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SAC's ONLINE LITIGATION ALERT: 2018-46 (12/03/2018)
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Arbitration

• Cottonwood Centers, Inc. vs. Klearman ▶
No. 18-252 (D. Ariz., 10/17/18)

Incorporation of a separate document into an agreement requires that the reference must be clear and unequivocal and must be called to the attention of the other party who must consent thereto.
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• Millman vs. UBS Financial Services Inc. & Sahu ▶
No. CPF-18-516349 (Cal. Super. Ct., San Francisco Cty., 11/19/18)

According to California law, a party has no obligation to investigate information, even public information, about an arbitrator; rather, it is the arbitrator's obligation to disclose such information.
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Business & Employment

• Finch vs. Morgan Stanley ▶
No. 15-81323-CIV (S.D. Fla., 6/29/18)

An employment discrimination claim relies upon proof of an adverse employment action and, to be adverse, the action must create intolerable conditions or be serious and tangible enough to reduce the employee’s compensation or to alter the terms and conditions of employment.
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• Frontpoint Asian Event Driven Fund, L.P. vs. Citibank, N.A. ▶
No. 16 Civ. 5263 (AKH), 2018 U.S. Dist. LEXIS 171999 (S.D. N.Y., 10/4/18)

Granting in part defendants’ motion to dismiss the second amended complaint for procedural and substantive deficiencies.
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Class Actions

• City of Livonia Employees’ Retirement System vs. Talmer Bancorp ▶
No. 16-12229 (E.D. Mich., 11/8/18)

*Res judicata prevents a party from bringing a claim previously resolved among the parties in a prior proceeding. **Collateral estoppel prevents a party from relitigating an issue of law or fact previously resolved among the parties in a prior case.
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Regulatory

• USA vs. Blount ▶
No. 17-30623 (5th Cir., 10/18/18)

There was no plain error in Court’s application of sentencing enhancement for violation of prior FINRA order, where no Fifth Circuit precedent directly addressed the issue.
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• SEC vs. Liu ▶
No. 17-55849, 2018 U.S. App. LEXIS 30133 (9th Cir., 10/25/18)

*Where investors of LLC membership interests are promised a chance to earn a profit from the investment, the scheme is considered an “investment contract” within the meaning of “securities” under the 1933 Act. **The court did not abuse its discretion by (i) drawing inferences based on the appellants’ assertion of their Fifth Amendment privilege and (ii) not reducing the amount of disgorgement or penalties by appellants’ legitimate business expenses.
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Securities Customers

• H.A.L. NY Holdings vs. Guinan ▶
No. 18-CV-2275 (S.D. N.Y., 11/9/18)

District Court grants defendant’s motion to transfer a commodities fraud and negligence action to the Northern District of Illinois based on the forum selection clause in plaintiff’s account agreement.
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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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