Broker-Dealer Litigation - Greenberg Traurig LLP

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SEC v. Zhenyu Ni, SEC Litig. Rel. No. 21859 (N.D.Cal. Feb. 16, 2011)........................................................... 106 Sec. Investor Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC, 454 B.R. 307 (S.D.N.Y. 2011).............................................................................................. 210 Seinfeld v. Connor, 774 F.Supp.2d 660 (D. Del. 2011)........................................................................................ 101 Self v. Chase Bank, N.A., 2011 WL 3813106 (E.D. Cal. Aug. 25, 2011).................................................................. 45, 58 Shaffer v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 779 F. Supp.2d 1085 (N.D. Cal. 2011). ........................................................................ 455, 456 Shammami v. Allos, 2011 WL 4805931 (E.D. Mich. Oct. 11, 2011) ...................................................... 57, 253, 335 Sheedy v. Lehman Bros. Holdings Inc., 2011 U.S. Dist. LEXIS 131003 (D. Mass. 2011). ................................................................ 347 Shenk v. Karmazin , 2011 WL 5148667 (S.D.N.Y Oct. 28, 2011)........................................................................ 144 Shepard v. S3 Partners, LLC, 2011 U.S. Dist. LEXIS 117957 (N.D. Cal. Oct. 12, 2011)................................................... 260 Silverman v. Motorola, Inc., 772 F. Supp. 2d 923 (N.D. Ill. 2011). ................................................................................... 253 Silverstrand Investments v. AMAG Pharm., Inc., 2011 WL 3566990 (D.Mass. Aug. 11, 2011). .................................................................... 7, 28 Simmonds v. Credit Suisse Securities (USA), LLC, 638 F.3d 1072 (9th Cir. 2011) .............................................................................................. 114 Simmons Investments, Inc. v. Conversational Computing Corporation, 2011 WL 673759 (D. Kan. Feb. 17, 2011) ................................................................... 173, 206 Slaughter v. Laboratory Medicine Consultants, Ltd., 2011 WL 1486228 (D. Nev. 2011). ........................................................................................ 82 Smit v. Charles Schwab & Co., 2011 WL 846697 (N.D. Cal. Mar. 8, 2011).......................................................................... 217 Smith v. Mpire Holdings, LLC, 2011 WL 3841676 (M.D. Tenn. Aug. 30, 2011) .................................................................... 40 xliii
Solow v. Citigroup, Inc. , 2011 WL 5869599 (S.D.N.Y. Nov. 22, 2011)...................................................................... 145 Sparano v. Lief, 2011 WL 830109 (S.D. Cal. Mar. 3, 2011). ......................................................................... 189 Spaz Bev. Co. Defined Benefit Pension Plan v. Douglas, 2011 U.S. Dist. LEXIS 86019 (E.D. Pa. Aug. 4, 2011)........................................................ 333 Special Situations Fund III, L.P. v. American Dental Partners, Inc., 775 F. Supp. 2d 227 (D. Mass. 2011) ............................................................. 72, 117, 128, 321 SRM Global Fund Ltd P’ship v. Countrywide Fin. Corp., 2011 U.S. App. LEXIS 23526 (2d Cir. Nov. 23, 2011)........................................................ 117 St. Lucie County Fire District Fire-Fighters’ Pension Trust Fund v. Motorola, Inc., 2011 WL 814932 (N.D. Ill. Feb. 28, 2011) .................................................................. 154, 200 Standard Inv. Chartered, Inc. v. National Assoc. of Sec. <strong>Dealer</strong>s, Inc., 637 F.3d 112 (2d. Cir. 2011)................................................................................................. 119 Steamfitters Local 449 Pension Fund v. Alter, 2011 WL 4528385 (E.D. Pa. Sept. 30, 2011) ................................................. 87, 149, 197, 252 Stephenson v. Pricewaterhousecoopers, <strong>LLP</strong>, 768 F. Supp. 2d 562 (S.D.N.Y. 2011)................................................................................... 133 Stevens v. Sembcorp Utilities PTE Ltd., 2011 WL 3296063 (S.D.N.Y. Aug. 1, 2011)........................................................................ 361 Stichting Pensioenfonds ABP v. Countrywide Fin. Corp., 802 F. Supp.2d 1125 (C.D. Cal. 2011) ..................................................... 20, 44, 257, 326, 328 STMicroelectronics v. Credit Suisse Group, 775 F. Supp. 2d 525 (E.D.N.Y. 2011) .................................................................. 235, 243, 348 Stone v. Chicago Inv. Grp., LLC, 2011 WL 6841817 (N.D. Ill. Dec. 29, 2011)................................................................ 326, 327 Stoody-Broser v. Bank of Am., 2011 WL 2181364 (9th Cir. June 6, 2011). .......................................................................... 208 Strategic Diversity, Inc. v. Alchemix Corp., 666 F.3d 1197 (9th Cir. 2012). ............................................................................................... 66 Stratte-McClure v. Stanley, 784 F. Supp. 2d 373 (S.D.N.Y. 2011)................................................................................... 135 xliv
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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
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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 and 510: SEC v. Aragon Capital Advisors, LLC
Page 511: SEC v. N. Am. Clearing, Inc., Litig
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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