More Securities Law Updates
Page 1 of 9 of Securities Law Summaries » New Judicial Opinions
John E. Gallus v. Ameriprise Financial | No. 07-2945 |
U.S. Court of Appeals for the Eighth Circuit | 4/8/2009
Holding: In this suit over mutual fund fees, the U.S. Court of Appeals for the Eighth Circuit has reversed a district court’s dismissal of a suit claiming violation of fiduciary duty of fund advisers under Section 36(b) of the Investment Company Act of 1940 (“ICA”). Plaintiffs led by John E. Gallus,…
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Alyson J. Kirleis v. Dickie,McCamey & Chilcote, P.C. | No. 07-3504 |
U.S. Court of Appeals for the Third Circuit | 3/24/2009
Holding: Ruling on an issue of first impression, the U.S. Court of Appeals for the Third Circuit has found that Alyson J. Kirleis, an ex-partner of Dickie, McCamey & Chilcote, P.C. (“DMC” or “firm”) could proceed with her employment discrimination suit against her former law firm , and could not be…
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Pet Quarters, Inc., et al. v. Depository Trust and Clearing Corp., et al. | No. 08-2114 |
U.S. Court of Appeals for the Eighth Circuit | 3/9/2009
Holding: The U.S. Court of Appeals for the Eighth Circuit has affirmed the dismissal of a $400 million damage suit filed by Pet Quarters, Inc. (“Pet Quarters”) against defendants. Deposit Trust and Clearing Corp. (“DTCC”) and its subsidiaries. Pet Quarters originally filed before the Arkansas state court this damages suit, asserting…
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In re Merrill Lynch & Co. Inc. Securities, Derivative and ERISA Litigation | No. 1:07-cv-09633 |
U.S. District Court for the Southern District of New York | 2/17/2009
Holding: The U.S. District Court for the Southern District of New York has dismissed two derivative shareholder actions against executives and directors of Merrill Lynch & Co., Inc. (“Merrill”). In ruling against plaintiffs filed on behalf of the company, the district court applied the “continuing ownership rule” followed by Delaware and…
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Jones et al. v. Harris Associates L.P. | No. 08-586 |
U.S. Supreme Court | 3/9/2009
Holding: In a summary order, the U.S. Supreme Court has granted a writ of certiorari to a petition alleging that mutual fund adviser Harris Associates LP (“Harris”) charged excessive fees to its clients. In so doing, the Supreme Court agreed to hear and review a Court of Appeals for the Seventh…
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Securities and Exchange Commission v. Zahra Ghods and RUSA Cap., Inc. | No. 1:07-CV-1047-CC |
U.S. District Court for the Northern District of Georgia | 2/26/2009
Holding: The U.S. District Court for the Northern District of Northern Georgia has granted the Securities and Exchange Commission’s (“SEC”) motion for summary judgment on its claims against Zahra Ghods ("Ghods"), and RUSA Cap., Inc. ("Rusa Cap"). Ghods and Rusa Cap, a company that she controls, were found to have defrauded…
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Day v. Staples Inc. | No. 08-1689 |
U.S. Court of Appeals for the First Circuit | 2/9/2009
Holding: In a judgment of first impression for the circuit, the U.S. Court of Appeals for the First Circuit ruled that an employee’s (Kevin Day , or "Day") disagreement with management about internal tracking systems that are not reported to shareholders is not actionable. In so stating, the First Circuit laid…
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Katz v. Gerardi | No. 08-8031 |
U.S. Court of Appeals for the Seventh Circuit | 1/5/2009
Holding: Disagreeing with a previous ruling by the U.S. Court of Appeals for the Ninth Circuit, the Seventh Circuit held that the anti-removal provisions of the Securities Act of 1993 (“SA”) do not bar a case from being removed to federal courts so long as the requirements of a recent law,…
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UnitedHealth Group Inc. v. Wilmington Trust Co. | No. 08-1904 |
U.S. Court of Appeals for the Eighth Circuit | 12/1/2008
Holding: In this appeal filed by defendant-appellant Wilmington Trust Co. (“Wilmington Trust”), the U.S. Court of Appeals for the Eighth Circuit ruled that UnitedHealth Group’s (“UHG”) failure to file timely reports with the Securities and Exchange Commission (“SEC”) violated no duties to its bondholders. The dispute arose when Wilmington Trust filed…
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W.R. Huff Asset Management Co. v. Deloitte & Touche | No. 06-1664-cv |
U.S. Court of Appeals for the Second Circuit | 12/3/2008
Holding: In this securities fraud suit, the U.S. Court of Appeals for the Second Circuit has ruled that an investment adviser with the authority to make investment decisions and power of attorney to sue but who has not been assigned the claim does not have constitutional standing to bring an action…
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Page 1 of 9 of Securities Law Summaries » New Judicial Opinions
