Broker-Dealer Litigation - Greenberg Traurig LLP

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SEC v. Ficeto, Homm, Heatherington, Hunter World Markets, Inc., and Hunter Advisors, LLC, 2011 SEC LEXIS 716, SEC Litigation Release No. 21865 (February 25, 2011) ................ 109 SEC v. Finger and Black Diamond Securities LLC, 2011 SEC LEXIS 3132, SEC Litigation Release No. 22087 (September 8, 2011).............. 111 SEC v. Gabelli, 653 F.3d 49 (2d Cir. 2011)...................................................................................... 50, 267, 320 SEC v. Galleon Mgmt. LP, Litig. Release No. 22021, 2011 SEC LEXIS 2258 (S.D.N.Y. June 30, 2011)..................... 418 SEC v. Geiger, Litig. Release No. 21831, 2011 SEC LEXIS 349 (D. Colo. Jan. 31, 2011); In re Geiger, Release No. 63849, 2011 SEC LEXIS 752 (Feb. 7, 2011); In re Geiger, Release No. 65265, 2011 SEC LEXIS 3096 (Sept. 6, 2011)................................................ 423 SEC v. Geswein, 2011 WL 4541308 (N.D. Ohio Aug. 2, 2011)........................................................................ 89 SEC v. Goldman Sachs & Co., 790 F. Supp. 2d 147 (S.D.N.Y. 2011)..................................................................................... 52 SEC v. J.P. Morgan Securities LLC, 2011 SEC LEXIS 2329, SEC Litigation Release No. 22031 ............................................... 110 SEC v. Kelly, 2011 WL 44331161 (S.D.N.Y. Sept. 22, 2011)...................................................................... 53 SEC v. Koji Goto, Litig. Release No. 22123, 2011 SEC LEXIS 3565 (Oct. 12, 2011). .................................... 435 SEC v. Kovzan, 2011 U.S. Dist. LEXIS 85794 (D. Kan. Aug. 4, 2011) ........................................................ 107 SEC v. Locke Capital Mgmt. Inc., 794 F. Supp. 2d 355 (D.R.I. 2011)........................................................................................ 269 SEC v. Mercury Interactive, LLC, 2011 WL 5871020 (N.D. Cal. Nov. 22, 2011). .............................................................. 54, 106 SEC v. Monterosso, 768 F. Supp. 2d 1244 (S.D. Fla. Mar. 31, 2011)............................................................... 55, 69 SEC v. Morgan Keegan & Co., Inc., 806 F. Supp. 2d 1253 (N.D. Ga. 2011)............................................................................. 70, 71 xli
SEC v. N. Am. Clearing, Inc., Litig. Release No. 21960, 2011 SEC LEXIS 1608 (M.D. Fla. May 5, 2011). ..................... 438 SEC v. Retail Pro, Inc., 2011 U.S. Dist. LEXIS 68863 (S.D. Cal. June 23, 2011)..................................................... 277 SEC v. Shanahan, 646 F.3d 536 (8th Cir. 2011). ......................................................................................... 50, 269 SEC v. Smith, 798 F. Supp. 2d 412 (N.D.N.Y. 2011).......................................................................... 313, 361 SEC v. Sponge Tech. Delivery Sys. Inc., 2011 Fed. Sec. L. Rep. (CCH) 96, 246 (E.D.N.Y. Mar. 14, 2011).................................... 269 SEC v. Steffes, 2011 WL 3418305 (N.D. Ill. Aug. 3, 2011) ......................................................................... 358 SEC v. Stifel, Nicolaus & Co., Inc. and David Noack, 2011 SEC LEXIS 2767, SEC Litigation Release No. 22064 (August 10, 2011) ................. 111 SEC v. Tambone, 802 F. Supp. 2d. 299 (D. Mass. 2011) .................................................................................. 320 SEC v. Tecumseh Holdings Corp., 765 F. Supp. 2d 340 (S.D.N.Y. 2011)............................................................... 51, 97, 116, 194 SEC v. Todd, 642 F.3d 1207 (9th Cir. 2011) .............................................................................................. 240 SEC v. UBS Financial Services Inc., 2011 SEC LEXIS 1555, SEC Litigation Release No. 21956 (May 4, 2011) ....................... 110 SEC v. Vianna, Litig. Release No. 21905, 2011 SEC LEXIS 1039 (S.D.N.Y. Mar. 28, 2011)..................... 401 SEC v. Vitesse Semiconductor Corp., 771 F. Supp. 2d 304 (S.D.N.Y. 2011)..................................................................................... 51 SEC v. Weintraub, 2011 U.S. Dist. LEXIS 14999 (S.D. Fla. Dec. 30, 2011) ..................................................... 107 SEC v. Woodruff, 778 F. Supp. 2d 1073 (D. Colo. March 31, 2011). ................................................................. 55 SEC v. Wyly, 788 F. Supp. 2d 92 (S.D.N.Y. 2011)................................................................................. 1, 325 xlii
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Broker-Dealer Litigation 2011 Annua
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Rocky Pozza Miller, Canfield, Paddo
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3. Safe Harbor/Bespeaks Caution Def
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(iii) Falsification of Documents...
