Jpmorgan Chase Settles In Suit Over Credit Card Crypto Purchases

Representing the underwriters of GreenSky, Inc.’s May 2018 $1bn initial public offering in putative class actions in New York Supreme Court and the Southern District of New York. Representing the underwriters of Uber’s 2019 initial public offering in class actions in the Northern District of California and California Superior Court.

The firm’s deep bank relationships see it act mainly for financial institutions, and its practice includes former traders and research analysts who have first-hand experience in the industry. Herbert Washerleads the practice which, though smaller than some of its New York rivals, is strongly focused on securities litigation as a core part of its litigation capability. Up-and-coming partners Jason Halland Sheila Rameshare recommended, as is David Januszewski, who is ‘an extremely good lawyer, much more visible than some others in the market’. Representing Loma Negra Companía Industrial Argentina S.A., an Argentine cement manufacturer, in parallel securities class actions filed in the Supreme Court of the State of New York and the Southern District of New York alleging material misstatements in the prospectus for its $1bn IPO. The commercial litigation practice atWhite & Case LLPhas securities litigators and regulatory practitioners in Los Angeles, New York, Chicago, Silicon Valley, Miami, Boston and Washington DC. They act as a single integrated team of civil litigators and white-collar lawyers who frequently act for both US and non-US companies in US securities litigation and enforcement actions. A key strength of the firm is its ability to draw on its network of international offices to represent overseas companies facing litigation in the US. Glenn Kurtzin New York leads the practice and has more than 30 years’ experience as a trial lawyer.

> Securities Litigation: Defense

Paul Hastings LLPhas a strong securities litigation offering on both the West and East Coasts, as well as having experienced practitioners in key cities such as Washington DC, Chicago and Houston. From these key centres, the firm handles the full range of securities litigation for financial institutions, investors and corporate clients. Its recent work includes traditional 10b5 securities class actions and Section 11 IPO-related cases.

• Played a key role in the defense of the group of defendant banks, one of two firms leading the defense group, and was able to secure the dismissal of every defendant from the case — a total victory – in disputes involving allegations of alleged interest rate manipulation.
• She combines M&A and securities litigation in her new role, acting for a blue-chip client roster of corporate clients and financial institutions.
• Achieved a significant victory for Assertio Therapeutics when Judge Jon S. Tigar of the US District Court for the Northern District of California granted our motion to dismiss all claims in a shareholder class action alleging violations of Sections 10 and 20 of the Securities Exchange Act of 1934.
• If a collection agency buys a debt and they are based in another country, not only do they own the debt, but they can now collect the debt in accord with the rules and laws of that country.
• The firm also acts for large corporates in other industry sectors, as well as for their boards of directors and special board committees.
• Representing Sequoia Capital in connection with the defense of a series of putative class actions filed in California state and federal court alleging securities violations against DropBox, Inc., Sequoia Capital, and certain of Dropbox’s officers, directors, and underwriters, alleging securities violations arising out of Dropbox’s initial public offering conducted on March 23, 2018.

You can write to the court to ask them to review the County Court Judgment – this is called a ‘redetermination’. The judgment will stay on your credit file for 6 years and might make it harder for you to get credit. It’s important to keep to your new payment plan, otherwise your creditor can take further legal action against you. It’s important to let your creditor know if you change address so you don’t miss letters from your creditor. If this is the first document you’ve got about the debt, you might be able to apply to cancel it – this is called ‘setting aside’ the judgment. Your creditor will have sent you a ‘letter of claim’ because they want to start legal action. The default notice includes details of what payments you missed and how long you have to pay.

