7 results for 'cat:"Securities" AND cat:"Damages"'.
J. Tenney holds that a company's former COO failed to preserve his challenge to the damages the trial court awarded after finding the company had violated securities law by misrepresenting stock options it had offered him as compensation. He was awarded damages based on the difference between value of his labor and his undercompensation in salary. He failed to argue at trial that he should have been awarded a value equal to the options' strike price multiplied by the number of shares offered. Affirmed.
Court: Utah Court Of Appeals, Judge: Tenney, Filed On: May 2, 2024, Case #: 20220733-CA, Categories: Employment, securities, damages
J. Whitney grants a motion to approve the consent judgment between the SEC and an agent who is hereby restrained from acting as an investment adviser, and who must pay $350,000 in fees and disgorgement in three installments.
Court: USDC Western District of North Carolina, Judge: Whitney, Filed On: April 29, 2024, Case #: 3:22cv246, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, damages
J. Navarro grants the stock transfer agent’s motion to deposit funds after the stockholder filed suit alleging its and the tech company’s failure to register and transfer his shares of stock. The stockholder would have received $187,500 for shares but for the agent’s refusal to register and transfer the shares. The court awarded the stockholder damages accounting for the loss at which he sold his shares during the lawsuit as the agent distributed them. The award does not remedy the period in which the stockholder was deprived the use and value of the stock’s money, and the tech company is equally liable.
Court: USDC Nevada, Judge: Navarro, Filed On: October 25, 2023, Case #: 2:21cv2040, NOS: Stockholders’ Suits - Contract, Categories: securities, damages, Business Expectancy
J. Lamberth grants, in part, a group of investors' motion for entry of judgment with pre-judgment interest in their case against Fannie Mae, in which a jury awarded them $299 million. Simple, fixed interest is awarded, as they have failed to show compound interest is warranted, nor have they challenged a fixed interest rate.
Court: USDC District of Columbia, Judge: Lamberth, Filed On: October 24, 2023, Case #: 1:13cv1053, NOS: Other Statutory Actions - Other Suits, Categories: securities, damages
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. Cote partially denies the cryptocurrency exchange's motion to dismiss Electronic Fund Transfer Act claims stemming from its alleged failure to implement adequate security protections for accountholders. The accountholders may recover only statutory damages, not actual damages, for the alleged violations because there is no "substantial nexus" between the violation and their losses.
Court: USDC Southern District of New York, Judge: Cote, Filed On: August 23, 2023, Case #: 1:22cv1602, NOS: Other Personal Property Damage - Torts - Personal Property, Categories: securities, damages, Technology
[Consolidated.] J. Park finds that the district court properly calculated disgorgement at $64 million in civil enforcement claims regulators brought against an investment adviser after his criminal indictment for insider trading uncovered a decade of thefts from his employer and clients. Precedent and amendments made to the exchange act authorize disgorgement as a remedy, and the sum reasonably approximated profits gained in the wrongdoing. However, any gains on assets that had been frozen must be addressed on remand to evaluate possible relationships to fraud. Affirmed in part.
Court: 2nd Circuit, Judge: Park, Filed On: June 28, 2023, Case #: 21-1686 (L), Categories: securities, damages