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SAC's ONLINE LITIGATION ALERT: 2019-39 (10/15/2019)
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Arbitration

• Daly vs. Citigroup Inc. ▶
No. 18-665 (2nd Cir., 9/19/19)

*Whistleblower claim arising under Sarbanes-Oxley is not arbitrable, unlike a whistleblower claim arising under the Dodd-Frank Act. **District court has no subject matter jurisdiction over SOXA whistleblower claim if plaintiff has not exhausted her administrative remedies.
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• Antis vs. Pravlik ▶
No. 19 WDA 2019 (Pa. Super. Ct., 8/30/19)

Appellate court confirms trial court’s denial of a motion to compel arbitration from a broker and his separate investment advisory business, determining they were not entitled to invoke the arbitration agreement of the clearing company.
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Business & Employment

• ARMOUR Capital Mgmt. LP vs. SS&C Techs., Inc. ▶
No. 3:17-cv-00790 (JAM), U.S. Dist. LEXIS 154542 (D. Conn., 9/11/19)

The Court grants in part and denies in part the Defendant’s Motion for Summary Judgment based in large part on contractual limitations on claims and available damages.
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• CU Capital Market Solutions, LLC vs. Olden Lane Securities, LLC ▶
No. 18-2597-DDC-KGG (D. Kan., 6/26/19)

Diversity jurisdiction was defeated because LLC took the citizenship of each of its members, and federal law claims could not be engrafted to create jurisdiction where none existed.
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• DuSablon vs. Jackson County Bank ▶
No. 18A-MI-2259 (Ind. App., 9/23/19)

*Broker’s efforts to appeal a permanent injunction holding him to certain restrictive covenants rejected where the appellate rules do not allow for an interlocutory appeal as a matter of right. **Broker’s efforts to appeal the prior preliminary injunction, a contempt order, and a judgment awarding attorneys’ fees to the plaintiff also denied.
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Class Actions

• Luis vs. RBC Capital Markets, LLC ▶
No. 16-cv-3873 (D. Minn., 7/11/19)

A contract that states it is “subject to” or “governed by” certain rules and regulations does not mean that violating those rules and regulations breaches the contract.
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Regulatory

• Howes vs. FINRA ▶
No. 8:18-cv-03094 (D. Md., 6/11/19)

Does a federal court have subject matter jurisdiction over an expungement petition? Several courts have said no, but this Court directs the parties to brief the issue before considering the substantive arguments in FINRA’s motion to dismiss.
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Securities Customers

• Van Buskirk vs. The United Group of Cos. ▶
No. 18-1469 (2nd Cir., 8/16/19)

FRCP 15 may be available for the awarding of costs, where Plaintiffs mistakenly fail to establish subject matter jurisdiction in the Complaint, thereby rendering the pleading “faulty.”
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• C.L. King & Associates, Inc. vs. Salisbury Bank & Trust Co. ▶
No. 1:18-CV-833 (N.D. N.Y., 9/23/19)

Court denies Motion to Dismiss claims under New York’s uniform fraudulent transfer act, as the complaint alleged sufficient factual issues that cannot be decided at an early stage and the complaint contains numerous “badges of fraud” that give rise to an inference of fraudulent intent.
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BOARD OF CONTRIBUTING LEGAL EDITORS

Richard P. Ryder
Editor-in-Chief, SLC

Senior Contributing Editors:          

Jack D. Ballard
Ballard & Littlefield, LLP
Houston, TX


Christopher G. Lazarini
Bass Berry & Sims PLC
Memphis, TN

    Paul J. Dubow
Arbitrator • Mediator
San Francisco, CA


Jeremy A. Root
Stinson Leonard Street LLP
Jefferson City, MO
    Jill I. Gross
Elisabeth Haub School of Law
Pace University
White Plains, NY

Ben Suter
Keesal Young & Logan
San Francisco, CA



Contributing Editors:

David C. Franceski, Jr.
Stradley Ronon
Stevens & Young LLP
Philadelphia, PA

Noah D. Sorkin
Capital Forensics, Inc.
New York, NY
    James L. Komie
Howard & Howard
Chicago, IL


Burton W. Wiand
Wiand Guerra King PL
Tampa, FL



NOTICE: The publisher accepts full responsibility for the summaries presented in this publication and for any views expressed therein. Our Contributing Editors and any law firm or organization with which the Contributing Editors may be affiliated bear no responsibility for the contents of this publication. Moreover, by summarizing a particular decision, a Contributing Editor does not necessarily endorse the holding. To the extent comments or opinions are expressed herein by any editor, such comments or opinions are not necessarily the views of other Contributing Editors or the law firm or organization with which they may be affiliated. Editorial comments and analysis are designed to stimulate thought and convey information of value; they are not intended as, nor do they constitute, legal advice. The decisions summarized herein should not be viewed as authoritative precedent without proper citechecking and adherence to local court rules.
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      WEEKLY ANNOUNCEMENT
   

NEW EDITOR JOINS THE SOLA BOARD:

Having appeared as a guest author in recent weeks, Sam Edwards will be joining the SOLA Board of Contributing Legal Editors as a Senior Contributing Editor. By way of further introduction, we are pleased to welcome Samuel B. Edwards, managing partner of Shepherd Smith Edwards & Kantas, LLP, a Houston-based law firm with a national practice of representing investors. Sam’s full biography and credits appear on his Firm’s Website and reflect his extensive practice in the area of retail investor claims, institutional investor claims, and professional trader claims. We are very pleased to welcome Sam to the SOLA Board and we congratulate him on his new role as the incoming President of the Public Investors Advocate Bar Association.

   
   
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