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SAC's ONLINE LITIGATION ALERT: 2018-38 (10/09/2018)
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Arbitration

• Hwang vs. Mirae Asset Securities (USA), Inc. ▶
No. 1020/18 (N.Y. App. Div., 1Dept., 10/2/18)

When the employment agreement containing an arbitration clause is signed before the Form U4, the execution of the U4 may be interpreted by the courts as extinguishing conflicting clauses in the employment agreement.
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Business & Employment

• Macquarie Capital (USA) Inc. vs. Morrison & Foerster ▶
No. 5165, 2018 NY Slip Op 00091 (N.Y. App. Div., 1Dept., 1/9/18)

A law firm may not shift to its client the legal responsibility it was specifically hired to undertake; therefore, a court may not dismiss a legal malpractice claim on the ground that the plaintiff received prior constructive notice of the malpractice, where the information purportedly noticed might require a legal counsel’s interpretation.
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Class Actions

• Taksir vs. The Vanguard Group ▶
No. 17-3585 (3rd Cir., 9/4/18)

*In order to be “in connection with” the purchase or sale of a covered security under SLUSA, a misrepresentation must be material to the transaction. **Single-digit overpayments of flat per-transaction commissions in an account valued in excess of one-half million dollars are objectively immaterial to the transaction.
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• Feinberg vs. T. Rowe Price Group, Inc. ▶
No. 17-0427 (D. Md., 8/20/18)

*ERISA imposes fiduciary standards on those responsible for administration of employee benefit plans. **Fiduciaries must act solely in the best interest of the plan participants; must diversify the plan investments to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; must act under the Plan documents where those documents follow ERISA; and must exercise the care, skill, prudence, and diligence that a prudent man acting in like capacity would use under the existing circumstances.
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Regulatory

• SEC vs. Gault ▶
No. 16-55780, 2018 U.S. App. LEXIS 27255 (9th Cir., 9/24/18)

A defendant may be liable for falsely certifying the accuracy of financial statements in a report to the SEC, regardless of whether it is material to investors.
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Securities Customers

• National Credit Union Administration Board vs. U.S. Bank N.A. ▶
No. 17-756-cv (2nd Cir., 8/2/18)

*When a party transfers title to residential mortgage-backed securities to a trust, and the trust transfers all of its title to a third party, the original transferee does not have derivative standing to sue the third party. **A court does not abuse its discretion in denying a second opportunity to amend a complaint to a party that ignores the court’s pleading guidance.
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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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