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- Judith Wallace Quoted by Law360 Regarding Dismissal of Federal Securities and Commodities Lawsuit Against CL&M Client
Judith Wallace Quoted by Law360 Regarding Dismissal of Federal Securities and Commodities Lawsuit Against CL&M Client
Litigation counsel Judith Wallace was quoted in the March 21 Law360 article “Morrison Sinks Russian Investors’ $75M Thor Fraud Suit.” In dismissing the lawsuit, brought by former sales agents and investors located in Russia against a Nevis hedge fund and other defendants, U.S. District Judge Kimba M. Wood held that the plaintiffs failed to allege a domestic transaction.
Wallace said the ruling was an important decision that helps clarify the scope of federal law for Commodity Exchange Act claims, as well as for any federal claim arising out of an international financial transaction. “Morrison [v. National Australia Bank Ltd. ] concerned federal securities law, and [this] decision continues the trend of extending the reach of the Morrison standard to other statutes, now including the Commodity Exchange Act,” Wallace told Law360. “Judge Wood [also] agreed that private plaintiffs asserting Commodity Exchange Act claims must allege an injury from a commodity trade that meets the pleading requirements set forth by the Second Circuit in Absolute Activist [v. Ficeto].”
Defendants were represented by CL&M counsel Judith Wallace and associate Alexander G. Malyshev, supervised by partner Gary D. Sesser.
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