Companies Mentioned

Citicorp USA, Inc.

Category
Title
Summary
Date
Commentaries
Securities Law

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…
Posted:
03/3/2009
Summaries
Securities Law >
New Judicial Opinions

The issue in this appeal was whether an investment advisor that has (a) discretionary authority to make investment decisions for its clients, and (b) a power of attorney from its clients to bring this lawsuit, has constitutional standing to sue for violations of federal securities laws on behalf of its…
Date of ruling:
12/3/2008
Commentaries
Securities Law

In Douglas Millowitz v. Citigroup Global Markets et al (“In Re Salomon Analyst Metromedia Litigation”), 544 F.3d 474 (2nd Cir. 2008), the Second Circuit extended the fraud-on-the-market presumption of reliance, first set forth in Basic v. Levinson, 485 U.S. 224 (1988), to analyst reports. The Court also stated that defendants…
Posted:
12/12/2008
Summaries
Securities Law >
New Judicial Opinions

In this appeal, the Second Circuit addressed the issue whether plaintiffs alleging securities fraud against research analysts must make a heightened evidentiary showing in order to benefit from the fraud-on-the market presumption of Basic Inc. v. Levinson, 485 U.S. 224 (1988). The Second Circuit was supposed to have resolved this…
Date of ruling:
09/30/2008
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