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Docket: Investor Protection

Case Name: Chadbourne & Parke LLP v. Troice

Court: U.S. Supreme Court    Docket: 12-79, 12-86, 12-88

Read Summary and AARP's Amicus Brief (PDF)

Case Issue:  Do either the federal Securities Litigation Uniform Standards Act (SLUSA) or the Private Securities Litigation Reform Act (PSLRA) preclude or preempt private remedies under state law for alleged fraudulent acts involving securities not covered under either federal act?

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: Omnicare v. Laborers Dist. Council Constr. Indus.Pension Fund

Court: U.S. Supreme Court    Docket: 13-435

Read Summary and AARP's Amicus Brief (PDF)

Case Result: Securities issuers may be liable for statements of opinions in their registration statements if they omit a fact relevant to the opinion and disclosure of the omitted fact, and it is necessary to make the statement not misleading to a reasonable investor.

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 Issue: In a securities fraud action, can investors rely on an investment management firm's public statements that the firm has extensive procedures to prevent conflicts of interests, or are those statements immaterial "puffery"?

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.

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

Court: N.Y. Ct. App. Supreme Court    Docket: 401720/05

Read AARP's Amicus Brief (PDF)

Case Result: AG allowed to seek equitable/injunctive relief against two former corporate officers for their roles in alleged fraudulent activity.

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