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SAC's ONLINE LITIGATION ALERT: 2018-14 (04/09/2018)
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Feature Article

• Supreme Court Rules That State Courts Can Adjudicate Class Actions Under the Securities Act of 1933 ▶

By Jonathan E. Richman*
 
The Supreme Court ruled last month that the 1998 amendments to the federal securities laws did not strip state courts of jurisdiction over class actions alleging violations of only the Securities Act of 1933. The Court further held that those amendments do not empower defendants to remove those federal-law cases from state to federal court.

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Arbitration

• Zweiback Family Limited Partnership vs. Lincoln Benefit Life Co. ▶
No. S-17-324, 299 Neb. 180 (Neb. Sup. Ct., 3/2/18)

*In Nebraska, the denial of a motion to compel arbitration is appealable when the moving party offers the arbitration agreement into evidence in the court below. **Evidence that a party is an “associated person” of an arbitration agreement signatory is insufficient to prove that he was the “Investment Custodian” or a “Related Person," where the agreement uses those terms to describe to which individuals’ disputes the agreement applies.
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Business & Employment

• Krohne Fund, L.P. vs. Simonsen ▶
Nos. 14-35668 & 14-35713 (9th Cir., 3/9/17)

A court's function, in interpreting a contract, is to give effect to the mutual intention of the parties, to ascertain that intention from the writing alone, if possible, and to enforce the language of the contract as written.
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Class Actions

• Waterford Township Police & Fire Retirement System vs. Regional Management Corp. ▶
No. 17-598 (2nd Cir., 1/26/18)

Allegations of material misrepresentations must be backed with allegations that the claims were not believed at the time they were made or that, if believed, were so unreasonable as to render such a belief unfounded.
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• Webb vs. SolarCity Corporation ▶
No. 16-16440 (9th Cir., 3/8/18)

The core operations doctrine to establish scienter does not apply where the affected area is only a minor part of the defendant’s operation.
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• Contant vs. Bank of America Corp. ▶
No. 17-cv-3139 (S.D. N.Y., 3/15/18)

*In order to have standing to bring an antitrust claim under federal law, where plaintiffs are not direct purchasers from defendants, plaintiffs must demonstrate a sufficient link between defendant’s conduct and their injury. **In order to have standing to bring an antitrust claim under either federal or state law, plaintiffs must allege that the defendant’s conduct proximately caused their injury. ***In order to obtain injunctive relief under the antitrust laws, plaintiffs must allege ongoing misconduct.
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Regulatory

• SEC vs. Kokesh ▶
No. 15-2087, 2018 U.S. App. LEXIS 616 (10th Cir., 3/5/18)

Each act of misappropriation of investor’s funds committed by a securities professional is a discrete violation of the securities laws and, therefore, a new five-year limitations period for the imposition of penalties under 28 U.S.C. §2462 applies to each violation.
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• USA vs. Petersen ▶
No. 16-15603 (11th Cir., 9/13/17)

A criminal defendant convicted of securities fraud cannot show that he is entitled to a new trial merely because the Government failed to give him notice of an investigation of another individual involving a similar fraud, where his conviction related to offenses distinct from the other individual’s involvement in the fraud.
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Securities Customers

• Harris vs. The Depository Trust & Clearing Corp. ▶
No. 72529 (Nev. Sup. Ct., 2/15/18)

The act of holding shares that are the subject of a dispute or even of owning those shares does not constitute the purposeful availment that permits a finding of specific personal jurisdiction.
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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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Supreme Court Rules That State Courts Can Adjudicate Class Actions Under the Securities Act of 1933: The Court’s decision in Cyan, Inc. v. Beaver County Employees Retirement Fund affirms that SLUSA preserves state courts’ jurisdiction over class actions brought under the Securities Act of 1933. In our latest feature article, Jonathan E. Richman, Esq. of Proskauer Rose analyzes the decision and its impact on the securities law landscape.

   
   
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