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SECURITIES LITIGATION A. Definition
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Purvis v. Arizona Corp. Comm’n, N
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allegation of fraud. The complaint
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Silverstrand Investments v. AMAG Ph
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complaint lacked named plaintiffs w
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egarding loan-to-value ratios repor
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appraisers’ alleged acceptance of
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that statutes of repose are not sus
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Pension Trust Fund for Operating En
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Securities Exchange Act of 1934. Th
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authorities versus those reported i
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In re Oppenheimer Rochester Funds G
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claims as to the appraisal standard
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under Section 12 and declined to ex
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however, the court found that the s
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that a mutual fund’s share price
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allege a material misrepresentation
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over common questions, given the nu
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lending practices; and its solvenci
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partnership and worked to obtain in
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Section 12(a)(2) required the court
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initially inflated the company’s
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B.2 Self v. Chase Bank, N.A., 2011
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“associated with,” or “acted
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Gibbons v. Nat’l Real Estate Inve
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avoid ambiguous, potentially mislea
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B.3 SEC v. Kelly, 2011 WL 44331161
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B.3 SEC v. Woodruff, 778 F. Supp. 2
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C. Liabilities under the Securities
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easonable juror could conclude that
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Claimants requested compensatory da
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C.1.d Ashland Inc. v. Morgan Stanle
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C.1.d AnchorBank, FSB v. Hofer, 649
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experiencing large operating losses
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C.1.d Resnik v. Woertz, 744 F. Supp
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substantial likelihood that disclos
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C.1.d In re Evergreen Ultra Short O
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In re Merrill Lynch Auction Rate Se
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fiduciary duty and negligent misrep
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corporation’s earnings forecasts
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C.1.e In re Bank of America Corp. S
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f. Affirmative Defenses Wilson v. M
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that the complaint failed to allege
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immaterial; or (3) made without act
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of the Private Securities Litigatio
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held that the statute of limitation
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C.1.f In re Novatel Wireless Securi
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parent company liable for statement
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C.1.g SEC v. Tecumseh Holdings Corp
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C.1.g Fishman v. Morgan Keegan & Co
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C.2 Litwin v. Oceanfreight, Inc., 2
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Hysong v. Encore Energy Partners LP
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and created an uncertainty that KBR
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consented to the entry of a final j
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3. Section 15(c) C.3 SEC v. Ficeto,
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SEC v. Stifel, Nicolaus & Co., Inc.
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settled with the SEC prior to the c
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equity interests in real estate ass
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noted that the SEC had “merely re
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ing such court actions (the “1990
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D. Liabilities under the Securities
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its’ liquidity problems and plans
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few of defendant’s employees were
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D.1 Dronsejko v. Thornton, 632 F.3d
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In re Smith & Wesson Holding Corp.
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particularized as materially mislea
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D.1 Stephenson v. Pricewaterhouseco
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D.1 Russo v. Bruce, 777 F. Supp. 2d
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D.1 Jacquemyns v. Spartan Mullen Et
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granted the defendants’ motion to
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D.1 Egan v. Tradingscreen, Inc., 20
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City of Roseville Employees’ Reti
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D.1 Solow v. Citigroup, Inc., 2011
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Local 731 I.B. of T. Excavators and
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D.1 Love v. Alfacell Corp., 2011 WL
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disregarded and resulted in omissio
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dismiss finding that plaintiff’s
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from a decline of defendant’s sto
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plaintiffs failed to (i) create str
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D.1 In re St. Jude Med., Inc. Sec.
