The federal government has announced that it will be launched an investigation into the Roman Catholic dioceses in Pennsylvania involved in this summer’s shocking grand jury report into widespread abuse by clergyman over the past several decades.
Good news for plaintiffs in Essure litigation: Federal Judge Padova has rejected Essure manufacturer, Bayer’s attempt to have the lawsuits removed to federal court. Instead, the cases will be heard in the Philadelphia Court of Common Pleas. Green & Schafle offers local counsel services for Essure cases.
As baby boomers hit retirements, bringing with them the largest amount of wealth a single generation has ever possessed, regulators at the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) foresee an ever growing number of financial scams designed to separate boomers from their hard-earned savings.
In spite of Bayer’s insistence, Federal Judge John Padova felt that state and local law ought to be applied to the Essure litigation, and returned the cases that had made their way into federal court to their original place of filing, Philadelphia. While Bayer’s attorneys certainly had a legal point in trying to remove the cases to federal court, the move was at least an equal amount strategic, since Philadelphia is well-known to be a plaintiff-friendly venue.
The bill that would open the window for claims passed the Pennsylvania House of Representatives last month and now awaits Senate review. There are only a few days left in this term for voting on the bill in Harrisburg, so Representative Rozzi of Berks County, who was raped by a priest, and his supporters have ramped up the pressure in Bucks County.
Broker-dealers are not doing enough to supervise brokers under their charge who have committed indiscretions in the past. According a recent report from the North American Securities Administrators Association (NASAA) based on its sweeping investigation covering 30 jurisdictions across the US, not nearly enough firms are putting brokers with a history of misconduct on “heightened supervision.”
Pennsylvania Attorney General handling the clergy sexual abuse scandal in the state has created a hotline for victims, and the phone is ringing off the hook. The office has received more than a thousand calls, following the naming of more than one thousand victims in the infamous August grand jury report describing widespread sexual abuse by Catholic priests throughout Pennsylvania.
Many are wondering if a scandal of even greater proportions than in Pennsylvania will emerge in New Jersey, which has one of the largest populations of Catholics in the country. Attorney generals in New York and New Jersey have already set up hotlines for individuals who would like to speak with investigators and report instances of sexual abuse.
As the public reels from these gruesome revelations of rampant sexual abuse within Pennsylvania Roman Catholic dioceses, lawmakers have come under increasing pressure to suspend the statute of limitations on sexual abuse in the state so that victims may come forward and bring their cases against not only members of the Catholic church but other abusers who often lurk in institutional settings.
In the many dozens of securities litigation cases we have worked on for investors, we have noticed that, when it comes to protecting yourself against broker misconduct and financial fraud, there several "golden rules" which, if regularly observed, would prevent the vast majority of abuses in the securities industry.
Green & Schalfe is pleased to announce that partners Adam Green and Michael Schafle have once again been recognized by their peers for selection to the prestigious The Best Lawyers in America list.
In order to reform the system, investor advocacy groups have suggested the SEC enhance the standard to which brokerages and brokers are held with regard to investor best interests. Currently the standard is based on the necessity of matching investor and investment through a concept known as "suitability." Investor advocates like PIABA, however, want to raise the bar to the "best interest” standard.