450 results for 'cat:"Securities"'.
J. Silva grants the trust’s motion for leave to amend in this class action against the Las Vegas Sands Corporation, some of its directors and executive officers, brought on allegations of misrepresentation and omissions made regarding sales of its securities. The trust fails to state a claim for certain years of the alleged class period. As amendment would not be futile, the claims are dismissed in part, but with leave to amend.
Court: USDC Nevada, Judge: Silva, Filed On: August 8, 2023, Case #: 2:20cv1958, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, Trusts, Contract
J. Holmes finds that the lower court properly found against a series of salepersons and their affiliates who sold solar lenses to investors that were later alleged by the government to be a part of a solar energy tax scheme. Individuals and entities that were paid commissions for selling those lenses were then sued with fraudulent transfer and unregistered sales of securities claims by a court-appointed receiver. The lower court properly ordered those who received commissions to pay disgorgement. The solar lens scheme was an investment contract subject to securities laws that required them to be registered under the law, which they were not. And because the commission payments were based on illegal contracts that broke those securities laws, returning those payments was the correct remedy. Affirmed.
Court: 10th Circuit, Judge: Holmes, Filed On: August 7, 2023, Case #: 21-4065 , Categories: Remedies, securities, Contract
[Consolidated.] J. Bolden grants final approval of the settlement agreement, ruling that there is no evidence of coercion or bad-faith negotiations on the part of either party, while only one objection from a potential class size of 160,000 proves the result is fair and the settlement amount will adequately compensate all participants.
Court: USDC Connecticut, Judge: Bolden, Filed On: August 4, 2023, Case #: 3:18cv1818, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Settlements, securities, Class Action
Want access to unlimited case records and advanced research tools? Create your free CasePortal account now. No credit card required to register.
Try CasePortal for Free
J. Stein dismisses this securities class action against the Chinese news-aggregation app, its directors and officers, and its corporate underwriters relating to its IPO. The investors have not stated with sufficient particularity that the app intentionally placed illegal ads on its platform but failed to disclose that strategy.
Court: USDC Southern District of New York, Judge: Stein, Filed On: August 3, 2023, Case #: 1:20cv6707, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Class Action
[Consolidated.] J. Hardwick finds that the commission properly approved the securitization of costs in an amount less than the utility requested. The commission's calculation of the amount of energy transition costs for a retired plant is supported by the evidence, and did not err by reducing the amount of power purchase costs in connection with a winter storm that the utility could recover through securitization. Affirmed.
Court: Missouri Court Of Appeals, Judge: Hardwick, Filed On: August 1, 2023, Case #: WD85800, Categories: Energy, securities, Agency
J. Stewart finds the trial court properly convicted defendants for conspiracy to commit wire fraud affecting a financial institution, conspiracy to commit securities fraud, and eight counts of aiding and abetting securities fraud. In “a classic Ponzi-like scheme,” defendants transferred money from one fund to pay distributions to another fund’s investors. Though several claims of error are argued, none rise to abuses of discretion or other reversible error. No statements made by the prosecutor prejudiced defendants’ substantial rights. Time limits did not jeopardize the trials fairness. Cumulative error is inapplicable. Affirmed.
Court: 5th Circuit, Judge: Stewart, Filed On: July 31, 2023, Case #: 22-10511, Categories: Fair Trial, Fraud, securities
J. Lorenz grants the SEC's motion to dismiss a law firm's move for a declaratory judgment that engaging in transactional activities on the Ethereum Network does not violate the Securities Act of 1933. The claim is not ripe for review, as the SEC has not issued firm guidance on whether the Ethereum Network and Ether digital currency units are securities. It is also unclear whether the SEC would bring a lawsuit against the law firm, so there is no controversy under the "firm prediction rule."
Court: USDC Southern District of California, Judge: Lorenz, Filed On: July 28, 2023, Case #: 3:22cv1832, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities
J. Srinivasan grants a petition challenging the Securities and Exchange Commission's decision to change futures on the SPIKES Index to futures, rather than security futures, in order to promote competition with futures on the VIX Index. The SEC failed to sufficiently explain why SPIKES futures must be regulated as futures to promote competition.
Court: DC Circuit, Judge: Srinivasan, Filed On: July 28, 2023, Case #: 21-1038 , Categories: securities
J. Hunt partially grants a group of Doe stock market traders' motions to dismiss securities fraud claims brought by a stock broker firm. The firm claims the Doe traders made and cancelled trades in rapid succession amid a market dip in 2015, creating a false market midpoint for S&P 500 index options and allowing the Does to sell the put options at artificially inflated prices. The stock firm has plausibly alleged its manipulation, scienter and loss causation claims, but not its Illinois Securities Laws of 1953 violation claim.
Court: USDC Northern District of Illinois, Judge: Hunt, Filed On: July 27, 2023, Case #: 1:20cv4947, NOS: Other Statutory Actions - Other Suits, Categories: Fraud, securities, Trade
Master David grants a shareholder access to company books and records so he can value his shares and exit his investment through a sale. All arguments were abandoned at trial save for the purported cancellation of shares for failure to pay a "subscription receivable," which fails due to non-compliance with statutory procedures and failure to document the debt.
