The Intersection Among Torts, Science, Corporate Law, Insurance & Bankruptcy

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Fraudulent Conveyance Claims Arising from Shut Down of Company, With Its Lawyers Involved as Investors in Transaction Shutting Down Former Maker of Products Containing Asbestos

Posted in Asbestos, Fraud, Fraudulent Conveyance, Litigation Industry

Another part of the complexity of asbestos litigation lies in the efforts of some to shut down former makers of asbestos containing products, and the work of lawyers and other professionals in those efforts.  A current example arises from a case now on appeal to the Wisconsin Supreme Court. The intermediate appellate opinion in the… Continue Reading

Legacy Liability and “Skeletons in the Closet” – the Uber Bank Version

Posted in Fraud, Litigation Industry

Uber banks in Europe (e.g. HSBC) are under increasing scrutiny for creating or aiding and abetting various forms of tax fraud and other financial frauds.  As one result, the litigation industry will continue to grow and thrive.  Another result is increasing use of the term “legacy liability” with respect to financial houses. For example, consider… Continue Reading

More Insurer Fraud Identified in Super Storm Sandy Litigation – Major Hearing Ahead

Posted in Fraud, Insurance, Litigation Industry, Mass Tort Issues

An update on the apparent wave of fraud in Super Storm Sandy litigation by property insurers and their experts and lawyers. In short, the situation is growing worse for insurers and their agents. In a new ruling, a panel of three Magistrate Judges wrote that it appears that at least 4 more examples of gross… Continue Reading

Some Snowballs Grow: More on Sandy-Related Fraud by Insurance Defense Lawyers and Their Engineers

Posted in Fraud, Insurance, Litigation Industry, Mass Tort Issues

Too often in litigation, unfair things are happening, but it’s difficult to get one judge in one case to pay serious attention because the judge can not and does not see the big picture from one particular case. MDLs and consolidations can help/force one judge to see the big picture. For example, last week, I… Continue Reading

Magistrate Judge Uncovers Tort System Fraud – by Insurance Company Lawyers and Professional Engineers Defending Superstorm Sandy Cases

Posted in Conflicts of Interest in Mass Torts, Fraud, Insurance, Insurance Coverage for Tort Claims, Litigation Industry, Mass Tort Issues

Fraud, fraud, fraud. Some days one would think the “f” word is the only word known to some in the insurance industry, and some of their friends. Certainly they’ve used the word a lot in demanding transparency in asbestos trust claiming related to torts. As to transparency in asbestos trust claiming, I whole heartedly agree… Continue Reading

How Common or Rare is Corporate Fraud ?

Posted in Fraud

Facts are useful when debating the extent of fraud. Within the world of corporate fraud, a useful source for some facts is KPMG’s 2013 summary report on corporate fraud. According to the web page for the study: “Global profiles of the fraudster contains KPMG International’s analysis of 596 fraudsters member firms investigated between 2011 and… Continue Reading

UK Trial Judge Sets LIBOR Case for Trial in Fall 2013

Posted in Fraud

In the United States, LIBOR cases are going through endless "Twiqbal" motions. In the UK, on the other hand, LIBOR cases are being set for trial. And, over there, some are attacking the defenses of the banks (e.g. everybody knew LIBOR was rigged) by pointing to bank CEO’s denying knowledge of the rigging. That point-counterpoint highlights… Continue Reading

Capital One Accepts Fine for Fraudulent Sales Practices

Posted in Fraud

The litigation industry’s newest player is now  in the game. Capital One has just accepted an order from the The Consumer Financial Protection Bureau to pay $ 210 million in fines and refunds for fraudulent practices in connection with its credit card business. The violations center around fraudulent practices in connection with sales of useless "insurance" for… Continue Reading

AIG Back in the News – Will Frauds Be Fully Aired ?

Posted in Fraud

The wheels continue to grind on whether AIG’s alleged frauds will be fully aired.  One new development is that a New York appellate court approved a trial for Hank Greenberg on some of the various fraud claims. Second, Judge Kessler has stayed her ruling granting access to reports of the corporate monitor for AIG –… Continue Reading

More Allegations of LIBOR Fraud by Uber Banks – But Some Bank is Said to Be Talking to Obtain Immunity

Posted in Fraud

Remember when a tobacco company (Liggett) sought to avoid prosecution by turning over its knowledge of wrongful acts by big tobacco?  Last year, Schwab sued 11 major banks claiming LIBORrates were fraudulently manipulated fraud.  Now, Bloomberg has run  a February 15 story regarding Canadian officials looking at LIBOR fraud charges against uber banks, aided apparently by a bank… Continue Reading

Major Bankers and Financiers, Litigation and “Litigation Reform”

Posted in 2008-09 Financial Fiascos, Fraud, Litigation "Reform", Litigation Funding. Litigation Industry, Undisclosed Financial Relationships

 With today being a holiday in the US for Dr. King’s birthday, I decided to take a holiday on the usual torts in favor of a little excursis on bankers, litigation and “litigation reform.” The main point? Recent events exemplify why some but not all of the “litigation crises” in the financial sector may be… Continue Reading

Illegality and In Pari Delicto Defense to Fraud Claims

Posted in Fraud

Barlow Lyde & Gilbert issued this October 7 paper on the “illegality” and “in pari delicto” defenses that auditors and bankers are using to defend themselves against suits by corporate entities that lost monies because of frauds that included the involvement of some personnel of the corporate entities. The paper briefly covers the recent opinion… Continue Reading

The Value of E-discovery and Tort Law – Trial Judge Says Internal Emails Probably Hang UBS on Claims of Fraud in Connection with Sale of CDOs

Posted in Fraud, Securities

The WSJ Law blog includes this post yesterday that illustrates the virtues of e-discovery and the ever-expanding use of tort law in claims between businesses. The post, by Ashby Jones, reports on and includes a link to a Connecticut opinon in which the buyer of cdos sued the seller (UBS) for fradulent concealment of material… Continue Reading