Financial Services and Fiduciary Duty Claims: Secondary Liability
Defending Against Aiding and Abetting Fraud or Breach of Duty Claims
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Tuesday, December 22, 2009
Recorded event now available
This CLE seminar will discuss the litigation trends in aiding and abetting claims against financial institutions, the parameters of secondary liability under federal and state securities laws, and provide best practices for financial institutions to avoid and defend against secondary liability claims.
Description
With the collapse of the financial markets, a steady flow of bankruptcy filings, and an avalanche of insider trading claims, investors, shareholders, creditors and other parties are seeking recourse from deep pocket secondary actors in the financial services arena.
Lenders, hedge funds, brokers, investment advisors, accountants and attorneys continue to be targets under common law theories of aiding and abetting fraud and breach of fiduciary duties for the actions or inaction of failed or failing companies and financial institutions.
The Stoneridge decision closed the door on private causes of action for secondary liability under federal securities laws. However, new legislation seeks to overturn Stoneridge. The impact of this bill on auditors and attorneys who advise failing companies cannot be understated.
Listen as our authoritative panel of attorneys discusses the increasing threat of liability for aiding and abetting claims and actions financial institutions and their advisors can take to mitigate this rising threat.
Outline
- Aiding and abetting fraud or breach of fiduciary duty
- Pleadings standards
- Litigation trends and key decisions
- Defending claims
- Minimizing exposure and liability
- Secondary liability under federal securities laws
- Stoneridge Investment Partners, LLC v. Scientific Atlanta (Sup. Ct. 2008)
- Trends in SEC enforcement actions for aiding and abetting
- Defending SEC enforcement actions
- Minimizing exposure and liability
- The Liability for Aiding and Abetting Securities Violations Act of 2009 (SB. 1551)
Benefits
The panel will review these and other key questions:
- When can a lender be held liable for a breach of fiduciary duty by an officer or director of the lender's customer or borrower?
- What steps can financial institutions take to protect and defend against secondary liability claims?
- Does Stoneridge completely shut out scheme liability claims under federal securities laws?
- What are the legislative trends regarding aiding and abetting liability for secondary actors in the financial services arena?
Faculty
David R. Woodcock,
Partner
Vinson & Elkins, Austin, Texas
His practice focuses on corporate litigation, principally securities class actions, shareholder derivative actions, director and officer liability, and cases involving complicated accounting and auditing issues. He also has significant experience in business litigation and antitrust matters.
Thomas A. Hanusik,
Partner
Crowell & Moring, Washington, D.C.
He represents companies and individuals in complex civil and criminal white collar investigations, defense and securities enforcement matters. He represents a significant number of companies, individual executives and board members in the midst of government and internal investigations. Prior to joining the firm, he worked at the U.S. Department of Justice and Securities and Exchange Commission.
Frances Floriano Goins,
Partner
Ulmer & Berne, Cleveland, Ohio
She defends public companies in derivative and class action shareholder suits, and has managed corporate control contests involving public and private companies. She is skilled in resolving complex business disputes in areas including securities, governance and shareholder rights, commercial banking, and trustee and fiduciary liability. She is Chair of the firm’s Financial Services Industry Group.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CLE:
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Pre-approved for self-study credit in: AK, AZ, MO, MT, TX*, VT, WA.
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(*Indicates that Strafford must report attendance.)
Online CLE Audio $149.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, HI, MO, MT, NY, TX*, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com. (*Indicates that Strafford needs to process the CLE — see below to purchase this option.)
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Available three business days after the live event
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plus $9.45 S&H
Available ten business days after the live event
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Available 24 hours after the live event
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plus $9.45 S&H
Available ten business days after the live event
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CLE Credit
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Customer Reviews
I liked the combination of the substantive material and the legal perspective.
Jane Shea
Frost Brown Todd LLC
I liked the detailed statistics and case discussions provided by the speakers.
Kathryn C. Ellsworth
Grais & Ellsworth LLP
The topic covered was very timely, the program was well structured and I appreciated that the speakers addressed very recent issues.
Benjamin Brutlag
CSM
I liked the speaker's overall information on the industry and how compelling the presentation was. The program was very thought provoking, and covered more than what we expected.
Judy Chen
Chapman and Cutler LLP
This was an excellent teleconference; one of the best I have listened to. The speakers were all very knowledgeable on the subject, but importantly, they were able to present in a very direct, easy to listen to and understand style.
Jose E Guzman, Jr.
Nossaman
Finance Law Advisory Board
Partner
Gibson Dunn & Crutcher
Partner
Nixon Peabody
Partner
Alston & Bird
Counsel
Mayer Brown
Partner
O’Melveny & Myers
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