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Major Banks Obtain Dismissal of Multiple Counts in Libor Case

On March 29, sixteen national financial institutions scored a major victory in federal court when U.S. District Court Judge Naomi Rice Buchwald dismissed several claims in private lawsuits alleging antitrust violations that resulted in injured investment returns for a number of plaintiffs. In 2011, the City of Baltimore and the New Britain Firefighters’ Benefit Fun filed a complaint against a dozen major U.S. banks, including Bank of America, Citigroup, Credit Suisse, Deutsche Bank, HSBC and JPMorgan Chase. Specifically, the plaintiffs alleged that the banks manipulated the Libor, a key metric that sets interest rates using data computed daily from domestic and international banks. The plaintiffs claimed that by "suppressing" the Libor, the banks concealed their level of risk during the financial crisis. In 2012, the banks filed a Motion to Dismiss, arguing that the evidence does not support the existence of a conspiracy to manipulate rates. In addition to the dismissal of the antitrust claims, Judge Buchwald also partly dismissed the plaintiffs’ claims of commodities manipulation, a claim of racketeering, and state-law claims. Although the plaintiffs’ claim that the banks’ suppression of the Libor resulted in harm to traders who bet on interest rates was not dismissed, Judge Buchwald’s decision may give the banks’ leverage in future settlement talks.

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Categories: LitigationLocal GovernmentFederal LawFederal CourtsClass Actions
Tags: Governmental LitigationMitchell A. BiermanJamie A. ColeChad S. FriedmanEdward G. GuedesMichael S. PopokJoseph H. SerotaRichard Jay WeissDavid M. WolpinFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersMatthew H. MandelFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation Attorney
Author(s): Brooke P. Dolara

Supreme Court Rejects Class Certification In Comcast Lawsuit

On March 27, the Supreme Court ruled in favor of Comcast Corporation (“Comcast”) in an antitrust case brought by a group of its subscribers in the Philadelphia area on the basis of the group’s improper class certification. In Comcast Corporation v. Behrend, --- S. Ct. ----, 2013 WL 1222646 (U.S. Mar. 27, 2013). the Court held that issues of damages can preclude class certification, and that district courts must conduct a “rigorous analysis” of whether a group of plaintiffs satisfies the certification criteria under the Federal Rules of Civil Procedure, even if certain issues in the analysis are also addressed in the merits of the case. The decision provides companies with a substantial defense to class certification in antitrust cases.

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Categories: LitigationFederal LawFederal CourtsClass ActionsCivil ProcedureTortsAdministrative Law
Tags: Fort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation Attorney
Author(s): Brooke P. Dolara

Tiara Condominium: The Final Chapter in the Economic Loss Rule in Florida?

In 1987, the Florida Supreme Court decided the seminal case of Florida Power & Light Co. v. Westinghouse Elec. Corp., 510 So. 2d 899 (Fla. 1987), which marked the beginning of what would become nearly three decades of the application of the "Economic Loss Rule" (or Economic Loss Doctrine)("ELR") in Florida to bar tort claims for "purely economic losses" that were not accompanied by personal injury or damage to other property. As the Court would later explain in Casa Clara Condominium Ass'n, Inc. v. Charley Toppino And Sons, Inc., 620 So. 2d 1244, 1246 (Fla. 1993), purely economic losses are "damages for inadequate value, costs of repair and replacement of the defective product, or consequent loss of profits -- without any claim of personal injury or damage to other property." While application of the rule in Westinghouse began in the context of products liability--to bar FPL's claims in negligence for defective steam generators designed, manufactured and furnished by Westinghouse--the Court quickly expanded its use to services in the case of AFM Corp. v. Southern Bell Telephone & Telegraph Co., 515 So. 2d 180 (Fla. 1987)--to deny recovery in negligence for what amounted to a breach of contact by Southern Bell which used an incorrect phone number in an advertisement for AFM causing only economic damages.

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Categories: LitigationCondominium AssociationsHomeowners' AssociationsConstruction Law
Tags: Condos and HOAsFlorida Supreme CourtGary L. BrownJamie A. ColeEdward G. GuedesJoshua D. KrutMichael S. PopokJoseph H. SerotaDamagesFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerFort Lauderdale Condominium Association AttorneysMiami Condominium Association AttorneysSouth Florida Condominium Association AttorneysSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersMatthew H. MandelFort Lauderdale Homeowners' Association AttorneysMiami Homeowners' Association AttorneysSouth Florida Homeowners' Association AttorneysFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsEleventh Circuit Court of AppealsFlorida Commercial Litigation LawyerFlorida Condo Association LawFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Construction LawyerMiami Construction LawyerMiami Commercial Litigation AttorneyMiami Litigation Attorney
Author(s): Gary L. Brown

