Securities Law | Expert Legal Commentary
March 3, 2009
Huff v. Deloitte & Touche: Investment Advisor Lacked Standing to Sue for Clients
W.R. Huff Asset Management Co. v. Deloitte & Touche
By
Josh Lawler of Zuber & Taillieu and Joel B. Ginsberg
In W.R. Huff Asset Management Co. LLC v. Deloitte & Touche LLP, 549 F.3d 100 (2nd Cir. 2008), the Second Circuit Court of Appeals held that an investment advisor who held the power of attorney to sue on behalf of his clients still lacked the standing to sue because it did not actually have ownership or title to the underlying claim itself. In rendering this decision, the Court makes it clear that a valid assignment of a claim is required to fulfill the constitutional requirement of an injury-in-fact and enable an advisor to conduct litigation as its client’s representative.
To continue reading this article, subscribe now
It's FREE and only takes seconds
About the Author
Josh Lawler is a Partner of Zuber & Taillieu, focusing on corporate law and securities and finance law.
Image Credit: ©iStockphoto.com/DNY59
