relating to tax liabilities stemming from a 1035 exchange and loan against a life insurance policy.
BB&T BOLI Plan Trust v. Massachusetts Mutual Life Insurance Company – Represented insurance company in complex litigation over a separate account bank-owned life insurance policy and related third-party derivative financial instruments.
Maryland Insurance Administration ex rel. R.D.S. v. MML Bay State Life Insurance Company – Represented insurance company against market conduct claims in connection with flexible premium variable life insurance policy.
Mulrooney v. Life Ins. Co. of the Southwest– Obtained summary judgment affirming a life insurer’s right to rescind a life insurance policy based on misrepresentations in the policy application.
Sigal v. General American Life Ins. Co. – Obtained dismissal of bad faith claim arising from denial of disability benefits under an individual disability income policy on statute of limitation grounds.
Williams v. Gillott and Massachusetts Mutual Life Ins. Co. – Obtained dismissal of complaint seeking life insurance benefits and challenging validity of policy’s lapse for non-payment of premiums.
Township of Spring v. Standard Ins. Co. – Obtained summary judgment and successfully defended appeal for client and its “retirement services” subsidiary in case involving alleged breach of fiduciary duty and breach of contract in the liquidation of a municipal pension plan’s investment portfolio to complete plan’s transition to new custodian.
Massachusetts Mutual Life Ins. Co. v. Jordan – Obtained summary judgment in our client’s favor, affirming a life insurer’s right to rescind a life insurance policy based on misrepresentations in the policy application.
Pappas v. UNUM Life Ins. Co. of America – Successful jury trial of bad faith claim and counterclaim for unjust enrichment followed by successful defense of appeal and certiorari
Bakth v. MassMutual – Represented insurer in breach of contract / bad faith lawsuit arising out of denial of benefits under individual disability income policy. Obtained a favorable settlement through mediation.
Murphy v. MassMutual – Represented insurer in market conduct case involving allegations of lack of suitability and fraud by agent in the sale of multiple life insurance policies. Obtained a favorable settlement through mediation.
Intertek v. MassMutual – Represented insurer in market conduct case involving allegations of lack of suitability and fraud by agent in the sale of multiple life insurance policies. Obtained a favorable settlement through mediation.
Bisys v. MassMutual – Represented insurer in commercial dispute arising out of termination of relationship with former broker. Obtained a favorable settlement through mediation.
MassMutual / Stanley Jerome investigation – Represented life insurance company in internal, Special Investigation Unit fraud investigation into allegations of fraud by former agent. Prepared final report to State Attorney General that led to criminal prosecution resulting in a conviction, incarceration and restitution.
Karpf v. MassMutual et al. – Represented life insurance company in breach of contract / tort dispute with former agent arising from the termination of agency relationship. Obtained dismissal of all claims at the motion to dismiss stage.
Boys v. MassMutual – Represented life insurance company in market conduct case involving allegations of lack of suitability and fraud by agent in the sale of multiple life insurance policies. Obtained dismissal of action via summary judgment.
McLaughlin Paper v. MassMutual – Represented life insurance company in dispute with customer over administrative services provided for customer’s 401(k) plan. Obtained a favorable settlement through mediation.
FSB Mutual Holdings, Inc.n/k/a Penn Community Mutual Holdings, Inc. v. Atlantic Specialty Insurance Company, et al. – Obtained summary judgment in our client’s favor on declaratory judgment claims against a financial institution’s insurance carrier regarding the scope of coverage for life settlement and Section 419 retirement plan litigations. The case settled favorably shortly thereafter.
