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SAC's ONLINE LITIGATION ALERT: 2019-32 (08/19/2019)
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Arbitration

• Jaludi vs. Citigroup ▶
No. 16-3577 (3rd Cir., 8/6/19)

Determining arbitrability is a two-step process of testing validity and scope. As to step one, courts do not invoke federal policy favoring arbitration; the presumption of arbitrability only enters in deciding the second step.
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• Walters vs. Boustead Securities LLC ▶
No. G056250 (Cal. App., 4Dist., 7/11/19)

*Although an appraisal may sometimes be considered to be an arbitration, the underlying contract must specifically designate it as such. **A separate arbitration clause in the contract is evidence that the parties did not intend an appraisal to be an arbitration.
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Business & Employment

• Disselkamp vs. Norton Healthcare, Inc. ▶
No. 3:18-CV-00048 (W.D. Ky., 8/2/19)

An ERISA fiduciary must discharge his responsibility with the care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would use.
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Class Actions

• Beach vs. JPMorgan Chase Bank ▶
No. 17-cv-563 (S.D. N.Y., 6/11/19)

*District court certifies class and appoints lead class counsel in lawsuit against employee retirement plan fiduciaries for failure to offer lower-cost investment options. **Named plaintiffs do not need to have purchased each of the 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. Holovacko ▶
No. 17-3395 (3rd Cir., 7/22/19)

*Lay opinion testimony based on personal investigatory knowledge, which otherwise satisfies FRE 701, is not inadmissible merely because it may address an “ultimate issue” in the case. **Absent control, joint investigation, or ready access, the Government does not have constructive possession of, or an obligation to produce, investigative documents of a private party.
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Securities Customers

• Berkenfeld vs. Lenet ▶
No. 18-1106, 921 F.3d 148 (4th Cir., 4/8/19)

Blind reliance on a securities professional giving tax advice does not constitute contributory negligence as a matter of law, if a jury might find that a reasonable layperson could do so, in the same circumstances.
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• Detroit Street Partners, Inc. vs. Lustig ▶
No. 17-cv-2992-WJM-STV, 2019 U.S. Dist. LEXIS 124216 (D. Colo., 7/25/19)

In case alleging an unlawful scheme to curry investment banks’ favor in order to obtain access to Initial Public Offering (“IPO”) shares, the Court grants Defendants’ Motions to Dismiss federal securities claims with prejudice, declines to exercise supplemental jurisdiction on state law claims, and dismisses state law claims without prejudice to refiling those in state court.
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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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