Palmer, Lombardi & Donohue Obtains an $800,000 FINRA Arbitration Award for UBS Financial Services
Partner Devin A. Donohue of Palmer, Lombardi & Donohue LLP represented UBS Financial Services Inc. (UBS) against a former UBS broker who failed to repay approximately $800,000 he owed to UBS after leaving the firm. UBS filed suit against the broker in FINRA arbitration, and the broker, through his counsel asserted various employment counterclaims seeking more than $3 million in damages from UBS. Mr. Donohue secured from the panel a full principal arbitration award plus interest and a dismissal of the broker’s seven figure counterclaims in their entirety. The broker subsequently paid UBS in full for all principal and interest owed on the award.
Palmer, Lombardi & Donohue LLP Obtains Court of Appeals Decision Affirming Arbitration Award for J.P. Morgan Securities, LLC
Palmer, Lombardi & Donohue LLP represented J.P. Morgan Securities, LLC (JPMS), in an appeal that challenged a Financial Industry Regulatory Authority (FINRA) arbitration award. The appellant Vivine Wang, appealed the District Court’s interpretation of the JPMS Customer Agreement as to the recovery by JPMS of a $3 million dollar debit balance and its reasonable legal costs and expenses. On October 31, 2011 the Ninth Circuit Court of Appeals ruled that the arbitration “was proper under the terms of the Customer Agreement,” and affirmed the FINRA arbitration award in JPMS’ favor.
Partner Brett D. Watson Authors Article Published by ABA Banking Journal Discussing Employee Embezzlement Claims Against Charge Card Issuers
Partner Brett D. Watson authored an article featured in the ABA Banking Journal
, titled “Defending card issuers against employee embezzlement claims.” The article examines the rise in lawsuits brought against charge card issuers by employers seeking reimbursement for losses due to employee embezzlement. He writes that many such claims against card issuers “are meritless and costly.” Mr. Watson then provides a framework for successfully defending card issuers, comprised of, inter alia, demonstrating an employer’s “failure to properly supervise their employees, review their monthly account statements, and timely report any suspected unauthorized transactions.”
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Partners Scott Palmer and Tom Lombardi Selected For Inclusion in 2012 Super Lawyers
Partners Scott Palmer and Thomas Lombardi have been named to the 2012 list of Southern California Super Lawyers.
Super Lawyers is an annual ranking of outstanding lawyers from more than 60 practice areas who have achieved a high degree of peer recognition and professional achievement. Only five percent of the total lawyers in the state are selected for inclusion in Super Lawyers.
Attorney Mary Manesis Discusses Securities Class Action Lawsuit Against MannKind Corporation
Palmer, Lombardi & Donohue LLP attorney Mary Manesis was quoted in the Los Angeles Business Journal article, “Insulin Inhaler Too Puffed Up?” discussing a lawsuit filed against the pharmaceutical company MannKind Corporation for allegedly misleading investors about the prospects of an insulin inhaler, Afrezza, which the FDA concluded required further clinical testing. Ms. Manesis, who has defended pharmaceutical companies in several securities class actions, said that an important part of the case will be exactly what MannKind knew prior to the FDA’s decision. She commented, “What would be key in any trial is to really understand the nature of the dealings and communications between the company and the FDA.” According to Ms. Manesis, the case is particularly complex given the drug development and approval process and could prove lengthy, with plaintiffs’ attorneys deposing the company’s research personnel and demanding all documents related to Afrezza’s development.
John C. Steele and Jeffrey N. Goldberg Promoted to Partner
Palmer, Lombardi & Donohue, LLP has announced the election of two new partners, John C. Steele and Jeffrey N. Goldberg.
Mr. Steele is a trial attorney with extensive experience in securities, banking, healthcare, employment, intellectual property, and real property disputes. He represents a variety of clients, including Fortune 500 companies, brokerage firms, healthcare providers, as well as corporate officers and directors. Mr. Steele obtained his J.D. cum laude and his B.A. magna cum laude from Brigham Young University.
Mr. Goldberg is a trial attorney who has handled various litigation matters in state and federal courts, including appeals in both the California Courts of Appeal and the United States Courts of Appeals. Mr. Goldberg also has extensive experience in arbitration proceedings in various forums (including FINRA, AAA, JAMS, and NAF) and related court proceedings. While Mr. Goldberg has a broad range of experience in civil litigation matters, Mr. Goldberg concentrates his practice on securities litigation. Mr. Goldberg earned his J.D. from UCLA School of Law and received his B.A. from Emory University.
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Palmer, Lombardi & Donohue LLP Joins The Euro-American Lawyers Group
Palmer, Lombardi & Donohue LLP, a Los Angeles-based law firm, has joined the Euro-American Lawyers Group (EALG), an association of law firms whose members best serve their clients’ interests overseas by co-operating with likeminded firms who have local knowledge of, and immediate access to the legal system operating in their own jurisdictions.
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Palmer, Lombardi & Donohue Obtains Court of Appeal Affirmance of Dismissal of Malicious Prosecution Case in Favor of Multinational Financial Services Firm
Palmer, Lombardi & Donohue LLP represented American Express Bank, FSB, in a multi-million dollar malicious prosecution case filed against Amex in connection with a police report filed by Amex regarding possible cardmember credit card fraud. Amex obtained a dismissal following a ruling on an anti-SLAPP motion, and Plaintiff appealed. The Court of Appeal affirmed the trial court’s ruling
, holding that the filing of a police report is protected speech, and that Plaintiff had failed to meet his burden to overcome the anti-SLAPP challenge.
Partner Roland Reynolds Discusses Implications of Pay-Option Adjustable Rate Mortgages Cases
Palmer, Lombardi & Donohue partner Roland Reynolds was quoted in the article, “POA Cases Could Affect How Docs are Drafted,” published by Origination News magazine. The article discusses how plaintiffs’ lawyers are trying to hold mortgage loan investors, as wells as originators liable for the information disclosed within loan documents if the disclosure is allegedly faulty or misleading. “I think [the litigation] will absolutely affect how loan documents are drafted,” Mr. Reynolds states. Plaintiffs are attempting to extend liability to investors under an aiding and abetting theory. “It extends liability in a way that liability hasn’t been extended before,” Mr. Reynolds says.
Devin Donohue Discusses Securities Fraud Scheme with the Los Angeles Business Journal
Partner Devin Donohue with Palmer, Lombardi & Donohue was quoted in the Los Angeles Business Journal article, “Coffee Maker Buzz Leaves Bad Taste,” discussing an SEC investigation of a coffee company, Jammin Java Corp., for purportedly engaging in fraudulent promotion of the company’s stock, also known as a “pump and dump” scheme. Mr. Donohue regularly handles securities regulatory and litigation matters and explained that it is possible for third parties to engage in these types of schemes without the company’s knowledge. He stated, “If the company can prove that they were not at all connected with the promoters, they’ll likely escape any liability in the case.” Mr. Donohue also commented that the SEC will likely review the emails of Jammin Java’s officers to determine whether there was any corporate connection to the scheme.