Court: Delaware Chancery Court, Judge: David, Filed On: July 27, 2023, Case #: 2023-0241-BWD, Categories: Civil Procedure, securities, Discovery
J. Dever denies, in part, an individual's motion to dismiss an investment company's claims related the individual's alleged misappropriation of funds from its virtual wallet. The company sufficiently pleads its claims for conspiracy and conversion.
Court: USDC Eastern District of North Carolina, Judge: Dever, Filed On: July 25, 2023, Case #: 5:22CV503, NOS: Other Fraud - Torts - Personal Property, Categories: Fraud, securities, Conversion
J. Gordon dismisses a counterclaim brought by the borrower who defaulted in this suit brought by the lenders on allegations of fraudulent transfer of stock. A breach of fiduciary duty claim alleges the stock transfer resulted in unjust enrichment to the company owners while they failed to pay the debt. The owners say the lenders intentionally assisted the breach of a duty through their interaction with other parties, and the "shifting" allegations do not give the lenders fair notice of who is asserting the claim, in what capacity, and on what factual basis.
Court: USDC Nevada, Judge: Gordon, Filed On: July 25, 2023, Case #: 2:22cv1206, NOS: Other Fraud - Torts - Personal Property, Categories: Fraud, securities, Fiduciary Duty
J. Peterson denies the brother's motion to dismiss the sister's lawsuit, which alleges that the brother and the corporate officer fraudulently induced her to sell her 20% ownership interest in her family's company for $1.3 million, only for the brother and the corporate officer to sell the company for $162 million 15 months later, denying her $32 million in the process. The sister plausibly alleges that the brother and the corporate officer fraudulently induced her to sign the redemption agreement because they withheld key information, such as how the brother and the corporate officer regularly received offers to buy the company, which could have changed her mind about selling her shares at that time.
Court: USDC Western District of Wisconsin, Judge: Peterson, Filed On: July 24, 2023, Case #: 3:22cv400, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Contract
J. Mehta grants, in part, the SEC's motion to compel disclosure of company client names a law firm withheld in connection with a cyberattack on the firm's IT systems, during which those clients' files were compromised. The commission's demand for the names does not exceed its authority or violate the constitution.
Court: USDC District of Columbia, Judge: Mehta, Filed On: July 24, 2023, Case #: 1:23mc2, NOS: Other Statutory Actions - Other Suits, Categories: securities, Privacy
J. Peterson denies the brother, corporate officer and company's motion to dismiss the sister's lawsuit claiming she was deceived and pressured into selling her 20% ownership interest in the family business for $1.3 million before the brother sold the company one year later for $162 million, effectively defrauding her of around $32 million she would have received from the sale if she had not unloaded her shares at a falsely deflated value. The sister has pleaded her claims, including those for federal-law securities fraud and state-law fraud, breach of fiduciary duty and civil theft, with sufficient clarity and specificity, so all 15 claims survive.
Court: USDC Western District of Wisconsin, Judge: Peterson, Filed On: July 24, 2023, Case #: 3:22cv400, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Fiduciary Duty
J. Menashi finds that the district court improperly dismissed RICO claims contending plaintiff's brother looted their father's estate as executor. The RICO amendment cited by the brother did not apply to the claims because the alleged instances of fraud did not involve buying or selling securities. Reversed.
Court: 2nd Circuit, Judge: Menashi, Filed On: July 24, 2023, Case #: 21-2105, Categories: securities, Racketeering
J. Young declines to dismiss the investors' securities action against software company Pegasystems and its CEO after the company was ordered to pay more than $2 billion for stealing another company's trade secrets. It can be inferred that the CEO "was aware of, participated in, and directed" Pegasystems' espionage against the other company, and that Pegasystems rewarded the authors of the conspiracy with cash bonuses. The investors sufficiently allege that Pegasystems deceived them when it promised to never use illegal means to acquire a competitor's trade secrets and when it later reassured the investors that the other company's claims were without merit.
Court: USDC Massachusetts, Judge: Young, Filed On: July 24, 2023, Case #: 1:22cv11220, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Class Action
J. Duncan remands this case for the district court to enter a preliminary injunction while it considers the investors' challenge to the Commodity Futures Trading Commission's rescission of its “no-action letter,” which allowed the online political futures market to operate without registering under federal law. The CFTC’s rescission of the no-action letter was an abrupt change, and likely arbitrary and capricious. Reversed and remanded.
Court: 5th Circuit, Judge: Duncan , Filed On: July 21, 2023, Case #: 22-51124, Categories: securities, Agency, Injunction
J. Garaufis adopts a magistrate judge’s report and recommendation and grants preliminary approval for a class action settlement to resolve allegations of securities violations brought by the stockholders of a 3D printer manufacturing company. The court finds the agreed-upon terms of the settlement, including a $400,000 settlement award, to be reasonable and negotiated in good faith.
Court: USDC Eastern District of New York, Judge: Garaufis, Filed On: July 19, 2023, Case #: 1:21cv2383, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, Class Action