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SAC's ONLINE LITIGATION ALERT: 2018-08 (02/20/2018)
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Arbitration

• Daly vs. Citigroup Inc. & Citigroup Global Markets, Inc. ▶
No. 16-cv-9183 (S.D. N.Y., 2/6/18)

A whistleblower claim brought pursuant to the Dodd-Frank Act is arbitrable where it is covered by a valid arbitration agreement.
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Business & Employment

• Wilbanks Securities, Inc. vs. National Union Fire Ins. Co. of Pittsburgh ▶
No. 16-294 (W.D. Okla., 2/6/18)

A “fidelity bond” does not provide coverage unless loss directly results from employee dishonesty.
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Class Actions

• Schwab vs. E*Trade Fin. Corp. ▶
No. 16-CV-05891 (S.D. N.Y., 1/20/18)

*Plaintiffs are required to prove their reliance in a §10(b) private cause of action for securities fraud, which will be presumed under the U.S. Supreme Court case Affiliated Ute Citizens only where no positive statements exist, and reliance is therefore as a practical matter impossible to prove. **A strong inference of scienter cannot be raised with conclusory allegations based on job titles.
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Regulatory

• USA vs. Harris ▶
No. 17-3087 (6th Cir., 2/5/18)

When a criminal defendant presents credible evidence that a juror may have been prejudiced against him by extraneous information, a court should investigate the claim and/or hold an evidentiary hearing on the matter.
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• USA vs. Wilson ▶
No. 17-1076 (7th Cir., 1/12/18)

*In a criminal proceeding, it is the exclusive function of the jury to determine the credibility of witnesses, resolve evidentiary conflicts and draw reasonable inferences. **A defendant seeking to overturn a jury conviction by claiming the Government did not present evidence sufficient to support the verdict faces a substantial burden.
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• SEC vs. Drake ▶
No. 2:17-cv-06204, 2017 U.S. Dist. LEXIS 208662 (C.D. Cal., 12/18/17)

*In the investment context, a difference of tenths of points in an investment advisor rate may be material. **Dismissal of a defendant’s aiding and abetting liability on the ground that it is based on the same conduct as his primary liability is premature at the pleading stage.
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Securities Customers

• McDonald vs. Palacios ▶
Nos. 16-16926 & 16-16927 (9th Cir., 1/24/18)

A showing of loss causation requires that defendant falsely represent the very facts that later prove a substantial factor in plaintiff’s economic loss.
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BOARD OF CONTRIBUTING LEGAL EDITORS

Richard P. Ryder
Editor-in-Chief, SLC

Senior Contributing Editors:

Sarah G. Anderson
Attorney at Law
Charleston, SC

Jill I. Gross
Elisabeth Haub School of Law
Pace University
White Plains, NY

Ben Suter
Keesal Young & Logan
San Francisco, CA
    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

Pete S. Michaels
Greenberg Traurig LLP
Boston, MA


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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