Judge Kaplan

Subscribe to Judge Kaplan via RSS

The Bank of New York Friday moved to dismiss a shareholder class action arising from the bank’s alleged practice of charging the worst (or near worst) prices of the day to customers who gave the bank a “standing instruction” to convert currency to or from U.S. dollars for purposes of their foreign securities transactions. The practice allegedly allowed the bank to capture the maximum profits from intraday trading spreads, to the detriment of its customers.  The suit follows on the heels of suits filed by the Justice Department and New York Attorney General.
Continue Reading Bank of New York Moves to Dismiss Shareholder Class Action Regarding Foreign Exchange Practices

In an order dated Thursday, Judge Kaplan required, as a condition of approving a $90 million settlement covered entirely by D&O insurance, that five former Lehman officers (including former CEO Richard Fuld) disclose in camera certain financial information about their net worth.  The information had already been compiled and disclosed to former Southern District Judge John Martin, who assisted with the settlement. Judge Kaplan began his order by quoting Kenny Rogers:
Continue Reading Judge Kaplan Requires Former Lehman Officers to Disclose Net Worth Information Before Approving Settlement