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SAC's ONLINE LITIGATION ALERT: 2019-27 (07/15/2019)
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Arbitration

• INTL FCStone Financial, Inc. vs. Jacobson ▶
No. 19 C 1438 (N.D. Ill., 6/4/19)

Federal jurisdiction over a motion to compel arbitration may be found in the underlying complaint, through a “look-through” by the court into the nature of the action addressed in the complaint.
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• Kinsella vs. JAMS, Inc. ▶
No. D073159, Cal. App. Unpub. LEXIS 4089 (Cal. App., 4Dist., 6/18/19)

A jury verdict denying CLRA, UCL and FAL claims is upheld because there was substantial evidence supporting the finding that alleged misrepresentations did not cause the Plaintiff to incur financial harm.
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Business & Employment

• Stifel Financial Corp. vs. Iannarino ▶
No. 2:18-cv-1223 (S.D. Ohio, 5/9/19)

Courts will generally enforce provisions in loan agreements for a high commercial interest rate and for attorney’s fees, but only to the extent they are reasonable and not in contravention of local statutes (e.g., usury).
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Class Actions

• Evans vs. ZB, N.A., dba California Bank & Trust ▶
No. 18-15094, 2019 U.S. App. LEXIS 18781 (9th Cir., 6/24/19)

The District Court’s order dismissing the Complaint is reversed because Plaintiff’s alleged sufficient factual matter to support some, if not all, of their claims for relief.
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Regulatory

• Gentile vs. SEC ▶
No. 19-5155 (D. N.J., 5/14/19)

Though Section 702 of the Administrative Procedure Act generally waives SEC sovereign immunity from suit, an exception to such waiver for “other [statutory] limitations on judicial review” would include the subpoena enforcement procedures of Section 21(c) of the 1934 Act, the exclusive remedy for challenging SEC investigations and subpoena enforcement in court.
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Securities Customers

• Michaelian vs. Lawsuit Financial, Inc. ▶
No. 17-13321 (E.D. Mich., 3/20/19)

To the extent parties conduct themselves in a manner that manifests assent to an agreement in writing, that the agreement is unsigned will not prevent its enforceability.
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• Hussein vs. UBS Bank USA ▶
No. 20170709-CA (Utah App., 6/6/19)

*Ordinarily, no fiduciary relationship exists between a bank and its customer. **Under agency law, an agent cannot make his principal responsible for the agent’s actions unless the agent is acting pursuant to either actual or apparent authority. ***Apparent authority can be inferred only from the acts and conduct of the principal. ****A belief that results solely from the statements or other conduct of the agent, unsupported by any manifestations traceable to the principal, does not create apparent authority.
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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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