Eleventh Circuit Expands FLSA Protection for Undocumented Workers

On March 6, the Eleventh Circuit Court of Appeals issued an opinion that permits undocumented workers to recover back pay from their employers for violations of the Fair Labor Standards Act (“FLSA”). In Lamonica v. Safe Hurricane Shutters, Inc., --- F. 3d ----, 2013 WL 811906 (11th Cir. Mar. 6, 2013), the Eleventh Circuit upheld a District Court decision awarding unpaid wages and liquidated damages to former employees, including one worker who was not authorized to work in the United States, who alleged that they were owed overtime wages under the FLSA. This was not a case of first impression for the Eleventh Circuit; the Court had previously held that undocumented workers could state a cause of action under the FLSA in Patel v. Quality Inn S., 846 F. 2d 700 (11th Cir. 1988). However, Hurricane Shutters, Inc. argued that Hoffman Plastic Compounds, Inc. v. NLRB, 535 U.S. 137, 122 S. Ct. 1275, 152 L. Ed. 271 (2002), a Supreme Court case which held that the National Labor Relations Board could not award back pay to undocumented workers who are terminated for union activity, effectively overruled Patel. The Eleventh Circuit disagreed, stating that the case was not controlling authority because it involved a different statute and different issues; whereas the employees in Hoffman alleged they were owed back pay for being deprived a job, the employees in Lamonica claimed they were owed back pay for work already performed.

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Categories: Labor and EmploymentLitigationFederal Law
Tags: Collective BargainingMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerMatthew H. MandelFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFort Lauderdale Employment Law AttorneysMiami Employment Law AttorneysSouth Florida Employment Law AttorneysFort Lauderdale Labor Law AttorneysMiami Labor Law AttorneysEleventh Circuit Court of AppealsFlorida Commercial Litigation LawyerFlorida Employment AttorneysFlorida Labor LawyersFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Employment LawyerFort Lauderdale Employment LawyerMiami Commercial Litigation AttorneyMiami Employment AttorneyMiami Employment AttorneyMiami Labor LawyerMiami Litigation Attorney
Author(s): Brett J. Schneider & Brooke P. Dolara

United Central Bank Borrower Declared a Fugitive

Recently, a federal judge in Chicago declared Boca Raton developer Atul Bisaria a fugitive after he failed to appear for his arraignment on numerous criminal charges. In 2012, U.S. attorneys filed an indictment against Bisaria, alleging that he secured millions of dollars from two Chicago area banks, Broadway Bank and Mutual Bank, for renovations at two hotel properties. Prosecutors allege that Bisaria would submit phony invoices for steel to be used in the renovations, but that no construction work was ever done on the properties. The indictment further alleged that Bisaria would use the proceeds of the loan for personal expenses and other business ventures.

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Categories: LitigationCriminal Law
Tags: Jamie A. ColeEric P. HockmanMichael S. PopokJoseph H. SerotaFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersMatthew H. MandelFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation AttorneyJohn J. Quick
Author(s): Brooke P. Dolara

FINRA Panel Holds Wall Street Powerhouse Can Prohibit Investors From Participating In Class Action Suits

The Financial Industry Regulatory Authority (“FINRA”), Wall Street’s self-regulatory organization, recently announced that it will appeal a ruling that allowed Charles Schwab & Co., Inc. (“Charles Schwab”) to require customers to waive their right to participate in class-action suits.

In February 2013, a FINRA hearing panel upheld Charles Schwab’s use of arbitration agreements that require customers to bring all disputes into FINA-run arbitration forums. In 2012, FINRA brought charges against the company, alleging that its arbitration agreements violated FINRA rules permitting customers to pursue class action claims in lieu of arbitration. FINRA claimed that by requiring customers to bring all disputes into arbitration forums, Charles Schwab forced customers to waive their right to participate in class-action suits. The panel held that, although Charles Schwab’s actions violated FINRA rules, the FINRA rules themselves violated the National Arbitration Act. The ruling essentially prohibits investors from pursuing class action lawsuits if they have signed arbitration agreements. FINRA has forty five days to appeal to its National Adjudicatory Council, its internal appellate board.

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Categories: LitigationAlternative Dispute Resolution
Tags: Jamie A. ColeEdward G. GuedesMichael S. PopokJoseph H. SerotaFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsAlternative Dispute ResolutionFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation AttorneySecurities and Exchange Commission
Author(s): Brooke P. Dolara

Florida Legislators Consider Changes to Existing Foreclosure Laws

For the third time since 2010, Florida lawmakers introduced a bill designed to accelerate the foreclosure process in the state. House Bill 87, otherwise known as the "Fair Foreclosure Act,” offers a number of changes to civil procedures in foreclosure cases, including limiting discovery time available to owners and requiring lenders to file the original note or certification that they have the note. The bill makes these changes retroactively, so pending cases would be affected as by the legislation. Proponents of the Fair Foreclosure Act argue that it provides community associations with leverage against banks that file foreclosure lawsuits against delinquent owners and then fail to litigate the case aggressively. By speeding up the foreclosure process, they argue, the Fair Foreclosure Act helps community associations get rid of delinquent owners who incur massive arrearages during the pendency of a long foreclosure process. Detractors counter that the bill does not incentivize the banks to prosecute a foreclosure aggressively, and that most of the changes place too great a burden on homeowners.