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D.1 Scala v. Citicorp Inc., 2011 WL
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granted defendants’ motion to dis
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improperly recognized revenue on sa
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D.1 Henning v. Orient Paper, Inc.,
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plaintiffs alleged that defendants
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in various contracts of the company
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D.1 In re Crocs, Inc. Securities Li
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Phila. Fin. Mgmt. of S.F., LLC v. D
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Waterford Twp. Police & Fire Ret. S
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Group met the requirements of Fed.
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appointed a lead plaintiff. The cou
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IBEW Local 90 Pension Fund v. Deuts
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D.2 Vandevelde v. China Natural Gas
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typicality.” Accordingly, the cou
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D.2 Sparano v. Lief, 2011 WL 830109
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argument was irrelevant because the
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issue, and therefore qualified for
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was not available. Moreover, the co
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misstatements were shielded from li
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D.3 Hopson v. MetroPCS Commc’ns,
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D.3 In re St. Jude Med., Inc. Sec.
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D.3 Curry v. Hansen Med., Inc., 201
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D.3 In re Coinstar Sec. Litig., 201
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Plumbers and Pipefitters Local Unio
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E. Backus v. Conn. Cmty. Bank, N.A.
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Securities Litigation Uniform Stand
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willfully ignored numerous red flag
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material facts “relating to” th
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E. Northstar Fin. Advisors, Inc. v.
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precluded or removable under SLUSA.
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circumvent SLUSA, the Court of Appe
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of defendant purchased ARS bonds fr
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2. Consumer Protection and Other St
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F.3 Borsellino v. Putnam, 2011 WL 6
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F.4 Haase v. GunnAllen Fin., Inc.,
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that the complaint failed to allege
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eing directed to return improperly
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H.1 U.S. v. Reyes, 660 F.3d 454 (9t
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to dismiss the complaint pursuant t
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Act of 1934 alleging it made false
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and Rule 10b-5 of the Securities Ex
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exert control over the content of c
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H.2 In re Sanofi-Aventis Sec. Litig
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Camofi Master LDC v. Riptide Worldw
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solvency. The district court held t
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(1) the investment corporations’
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held that, in taking plaintiffs’
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Rule 10b-5 claims were pleaded with
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to judgment as a matter of law beca
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H.2 Rafton v. Rydex Series Funds, 2
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those reasons, the court granted th
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Genesee County Employees Ret. Sys.
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Fernea v. Merrill Lynch, Pierce, Fe
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3. Aiding & Abetting H.3 Janus Capi
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of trades by defendants did not amo
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violation of securities laws. To st
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H.3 Merkin v. Gabriel Capital, L.P.
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allegedly illegal fundraising at de
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to any of the claims except the “
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mere suspicion that the broker-deal
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H.4 U.S. v. Speer, 419 F. App’x 5
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equirements of Federal Rule of Civi
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compliance officer testified as a r
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In re Torrey Pines Sec. Inc., Relea
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In re Torrey Pines Sec. Inc., Relea
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or nationally-recognized statistica
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activity, including activity in the
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timely and complete information upd
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J. RICO J. MLSMK Inv. Co. v. JP Mor
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J. In re Refco Inc. Sec. Litig., 20
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Beaman v. Barth, 2011 Bankr. LEXIS
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General Retirement System of City o
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K. Damages and Other Relief in Priv
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K.2 U.S. v. Gushlak, 2011 WL 315917
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K.2 Elipas v. Jedynak, 2011 WL 1706
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are wanton and reckless when done i
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settlement agreement constituted an
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The court held that the trustee was
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L. Contribution, Indemnification L.