Head of securities enforcement James Benjamin Jrand key partner Michael Asaroin New York are the key contacts for regulatory actions. Quinn Emanuel Urquhart & Sullivan, LLPis a litigation powerhouse that handles an immensely broad array of work, including securities litigation and regulatory enforcement matters. The firm has a proven record of success in defending actions brought under the federal securities laws and state blue sky laws, including shareholder class and derivative actions, and investigations and enforcement actions by the DOJ, SEC, FINRA and other regulators, as well as internal investigations. Highly active on the plaintiff side, it also handles a significant amount of defense work for large corporates and their directors and officers.Harry Olivarand Richard Schirtzerin Los Angeles, along with New York partners Peter Calamari, Andrew Rossmanand Jonathan Pickhardt, lead the securities litigation group. It also acts for broker-dealer firms, mutual funds and investment advisors accused of trading and regulatory improprieties in civil actions and in SEC, CFTC and FINRA proceedings. The firm frequently handles matters involving parallel civil class actions and criminal, SEC or other regulatory proceedings.Gary Naftalisis the head of the practice, Barry Berke having taken a leave of absence to serve as a consultant to the Judiciary Committee of the US House of Representatives. John Coffey, formerly a partner at a leading plaintiff firm, and Michael Dellare recommended.

Law And Courts

Represented a large investment bank in connection with a criminal investigation by the DOJ into certain high-speed commodity trading practices. Won the dismissal of a securities fraud action against American Express Company and its CEO and CFO in the US District Court for the Southern District of New York, in which the plaintiff, sought to bring claims on behalf of a class of shareholders based on the non-renewal of American Express’s co-brand agreement with Costco in the United States. Serving as lead counsel for BNY Mellon and an affiliated entity, which are the former trustees of an oil and gas royalty trust and an affiliated company, in a case alleging that BNY Mellon entities breached duties owed to the trust and its shareholders and conspired with other defendants in the lawsuit to improperly divert distributions to which the shareholders were entitled. Represented Scopia Capital in a securities lawsuits brought by shareholders of Spirit AeroSystems, Inc. in the Southern District of New York, in which plaintiffs alleged that Scopia Capital engaged in short-swing trading in Spirit AeroSystems securities.

Secured the dismissal of a securities class action against Tenet Healthcare Corporation following the company entering into a non-prosecution agreement, and is now defending the dismissal of a shareholder derivative lawsuit in Texas state court. Orrick, Herrington & Sutcliffe LLP’has some of the top attorneys in this field in many locations’, remarks a client who notes that the firm is ‘particularly formidable on the West Coast’. The firm has a nationwide practice that counts Apple, Johnson & Johnson and PayPal among its clients. Whether acting for Fortune 500 or smaller companies, the firm features strongly in both regulatory enforcement actions and investigations, and securities litigation.Robert Sternin Washington DC and Walter Brownin San Francisco lead the practice. In San Francisco, experienced partner James Kramer, along with younger partners Alex Talaridesand Amy Scottwho are making a big impression in the practice, are recommended.

A class-action suit aimed at daily fantasy operators DraftKings and FanDuel, as well as major credit card companies, banks and payment processors, has been filed in the Southern District of New York. Secured the dismissal with prejudice on behalf of Endologix of a securities litigation matter arising out of FDA approval for the company’s Nellix device. Representing the New York Branch of a German multinational investment bank and financial services company in a non-party deposition in civil lawsuit brought by US Attorney for the Eastern District of New York involving residential mortgage-backed securities. Represented two senior officers of Tandy Brands Accessories Inc. in a lawsuit brought by the company’s bankruptcy trustee, which asserted numerous fraud, fiduciary duty, and other corporate governance claims under Delaware law against the company’s former officers and directors. Won a motion to dismiss a defamation lawsuit that was filed in New York State court by a public company against hedge fund clients, Mangrove Partners, in which the plaintiff, Eros International, alleged that Mangrove published a series of false and defamatory research reports regarding Eros as part of a purported “short and distort” market manipulation scheme. Representation of the Founder and Chief Executive Officer of a public company in approximately 20 class action and derivative suits relating to allegations of stock manipulation.

Representing Barrick Gold Corporation and several of its current and former officers in a purported federal securities class action alleging that defendants made false and misleading statements concerning production estimates and environmental risks related to cyanide incidents at Barrick’s Veladero mine. Represented Foot Locker, Inc. in securing the dismissal of a federal securities class action lawsuit, in which plaintiffs alleged that Foot Locker and certain of its officers had made false and misleading statements regarding supposed adverse changes in its vendor relationships, particularly in light of alleged increased competition from the vendors through direct-to-consumer initiatives. Representing pharmaceutical giant Valeant Pharmaceuticals (n/k/a Bausch Health Companies) and certain current and former directors and officers in a massive, multibillion-dollar securities class action, related securities actions and a related RICO class action. Defending Swedish multinational telecommunications and networking company Ericsson and certain current and former senior executives in a putative securities class action filed in April 2018 by investors who bought certain Ericsson securities over a four-year period, following a stock price decline after Ericsson disclosed a series of disappointing financial results.

