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SAC's ONLINE LITIGATION ALERT: 2019-04 (01/22/2019)
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Class Actions

• Sfiraiala vs. Deutsche Bank AG ▶
No. 17-2560 (2nd Cir., 4/13/18)

Proof of scienter requires knowledge of the falsity of statements at the time they were made.
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• City of Cambridge Ret. Sys. vs. Altisource Asset Mgmt. Corp. ▶
No. 17-2471 (3rd Cir., 11/14/18)

Statements by affiliated companies which a defendant does not control fail to satisfy the “maker” requirement of §10(b) of the 1934 Act, and evidence of transactions or SEC regulatory action involving such other affiliates is too speculative to create a plausible inference of fraud against defendant.
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• The Pension Trust vs. J. Jill, Inc. ▶
No. 1:17-cv-11980 (D. Mass., 12/20/18)

“Fraud by hindsight,” or contrasting a defendant’s past optimism with less favorable actual results, does not satisfy the pleading requirements in securities fraud case.
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Regulatory

• SEC vs. Sethi ▶
No. 17-41022 (5th Cir., 12/4/18)

Summary judgment on securities fraud claims confirmed, where defendant told investors he had established relationships with major oil and gas companies, but those relationships did not exist, and investors were prevented from exercising any control over the venture’s operations.
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• USA vs. Baker ▶
No. 17-51034 (5th Cir., 1/7/19)

Former CEO’s criminal conviction for wire fraud and securities fraud affirmed where any error in admitting summary witness testimony was cured by limiting instruction, prior deposition testimony of unavailable witness did not satisfy Rule 804(b)(1), and jury instruction regarding elements of wire fraud was not erroneous.
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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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