At Foley Hoag, our Banking lawyers have a great appreciation for the broad spectrum of issues confronting banks, as you deal with rapidly changing competitive, technological and economic environments. We understand the role banks must play in the community, the needs they attempt to serve, and the special difficulties they face in competing in today's increasingly competitive marketplace.
Publications more
- SEC v. TAMBONE: The First Circuit Reverses Course on What It Means to "Make" a Statement Under the Securities Laws [Read More]
- Justice Department Seeks Increased Funding for Fraud Prevention and Enforcement; Financial, Mortgage and Healthcare Fraud Remain Key Priorities in FY 2011 Budget [Read More]
- President Obama Extends COBRA Subsidy for Unemployed Workers [Read More]
- Hedge Funds Join “the CEO’s Brother-in-Law” as the Target of Insider Trading Cases [Read More]
- House Financial Services Committee Approves The Private Fund Investment Advisers Registration Act [Read More]
Client Successes more
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Foley Hoag Clears Way for Senior Financial Services Executive
In one of the few decisions in the country on the enforceability of “garden leave” notice provisions, lawyers in Foley Hoag’s Litigation Department recently secured a favorable outcome for a senior-level financial executive whose former employer sought to block his departure from the company. In a recent ruling by Judge Nathaniel M. Gorton, U.S. District Judge for the District of Massachusetts, the employer’s motion for a preliminary injunction was denied. Partners Michael Boudett and Michael Rosen represented the client, the former head of the Boston office of Bear Stearns. Bear Stearns alleged that the executive violated his employment contract by failing to give 90-days’ notice before departure and by seeking to persuade clients and staff to follow his move to a competitor. In the ruling, Judge Gorton noted that plaintiff’s allegations of misappropriation of confidential information and interference with contractual and business relationships was unsubstantiated. Further, the Foley Hoag team was successful in proving that Bear Stearns would not be subject to irreparable harm with the departure of this executive. Widely covered by national financial media, the case is now pending before an arbitration panel before the Financial Industry Regulatory Association (FINRA). [Read More]
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Capitalizing on Talent
A large U.S. bank asked us to help it capitalize on the wealth of software talent in India by creating an Indian company to develop financial services software. We negotiated a joint-venture agreement for the bank with a major U.S. computer manufacturer and local Indian partners. The joint venture financed the new software company with a $100 million investment. [Read More]