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SAC's ONLINE LITIGATION ALERT: 2020-03 (01/21/2020)
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Arbitration

• Jamieson vs. Securities America, Inc. ▶
No. 19 CV 1817 (S.D. N.Y., 12/20/19)

When a broker-dealer signatory to arbitration and a non-signatory RIA affiliate are accused of violating similar obligations under the container contract and are alleged to be jointly liable, the non-signatory may rely upon the PDAA to compel arbitration.
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• Lincoln Financial Advisors Corp. vs. Ards ▶
No. 03-18-00437-CV (Tex. App., Austin, 12/19/19)

Investment brokerage’s motion to compel arbitration of non-signatory trust beneficiary’s claims was properly denied where beneficiary was not named as an account holder and her claims were not premised on the account agreements that contained arbitration clauses.
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Business & Employment

• MV Realty PBC, LLC vs. Innovatus Capital Partners, LLC ▶
Nos. 18-3671 & -3676 (2nd Cir., 12/30/19)

Mutual mistake is defense to a breach of contract claim only if the mistake is material to the foundation of the agreement.
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• Strong vs. Cochran ▶
No. 2:14-cv-00788-TC-EJF, U.S. Dist. LEXIS 222667 (D. Utah, 12/30/19)

The Court grants in part and denies in part the motions for clarification and reconsideration, and denies the motions for additional discovery and to bifurcate trial.
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• US Coal Corp. vs. Dinning ▶
No. J-A08023-19 (Pa. Super. Ct., 10/29/19)

*Absent an agreement, claims of breach, promissory estoppel, unjust enrichment, and misrepresentation will not preserve a deal broker’s right to compensation in a failed joint venture opportunity. **Though under Pa. appellate procedure an order awarding sanctions is separate from merits disposition, and ordinarily will not render an appeal of the underlying merits timely, where the Court specifically identifies the sanctions order as the “final order,” jurisdiction over the earlier merits disposition will lie.
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Class Actions

• McDowell vs. Bracken ▶
No. 18-12762 (11th Cir., 12/20/19)

Appellate Court confirms lower court’s dismissal of derivative action against company and its board of directors for failure to demonstrate demand on the board to take action was futile.
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Regulatory

• CFTC vs. Escobio ▶
No. 19-11027 (11th Cir., 1/6/20)

Appellate Court reverses contempt order of district court that the district court used to enforce a money judgment against an alleged violator of the Commodities Exchange Act.
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Securities Customers

• Ritchie Capital Management, LLC vs. McGladrey & Pullen, LLP ▶
No. 1-18-0806 (Ill. App., 1Dist., 12/31/19)

The Bankruptcy Code’s automatic stay did not prevent investors in a bankrupt hedge fund from suing the hedge fund’s accountants for malpractice and thus their suit against the accountants after the conclusion of the bankruptcy case is dismissed as untimely.
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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


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

    Paul J. Dubow
Arbitrator • Mediator
San Francisco, CA


Christopher G. Lazarini
Bass Berry & Sims PLC
Memphis, TN
    Samuel B. Edwards
Shepherd Smith Edwards & Kantas, LLP
Houston, TX


Ben Suter
Keesal Young & Logan
San Francisco, CA



Contributing Editors:

David C. Franceski, Jr.
Stradley Ronon
Stevens & Young LLP
Philadelphia, PA

Burton W. Wiand
Wiand Guerra King PL
Tampa, FL
    James L. Komie
Howard & Howard
Chicago, IL








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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