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.
Monday, July 23, 2012
11th Circuit Affirms BankAtlantic JNOV!
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: