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Court rejects ex-NY Fed employee's retaliation claim lawsuit
Court Watch |
2015/09/23 22:59
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A New York-based federal appeals court has rejected claims of a former employee of the Federal Reserve Bank of New York who says she was fired for her probe into the banking firm Goldman Sachs.
The 2nd U.S. Circuit Court of Appeals in Manhattan on Wednesday upheld a lower-court ruling dismissing Carmen Segarra's lawsuit.
She claimed the New York Fed interfered with her examination of Goldman Sachs' legal and compliance divisions and directed her to change findings.
The appeals court was particularly dismissive of Segarra's effort to hold three New York Fed employees responsible. It said the effort was "speculative, meritless, and frankly quite silly."
The Federal Reserve oversees Wall Street's biggest financial institutions.
Last year, Senate Democrats accused the Fed of being too close to big banks it regulates.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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