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Categories: LitigationCondominium AssociationsHomeowners' AssociationsCivil Procedure
Tags: CollectionsCondos and HOAsGoverning DocumentsCovenants and RestrictionsJamie A. ColeEdward G. GuedesJoshua D. KrutMichael S. PopokJoseph H. SerotaFlorida LegislatureMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerFort Lauderdale Condominium Association AttorneysMiami Condominium Association AttorneysSouth Florida Condominium Association AttorneysMatthew H. MandelFort Lauderdale Homeowners' Association AttorneysMiami Homeowners' Association AttorneysSouth Florida Homeowners' Association AttorneysFlorida Commercial Litigation LawyerFlorida Community Association LawFlorida Condo Association LawFlorida Litigation AttorneysFort Lauderdale Civil Litigation Attorneys
Author(s): Brooke P. Dolara

WSH Founding Member Joseph Serota Praises Joe's Stone Crab in DBR Article

Since its doors first opened in 1913, Joe’s Stone Crab has earned a reputation for being the ultimate power lunch destination. Regular patrons at Joe’s include high-powered attorneys, judges, lobbyists, business leaders, athletes and celebrities. WSH Founding Member Joseph H. Serota recently sat down with reporters from the Daily Business Review to explain the appeal of the esteemed eatery. Joe explained that the celebratory atmosphere and professional service make the restaurant an ideal spot for Friday lunches. “More than anything,” Joe noted, “it’s a great place to see people you know and do some reminiscing.”

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Categories: Awards & Recognitions
Tags: Awards & RecognitionsJoseph H. SerotaFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation Attorney
Author(s): Brooke P. Dolara

Florida Supreme Court Narrows Privilege Protecting Attorneys from Tort Suits for Conduct or Comments Made in Litigation or Pre-Litigation Investigations

On February 14, 2013, the Florida Supreme Court handed down its decision in Delmonico v. Traynor, which was somewhat less than a Valentine’s Day card to lawyers around the State of Florida. Historically, a lawyer engaged in litigation and pre-litigation investigation of matters has enjoyed an absolute privilege that protects him or her from being sued in tort for comments made or conduct engaged in while handling the litigation on behalf of a client. Yesterday, the Florida Supreme Court articulated a new rule, concluding that when a lawyer is investigating a matter in litigation, but engages in ex parte communications with a non-party witness, comments made to that witness that result in harm to one of the parties are actionable in tort. The lawyer may not invoke an absolute privilege, but rather only a qualified privilege, provided the comments were related to the substance of the litigation.

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Categories: LitigationAppellate Law & PracticeTorts
Tags: Florida Supreme CourtJamie A. ColeEdward G. GuedesMichael S. PopokJoseph H. SerotaLaura K. WendellFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersMatthew H. MandelFort Lauderdale Appellate Law AttorneysMiami Appellate Law AttorneysSouth Florida Appellate Law AttorneysFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFlorida Commercial Litigation LawyerFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation Attorney
Author(s): Edward G. Guedes

WSH Named Top Law Firm by South Florida Legal Guide, Attorneys Also Recognized

We are proud to announce that the South Florida Legal Guide (“SFLG”) has named WSH among the Top Law Firms in this year’s edition of its annual publication. SFLG is a premier resource serving the tri-county legal community. Originally launched in 2000, SFLG provides a convenient, easily accessible print and online resource for the region’s professional community. In addition to WSH’s inclusion as a “Top Law Firm,” several of our Members and Partners were honored as 2013 “Top Lawyers” and “Top Up and Comers.”

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Categories: Awards & Recognitions
Tags: Mitchell A. BiermanNina L. BoniskeGary L. BrownJamie A. ColeIgnacio G. Del ValleEdward G. GuedesStephen J. HelfmanGilberto PastorizaClifford A. SchulmanJoseph H. SerotaRichard Jay WeissFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerFort Lauderdale Local Government LawMiami Local Government LawSouth Florida Local Government LawMiami Aviation AttorneysFort Lauderdale Governmental Affairs AttorneysMiami Governmental Affairs AttorneysSouth Florida Governmental Affairs AttorneysFort Lauderdale Municipal AttorneysMiami Municipal AttorneysSouth Florida Municipal AttorneysSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersSouth Florida Private Transactions AttorneysSouth Florida Private Transactions LawyersFort Lauderdale Private Transactions AttorneysMiami Private Transactions AttorneysSouth Florida Public Transactions LawFort Lauderdale Public Transactions LawMatthew H. MandelFort Lauderdale Real Estate AttorneysMiami Real Estate AttorneysSouth Florida Real Estate AttorneysFort Lauderdale Commercial Real Estate AttorneysMiami Commercial Real Estate AttorneysSouth Florida Commercial Real Estate AttorneysFort Lauderdale Appellate Law AttorneysMiami Appellate Law AttorneysSouth Florida Appellate Law AttorneysFort Lauderdale LitigatorsMiami LitigatorsFort Lauderdale Environmental Law AttorneysMiami Environmental Law AttorneysSouth Florida Environmental Law Attorneys South Florida LitigatorsFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Construction LawyerFort Lauderdale Real Estate LawyerMiami Construction LawyerMiami Commercial Litigation AttorneyMiami Litigation AttorneyMiami Real Estate LawyerAbigail Watts-FitzGerald
Author(s): Brooke P. Dolara