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- CL&M Obtains Dismissal of Federal Securities and Commodities Claims In Case of First Impression Under the U.S. Supreme Court’s Decision in Morrison
CL&M Obtains Dismissal of Federal Securities and Commodities Claims In Case of First Impression Under the U.S. Supreme Court’s Decision in Morrison
CL&M counsel Judith Wallace and associate Alexander G. Malyshev, supervised by partner Gary D. Sesser, secured the dismissal of a $50 million dollar claim by former sales agents and certain investors against a hedge fund located in Nevis, in a federal lawsuit in the Southern District of New York. In a case of first impression, Judge Kimba M. Wood held that the U.S. Supreme Court’s decision in Morrison v. Nat’l Austl. Bank and the standard set forth by the Second Circuit Court of Appeals in Absolute Activist Value Master Fund Ltd. V. Ficeto for federal securities claims also apply to claims under the federal Commodity Exchange Act.
Plaintiffs alleged jurisdiction in Federal court on allegations of securities fraud under §10-b, Rule 10b-5, and §20(a) of the Securities Exchange Act (“SEA”) and commodities fraud under §4o of the Commodity Exchange Act (“CEA”).
CL&M also represents the defendants in a similar case, Loginovskaya v. Batratchenko, 12-cv-00336 (S.D.N.Y., 2012), before Judge J. Paul Oetken, where the same arguments regarding the CEA were presented. That case was argued on March 8, 2013, and a decision is pending.
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