Debt And Money

The practice led by Timothy Burke, who works from both Boston and New York, Susan Resleyin San Francisco and Jordan Hershmanin Boston defends a broad array of public and private companies, financial institutions, underwriters, and officers and directors in US federal and state courts. Younger partner Laura Hughes McNallyin Philadelphia and Charlene Shimadain San Francisco, who has more than 30 years’ experience, among the firm’s highly skilled practitioners. The New York office ofMilbankhas a deep bench of lawyers who handle complex disputes for underwriters, issuers, banks, broker-dealers, investment advisers, accounting firms and individuals. Frequently retained in high-stakes multi-jurisdictional litigation, it has led the defense in some of the largest securities class actions in the US.

Its ability to combine knowledge of securities laws in multiple jurisdictions is one of the firm’s main strengths.Jacob Pultmanleads the nine-partner practice, in which David Esseksand up-and-coming partner Andrew Rhys Daviesstand out for cross-border securities and financial services disputes. Senior associate Bradley Pensylis recommended for commercial and private equity litigation and shareholder disputes, as well as regulatory enforcement matters. Representing Oracle and certain of its current and former directors and officers in defense of a securities class action and derivative action in which plaintiffs allege that Oracle hyped the growth of its Cloud business without disclosing that its growth rates were allegedly unsustainable.

Secured a resounding victory for Plains All American Pipeline, when the Fifth Circuit Court of Appeals affirmed the dismissal of putative class action securities litigation brought by Plains investors who sought nearly $1.5bn in damages for stock losses allegedly incurred in the aftermath of a highly publicized pipeline leak in California. Secured a landmark decision dismissing a Section 11 securities class action alleging that XBiotech made misrepresentations during its initial public offering regarding the clinical trial timeline for a cancer treatment under consideration by the European Medicines Agency. Successfully defended a Rule 10b5 securities class action filed against Rackspace and its former CEO and CFO in the US District Court for the Southern District of New York.

Your Rights: Being Chased For Debt Or Money You Dont Owe

Representing Credit Suisse Securities U.S.A. in connection with numerous lawsuits, representing billions of dollars of alleged liability, brought by monoline insurers and trustees of several residential mortgage-backed securities trusts. Represented Apollo Global Management and various affiliates and employees in connection with two litigation matters concerning Apollo’s ownership of CORE Entertainment, Inc., the entertainment-content company behind popular TV series, such as American Idol and So You Think You Can Dance, after CORE borrowed $360m million in 2011 but defaulted on its loan. Representing Citigroup, Inc., Citibank, N.A., and Citigroup Global Capital Markets Inc. in a class action in which plaintiffs, holders and beneficial owners of American Depositary Receipts for which Citibank, N.A. served as the depositary bank, allege that Citibank charged impermissible fees when converting dividends and other payments associated with the ADRs from foreign currencies into US Dollars.

Representing Nomura Securities International, Inc. and certain affiliates in a securities action in Massachusetts state court brought by the Federal Home Loan Bank of Boston, in which the plaintiff sued more than 70 defendants in connection with more than 100 offerings of mortgage-backed securities. Representing Canadian Imperial Bank of Commerce in breach of contract litigation alleging hundreds of millions of dollars in damages brought by an affiliate fund of Cerberus Capital Management claiming CIBC failed to make required payments under two separate agreements that reference a portfolio of CIBC’s structured assets, including certain synthetic assets. Representing the board of a Fortune 50 company in response to shareholder demand letters alleging that the company’s disclosures failed to accurately account for the effects of certain risks to its business associated with climate change. Defending ADT, Inc., the country’s largest provider of monitored home security services, in parallel state and federal Section 11 cases in Florida, in which the plaintiffs allege that ADT omitted information from the registration statement it filed in connection with its IPO. Defending General Electric Co. and certain of its officers and directors in multiple cases related to GE’s stock drop of approximately $150bn, which is among the largest in US history. Secured the dismissal of a $3.7bn RMBS suit for Morgan Stanley, in which Royal Park Investments had alleged fraud and negligent misrepresentation claims against major banks in connection with the purchase of RMBS that were offered or sold by defendants. Lawyers representing the credit card companies said Friday’s settlement was in the best interests of all involved.

