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SAC's ONLINE LITIGATION ALERT: 2019-07 (02/11/2019)
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Arbitration

• Morgan Stanley; Cain; Levine vs. FINRA ▶
No. 654466/2018; No. 654664/2018; No. 654149/2018 (N.Y. Sup. Ct., NY Cty., 10/1/18; 12/4/18; 10/26/18)

Three recent decisions illustrate judicial approach to weighing confirmation requests that concern the granting of expungement relief and FINRA 2080 waiver.
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Business & Employment

• Janvey vs. GMAG, L.L.C. ▶
No. 17-11526 (5th Cir., 1/9/19)

Court declines to extend a TUFTA good faith defense to a transferee on inquiry notice of fraud, who later showed that an investigation would have been futile.
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• Woodward vs. BBT Securities, LLC & Owen ▶
No. 2:16-cv-1801 (N.D. Ala., 7/30/18)

Setting a guarantee course of payment for an expected term of employment does not translate into a guarantee of employment for that period.
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Class Actions

• Cunningham vs. Cornell University & CapTrust Financial Advisors ▶
No. 16-cv-6525 (S.D. N.Y., 1/22/19)

Named plaintiffs need not have purchased each of a retirement plan’s 300 available investment options to have standing to bring ERISA claims in a derivative capacity, as long as they show they have been injured by the alleged imprudent management of the plan.
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Regulatory

• USA vs. Schulman ▶
No. 17-3355, 2019 U.S. App. LEXIS 858 (2nd Cir., 1/10/19)

*Evidence taken as a whole permitted the jury to find beyond a reasonable doubt that Defendant-appellant intended a communication to lead to trading in securities. **Jury was entitled to discredit Defendant-appellant’s testimony that he only intended to brag. ***Evidence of follow-up conversations between tipper and tippee was not required for jury to find Defendant-appellant guilty beyond a reasonable doubt.
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Securities Customers

• Steele vs. Parris ▶
No. 18-00584 (E.D. Cal., 1/22/19)

*A defendant’s default does not automatically entitle the plaintiff to a court ordered judgment. **A default judgment may not be entered on a legally insufficient claim. ***The economic loss rule prevents the law of contract and the law of tort from dissolving one into the other, so that when a plaintiff links its fraud claim to a party’s alleged failure to comply with a contractual duty, the proper claim is breach of contract, not fraud.
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• Waldemar vs. Golden & Golden Wealth Management, Inc. ▶
No. 8:18-cv-313-T-36TGW (M.D. Fla., 12/4/18)

Customer’s complaint of excessive trading and fraudulent inducement survive court’s review for adequacy and particularity.
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• Scaccia vs. Fidelity Investments ▶
No. 2013-cv-0907 (Ohio App., 1/11/19)

The plain error doctrine is generally not favored and is applied only in exceptional circumstances where the error seriously affects the basic fairness, integrity, or public reputation of the judicial process.
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• Hong vs. Yoo ▶
No. 77164-7-I, 2019 Wash. App. LEXIS 63 (Wash. App., 1/14/19)

*Summary judgment was proper because Plaintiff failed to demonstrate that Defendant investment firm was the seller of her securities. **Defendant CEO of the investment company could not be held secondarily liable as a control person, because Plaintiff failed to demonstrate that the CEO could have discovered the fraud even if he had exercised reasonable care.
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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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