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Docket: Investor Protection

Case Name: China Agritech v. Resh

Court:  U.S. Supreme Court Docket:  17-432

Read Amicus Brief (PDF) and Decision (PDF)

Case Result: Court unanimously held that the American Pipe Tolling doctrine does not permit the filing of a subsequent class action lawsuit if certification is denied in a timely filed class action lawsuit.

Case Name: Merrill Lynch v. Manning

Court: U.S. Supreme Court   Docket: 14-1132

Read Summary AARP's Amicus Brief (PDF)

Case Result:  The decision resolves a split among the circuits regarding the breadth of Section 27 of the Securities Act. The Court ruled that a defrauded securities investor was entitled to sue in state court for state claims.

Case Name: Pension Funds v. Goldman Sachs Group

Court: U.S. Ct. App. 2d Cir.    Docket: 16-250-cv

Read AARP's Amicus Brief (PDF)

Case Result: The District Court correctly held that plaintiffs need not prove the materiality of defendants’ misstatements at the class certification stage, however it is not clear whether the District Court precluded Goldman Sachs from rebutting the presumption that Goldman’s misstatements affected the price of their stock. Case remanded to clarify whether or not Goldman met their burden of proving that their misstatements did not affect the market price of their stock.

Case Name: People, State of New York v. Greenberg

Court: N.Y. Ct. App.    Docket: APL-2015-00172

Read Summary AARP's Amicus Brief (PDF)

Case Result: The court confirmed that New York's Martin Act authorizes disgorgement and rejected the defendants' preemption challenge to a disgorgement remedy. The court also confirmed that a permanent injunction under state antifraud statutes does not require proof of irreparable harm.

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