Check Your Creditor Has Sent You The Right Documents

The firm also has substantial experience in representing Special Litigation Committees and Audit Committees and in handling internal investigations, as well as regulatory enforcement actions. Practice headKoji Fukumurain San Diego is ‘very engaging, hardworking, detail-oriented and very smart’.Patrick Gibbsis an experienced trial lawyer in Palo Alto who is ‘passionate about people, clients and cases’.

Advising The Royal Bank of Scotland in numerous class actions and regulatory investigations alleging manipulation of LIBOR and other benchmarks, and in subsequent implementation of settlement undertakings and compliance audits. Defending ICBC Standard Bank plc, a large financial institution, in US class action litigation concerning alleged manipulation of platinum and palladium benchmarks in London. Representing named defendant Edward Hoganson, chief financial officer of the REIT, Hospitality Investors Trust (“HIT”), in the derivative litigation Milliken v. American Realty Capital Hospitality Advisors, LLC, in which defendants are alleged to have breached their fiduciary duties as a result of their dual roles as employees of the Advisor to the REIT and officers of the REIT. , the world’s largest producer of specialty fertilizers and iodine, in a consolidated securities class action pending in the US District Court for the Southern District of New York, in which plaintiffs allege that SQM’s former CEO made illicit payments to Chilean political figures over a six-year time period. Representing VEREIT in ongoing investigations by the US Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission, and in a consolidated class action alleging misstatements contained in prior financial statements by the company. Achieved a decisive victory in connection with a series of shareholder derivative lawsuits filed against the directors and officers of longstanding client Bristol-Myers Squibb , arising from a settlement with the SEC relating to alleged Foreign Corrupt Practices Act violations. Defending a class action and a derivative lawsuit, in which plaintiffs alleged the directors of Erie Indemnity Co breached fiduciary duties by causing Indemnity to collect excessive fees for managing the Erie Insurance Exchange, a reciprocal insurance exchange controlled by Indemnity.

Norton Rose Fulbright US LLPclimbs the ranking this year due to its powerful combination of regulatory enforcement and securities litigation capability, which it delivers through a network of offices across the US and internationally. With securities litigation skills in Houston, Austin, Dallas, San Antonio, New York, Washington DC and many other jurisdictions, the firm is well-placed to handle matters relating to industry hotspots, such as the emerging technology sector in Austin. The firm is also a key player in litigation involving theenergy sector, and it has a growing presence in cases arising from the life sciences, biotechnology and financial services industries. Kevin Harnischin DC leads the practice, in which Houston-based global head of disputes Gerard Pechthandles big-ticket securities litigation and SEC enforcement matters. Obtained a victory for Dynavax and three of its officers in a securities class action filed in the Northern District of California alleging false and materially misleading statements and/or omissions regarding the Company’s hepatitis B vaccine, HEPLISAV-B. Obtained a victory for Qualcomm and the individual defendants in a securities class action filed in the Southern District of California alleging the company failed to disclose technical problems with a high-end chipset; the ruling was affirmed in 2019.

However, that settlement left in place credit card company rules that stop stores from charging customers more when they use certain payment cards. If the FOS rules in your favour, it can force your would-be creditor to compensate you for any stress you have endured, or expenses you have incurred while disputing the debt. The FOS will ask the company to provide credible evidence that you are the person who incurred the debt. If the company fails to do so within 12 working days, it cannot legally pursue you for the debt until it provides you with this information. Chase contended that cryptocurrency purchases fall under the header of “cash-like transactions” that credit agreements would count as cash advances. JPMorgan Chase was one of several banks to announce in February 2018 that they would no longer allow their credit cards to be used to purchase cryptocurrency following a sharp plunge in the price of several leading cryptocurrencies and concerns over fraud. For example, they might ask the court to send bailiffs to your home or take money from your wages.

