In an opinion issued yesterday, Judge Marrero granted in part and denied in part the latest motion to dismiss one of a “plethora” of lawsuits against MF Global, Jon Corzine and other former employees and directors of the now-defunct firm. With this his third ruling in the past several months on claims based on the same set of operative facts, Judge Marrero praised the parties for recognizing that certain of their arguments had been ruled upon in the prior decisions, while noting that they were still re-arguing some points that had already been decided:
As the parties forthrightly admit, the Court’s ruling in the Commodities Customer Action effectively disposes of several of Sapere’s claims. The Court appreciates the extent to which the parties have acknowledged areas of agreement and consensus.
However, the Complaint filed here contains claims beyond those made in the Commodities Customer Action. Sapere raises causes of action for fraud and violation of New York state law, and it has brought claims against defendants not sued in the Commodities Customer Action. To this extent, Sapere repeats the failures made by the plaintiffs in the Commodities Customer Action: it has “brought claims that fly in the face of clear precedent” and “brought other claims against some defendants who could not plausibly bear responsibility for any of the harm
[Sapere] allege[s]. And Sapere’s lengthy, 75 page opposition memorandum of law cannot save those claims because “[n]o amount of argument can overcome the lack of legal support for several of the claims [Sapere] filed in this action.
Prior posts on the MF Global cases are here.