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SAC's ONLINE LITIGATION ALERT: 2018-26 (07/09/2018)
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Arbitration

• Laver vs. Credit Suisse Securities (USA), LLC ▶
No. 18-cv-00828 (N.D. Cal., 6/21/18)

*Class action waivers in employment agreements are enforceable. **FINRA Rule 13204’s prohibition against compelling a member of a certified or putative class to arbitrate may be contractually waived.
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• Morgan Stanley Smith Barney, LLC vs. Walker ▶
No. 17-05635 (E.D. Pa., 5/31/18)

It is not necessarily fundamentally unfair or a manifest disregard of the law for an arbitration panel not to follow the routines of a federal court with respect to a claim of spoliation of evidence.
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Business & Employment

• Yun Capital, LLC vs. Judge ▶
No. 654072/2015 (N.Y. Sup. Ct., NY Cty., 5/23/18)

*A written agreement does not constitute the entire agreement between two parties, where some services performed by one of the parties are instead covered by a separate oral agreement. **A quantum meruit claim may be pled with a breach of contract claim, where there is a question as to whether a defendant is subject to the contract.
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Class Actions

• Nurlybaev vs. ZTO Express (Cayman) Inc. ▶
No. 17-CV-06130 (S.D. N.Y., 11/13/17)

In determining which Plaintiff will serve as lead plaintiff, the court follows the PSLRA tests and primarily focuses upon the movant with the "largest financial interest."
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Regulatory

• McGee vs. SEC ▶
No. 17-1240 (2nd Cir., 5/9/18)

The purchase of a non-security is made “in connection with the sale of a security,” where the surrender of a security is integral to the purchase.
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• Effex Capital, LLC vs. NFA ▶
No. 17-cv-04245 (N.D. Ill., 4/5/18)

A third person aggrieved by a NFA disciplinary action of the CFTC must first appeal the action to the CFTC, if necessary by petitioning to intervene, before raising them in court, unless such an appeal would be futile.
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Securities Customers

• Giunta vs. Dingman ▶
No. 17-1375-cv (2nd Cir., 6/19/18)

Liability is irrevocable, for purposes of determining whether a securities transaction is domestic, where the parties cannot revoke the transaction of their own accord, even though regulatory action is a condition precedent.
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• Alpha Capital Anstalt vs. Real Goods Solar, Inc. ▶
No. 1:17-cv-01186 (S.D. N.Y., 4/25/18)

*Under New York law, when interpreting a contract, a court must determine the intent of the parties from the language used in the contract. **An unambiguous contract must be enforced using the plain meaning of its terms; this requires considering not only the literal language, but also whatever may be reasonably implied.
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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

Ben Suter
Keesal Young & Logan
San Francisco, CA
    Paul J. Dubow
Arbitrator • Mediator
San Francisco, CA


Pete S. Michaels
Greenberg Traurig LLP
Boston, MA
    Jill I. Gross
Elisabeth Haub School of Law
Pace University
White Plains, NY

Jeremy A. Root
Stinson Leonard Street LLP
Jefferson City, MO



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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