Monday, July 23, 2012

11th Circuit Affirms BankAtlantic JNOV!

In a major win for Gene Stearns and his client BankAtlantic, the 11th Circuit has affirmed (on other grounds) the JNOV entered by Judge Ungaro after a large plaintiff's securities fraud jury verdict:
In this case, we conclude that the evidence was insufficient to support a finding of loss causation, an element required to make out a securities fraud claim under Rule 10b-5. See, e.g., Dura Pharm., Inc. v. Broudo, 544 U.S. 336, 342, 125 S. Ct. 1627, 1631, 161 L. Ed. 2d 577 (2005) (listing among the elements of a § 10(b) securities fraud claim “loss causation, i.e., a causal connection between the material misrepresentation and the loss” (emphasis omitted) (internal quotation marks omitted)). We therefore affirm.
This was a long, expensive war but score one for Stearns and his team.

8 comments:

  1. It only cost twelve million

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  2. Another classic from Judge Tjoflat. Best part is his reliance on evidence not in the record to conclude that the Florida real estate market was so bad the loans were destined to tank, so it was OK to lie to investors for several months.

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  3. I would have done it for six.

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  4. 6 traffic tickets?

    state hack

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  5. Do you think maybe you should pay for photos that you use? It looks a little silly to use them when they still have the water mark on them from the owner.

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  6. lotsa cranky people posting lately

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  7. as soon as 8:40 pays for reading the blog

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  8. 9:15-- Good one!!

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