27 Cited authorities

New Hampshire v. Maine
532 U.S. 742 (2001) Cited 4,541 times 17 Legal Analyses
Holding that under the doctrine of judicial estoppel, “New Hampshire is equitably barred from asserting—contrary to its position in the 1970's litigation—that the inland Piscataqua River boundary runs along the Maine shore”
Herman MacLean v. Huddleston
459 U.S. 375 (1983) Cited 1,311 times 11 Legal Analyses
Holding that an express remedy under § 11 of the 1933 Act for misleading registration statements did not preclude an overlapping implied private cause of action for fraudulent misrepresentation under § 10(b) of the 1934 Act
Securities & Exchange Commission v. First Jersey Securities, Inc.
101 F.3d 1450 (2d Cir. 1996) Cited 1,232 times 5 Legal Analyses
Holding that owner-officer who collaborated in unlawful conduct of firm may be held jointly and severally liable with firm for disgorgement of unlawful gains received
Randall v. Loftsgaarden
478 U.S. 647 (1986) Cited 274 times 1 Legal Analyses
Holding that, in securities fraud cases, “ordinarily the correct measure of damages ... is the difference between the fair value of all that the plaintiff received and the fair value of what he would have received had there been no fraudulent conduct”
In re Flag Telecom Holdings
574 F.3d 29 (2d Cir. 2009) Cited 353 times 2 Legal Analyses
Holding that plaintiffs' evidence of news events and the expert's event study did not provide sufficient evidence of causation
New Jersey Carpenters Health Fund v. Royal Bank of Scotland Group, PLC
709 F.3d 109 (2d Cir. 2013) Cited 292 times 1 Legal Analyses
Holding statements in RMBS prospectus supplements could be material
Plumbers' Union v. Nomura Asset Acceptance
632 F.3d 762 (1st Cir. 2011) Cited 162 times 4 Legal Analyses
Holding that investment ratings were opinions about the value and prospects of certificates, not statements of fact
Securities & Exchange Commission v. Management Dynamics, Inc.
515 F.2d 801 (2d Cir. 1975) Cited 437 times
Holding that as "vice-president in charge of trading," aider and abettor "occupied a prominent position within the company[]" such that the "apparent authority exercised by [him]" created liability under agency principles
Cromer Finance Ltd. v. Berger
137 F. Supp. 2d 452 (S.D.N.Y. 2001) Cited 191 times 1 Legal Analyses
Holding that substantial assistance exists "where a defendant affirmatively assists, helps conceal, or by virtue of failing to act when required to do so enables the fraud to proceed"
In re Lehman Bros
650 F.3d 167 (2d Cir. 2011) Cited 115 times
Holding that because ratings issued by rating agencies “speak merely to the Agency's opinion of the creditworthiness of a particular security,” ratings “should be evaluated under the ‘expert’ provision of § 11, not under the ‘underwriter’ provision”
Section 77l - Civil liabilities arising in connection with prospectuses and communications
15 U.S.C. § 77l Cited 823 times 22 Legal Analyses
Authorizing relief if the offering documents contain just one untrue statement of material fact
Section 6622 - Interest compounded daily
26 U.S.C. § 6622 Cited 192 times 3 Legal Analyses
Providing for the imposition and calculation of interest
Section 240.12b-2 - [Effective 7/1/2024] Definitions
17 C.F.R. § 240.12b-2 Cited 250 times 14 Legal Analyses
Defining "control" as "the power to direct or cause the direction of the management and policies of a [company], whether through the ownership of voting securities, by contract, or otherwise"

Federal Housing Finance Agency v. Nomura Holding America, Inc. et al

27 Cited authorities

Holding that under the doctrine of judicial estoppel, “New Hampshire is equitably barred from asserting—contrary to its position in the 1970's litigation—that the inland Piscataqua River boundary runs along the Maine shore”

Holding that an express remedy under § 11 of the 1933 Act for misleading registration statements did not preclude an overlapping implied private cause of action for fraudulent misrepresentation under § 10(b) of the 1934 Act

Holding that owner-officer who collaborated in unlawful conduct of firm may be held jointly and severally liable with firm for disgorgement of unlawful gains received

Holding that, in securities fraud cases, “ordinarily the correct measure of damages ... is the difference between the fair value of all that the plaintiff received and the fair value of what he would have received had there been no fraudulent conduct”

Holding that plaintiffs' evidence of news events and the expert's event study did not provide sufficient evidence of causation

Holding statements in RMBS prospectus supplements could be material

Holding that investment ratings were opinions about the value and prospects of certificates, not statements of fact

Holding that as "vice-president in charge of trading," aider and abettor "occupied a prominent position within the company[]" such that the "apparent authority exercised by [him]" created liability under agency principles

Holding that substantial assistance exists "where a defendant affirmatively assists, helps conceal, or by virtue of failing to act when required to do so enables the fraud to proceed"

Holding that because ratings issued by rating agencies “speak merely to the Agency's opinion of the creditworthiness of a particular security,” ratings “should be evaluated under the ‘expert’ provision of § 11, not under the ‘underwriter’ provision”

Authorizing relief if the offering documents contain just one untrue statement of material fact

Providing for the imposition and calculation of interest

Defining "control" as "the power to direct or cause the direction of the management and policies of a [company], whether through the ownership of voting securities, by contract, or otherwise"