Achieved a significant victory before the United States Court of Appeals for the Ninth Circuit on behalf of Primero Mining Corp. in a putative securities class action brought by investors related to the Canadian company’s disclosures regarding its Mexican subsidiary Primero Empresa Minera. The Connecticut Superior Court granted in full Pitney Bowes and its directors’ motion to dismiss a federal securities case brought in that state court in August 2018 against Pitney Bowes, noting that the defendants had no duty to disclose supposed challenges facing the company when it issued $700m in debt in 2017. Representing Perrigo Company plc in a securities class action litigation in the United States District Court for the Southern District of New York in connection with Irish tax officials’ audit of a 2013 intellectual property sale. Representing the former CFO of Perrigo Company plc, a leading over-the-counter pharmaceutical manufacturer, in a securities class action alleging that that defendants disclosed information about an audit conducted by the Irish tax authorities and a preliminary audit finding letter received from Irish tax authorities, but failed to disclose enough material information about its tax liability exposure. Represented LSB Industries, Inc. and current and former officers in consolidated securities class action asserting that defendants made material misstatements and omissions about delays and cost overruns at the Company’s El Dorado manufacturing facility. Representing Shari Redstone and two other National Amusements-affiliated CBS Directors, David Andelman and Robert Klieger, in a putative securities class action that alleges that the defendants knew or should have known about alleged sexual misconduct by former CEO Leslie Moonves. Represents Pilgrim’s Pride, the second-largest poultry producer in the U.S., and its current and former CEO and CFO, in a securities class action related to an alleged industry-wide antitrust conspiracy to fix poultry prices.

Defending AngloGold Ashanti in a securities suit related to sale of a gold mine to Newmont Mining, alleging that the company failed to disclose certain material information in connection with the $820m sale. Represented Credit Suisse in connection with all US litigation relating to the multitrillion-dollar market for US dollar-denominated supranational, sovereign, and agency bonds, in which plaintiffs alleged that defendants, including Credit Suisse and other major investment banks, conspired to fix the prices of SSA bonds sold to and purchased from investors in the secondary market. Represented Credit Suisse and its subsidiaries in all U.S. litigation relating to alleged manipulation of the global foreign exchange markets, which included a significant victory in defeating class plaintiffs’ motion to certify two Rule 23 classes. The case, which has been going on for seven years, is over firms colluding to fix the fees that stores pay to process credit and debt card payments.

Representing New York Stock Exchange LLC, NYSE Arca, Inc., and CHX in a Section 10 case against all major US equities exchanges alleging that exchanges’ provision of proprietary data feeds, colocation services, and complex order types allowed high frequency trading firms to manipulate every equities trade in those US markets. Defending Mike Lynch, founder of Autonomy, in this high-profile, high-value and complex cross-border dispute involves litigation of civil and criminal claims on both sides of the Atlantic, which includes allegations of financial impropriety and misrepresentation made by Hewlett Packard , which acquired Autonomy in 2011 for $11bn. Defended Johnson & Johnson in a suit filed by a shareholder alleging that, between 2013 and 2017, J&J issued numerous public statements that were materially false or misleading because they failed to disclose that J&J had “known for decades” that its talc products included asbestos fibers and could potentially cause cancer.

Successfully represented Corrib Capital Management LP, Corrib Asset Management, LLC, Corrib Master Fund, Ltd., Kevin Cavanaugh, and Kurt Peterson in a litigation in the Southern District of New York alleging short-swing profits under Section 16 of the Securities Exchange Act of 1934. Representing Ratan Capital Fund, LP and its affiliates and principal, in a litigation brought in California state court by a former investor for violations of California state law, breach of fiduciary duty, fraudulent inducement and negligent misrepresentation.

Represented The Carlyle Group in ongoing multi-jurisdictional litigation arising out of the 2008 financial crisis and prevailed in every action filed across multiple continents over the course of the last decade. Serving as national counsel in mortgage and RMBS matters to Bank of America, spearheading the bank’s global strategy across its legacy mortgage portfolio, including litigation and negotiations with RMBS trustees and certificate holders.