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L. MBIA Ins. Corp. v. Credit Suisse
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warranted under these circumstances
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1933. In opposition to the motions,
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M.1 SEC v. Wyly, 788 F. Supp. 2d 92
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as barred by the statute of repose
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equitable estoppel did not apply as
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support the FINRA arbitration as pr
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N.1 Citibank, N.A. v. Franco, 2011
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ecause it overlapped with and was p
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2. Eligibility/Limitations N.2 Yuan
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the legislature did not intend the
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Plaintiff in fact derived a direct
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arbitrator the right to determine w
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and ordering of all parties into ar
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impeachment upon proof of changed c
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N.4.c Aviles v. Charles Schwab & Co
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S.Ct. 1784 (2010). Prior to Merck,
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market sector downturn rendered the
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defendants had misrepresented the n
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allegations did not reference parti
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were disclosed by the timely filing
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improper attempt to file the Third
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O.3 In re Evergreen Ultra Short Opp
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would primarily focus on establishi
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the power of a sovereign.” It was
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the admission by the investment man
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permit exercise of personal jurisdi
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anyway because the connection to ba
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5. Discovery O.5 Mori v. Saito, 802
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O.5 Davis v. Duncan Energy Partners
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censure, a civil money penalty of $
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anch office, which did not have any
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In re Application of Kaminski, Admi
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prejudgment interest. The payment w
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Specifically, the firm’s procedur
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In re Pagliarini, Admin. Proc.File
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firm settled charges that it violat
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capacities. The NAC cited the fact
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maintain and enforce a system of su
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The hearing panel found respondents
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firm also consented to findings tha
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In re Keybanc Capital Markets, Inc.
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$30,000 civil fine, disgorgement of
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The Commission’s complaint allege
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Commission, a federal district cour
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(ii) Misrepresentation Q.1.c.(ii) I
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Q.1.c(ii) In re Chiaese, Release No
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The Commission censured the Firm. A
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particular, CSIM and CS&Co. markete
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Q.1.e.(i) SEC v. Devlin, Litig. Rel
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clearance trades without being a re
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Q.1.e(ii) In re Huntleigh Sec. Corp
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assisted in the Firm’s creation o
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Q.1.e(iii) In re Schaefer, Release
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and hedge fund accounts, to the det
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f. Failure to Supervise Q.1.f In re
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Firm policy disallowing wires from
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The Commission alleged that Lopez-T
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suspension concerning his complianc
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Commission barred LeBouef from asso
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Direct Edge ECN LLC, doing business
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(ii) Falsification of Documents . N
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unavailable, Gizankis and FINRA agr
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j. Procedural Issues (i) Evidence N
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FINRA Rule 2010 by submitting an an
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R. Broker-Dealer Employment Litigat
Page 459 and 460: discovery responses was also meritl
Page 461 and 462: R. Frankel v. McDonough, 2011 WL 50
Page 463 and 464: must not have ruled on that defense
Page 465 and 466: FINRA award was entitled to full fa
Page 467 and 468: Lorbietzki v. Merrill Lynch, Pierce
Page 469 and 470: failed to show that it was prejudic
Page 471 and 472: Antelis v. Freeman, 2011 WL 6009609
Page 473 and 474: Berman v. Morgan Keegan & Co., 2011
Page 475 and 476: Citigroup Smith Barney v. Henderson
Page 477 and 478: Department of Enforcement v. Hedge
Page 479 and 480: FINRA Department of Enforcement v.
Page 481 and 482: Grecco v. Local.Com Corp., 806 F. S
Page 483 and 484: IAC/InterActiveCorp v. O’Brien, 2
Page 485 and 486: In re Cell Therapeutics, Inc. Class
Page 487 and 488: In re Franklin Bank Corp. Sec. Liti
Page 489 and 490: In re Kim, Release No. 64862, 2011
Page 491 and 492: In re Mutascio, Release No. 65351,
Page 493 and 494: In re Shankar, Release No. 64714, 2
Page 495 and 496: In re Wash. Mut. Mortgage-Backed Se
Page 497 and 498: KeyBank, N.A. v. Bingo, Coast Guard
Page 499 and 500: Marini v. Adamo, 2011 WL 4442710 (E
Page 501 and 502: McCafferty v. A.G. Edwards & Sons,
Page 503 and 504: Murray v. Citigroup Global Mkts., I
Page 505 and 506: Picard v. Madoff (In re Bernard L.
Page 507 and 508: Rafton v. Rydex Series Funds, 2011
Page 509: SEC v. Aragon Capital Advisors, LLC
Page 513 and 514: Solow v. Citigroup, Inc. , 2011 WL
Page 515 and 516: U.S. Bank N.A. v. Cold Spring Grani
Page 517: West Va. Laborers Trust Fund v. STE
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