March 2015

In an opinion yesterday, Judge Forrest denied (for the most part) various motions to dismiss the collection of cases alleging an antitrust conspiracy among commodity trading firms and their affiliated warehouse operators relating to the price of aluminum.  She had dismissed an earlier version of the case because it alleged only parallel (not conspiratorial) conduct (see here), but the updated pleadings, she ruled, are now sufficient:
Continue Reading Judge Forrest Allows Aluminum Warehouse Antitrust Case (As Amended) to Proceed

In an opinion issued today, Judge Pauley lamented the “troubling trend toward prolixity in pleading [that] is infecting court dockets in this district and elsewhere.”  Pointing to the 175-paragraph complaint, “larded with more than 1,400 pages of exhibits” and the 303-page, 1,263-paragraph counterclaim in a “relatively straightforward” case, Judge Pauley admonished both sides for their failure to adhere to Rule 8’s exhortation that a pleading contain a “short and plain statement of the claim.”
Continue Reading Judge Pauley Bemoans Needlessly Long and Complicated Pleadings

In an opinion today, Judge Swain ruled Section 13 of the Securities Act, which states that no action may be brought “more than three years after the security was bona fide offered to the public” was not extended by the so-called “FDIC Extender Provision” of the Financial Institutions Reform, Recovery, and Enforcement Act (or

In an opinion Friday, Judge Rakoff denied class certification in an class action accusing various defendants connected to a hedge fund of trading on insider information to the detriment of investors who traded around the same time. Judge Rakoff disqualified one of two proposed class representatives because he had an undisclosed arrangement for an attorney

In an opinion yesterday, Judge Hellerstein emphatically rejected the arguments of a Spanish bank, Banco Bilbao Vizcaya Argentina (S.A.) (“BBVA”), that, under the recent Supreme Court decision in Daimler v. Bauman and the Second Circuit’s recent ruling in Gucci v. Li, the Court lacked jurisdiction to enforce a subpoena seeking information that related to judgment collection and that was located outside the New York branch:
Continue Reading Judge Hellerstein Rules That Spanish Bank With New York Branch Must Gather Information Globally for Judgment Collection Subpoena

In an opinion yesterday, Judge Hellerstein emphatically rejected the arguments of a Spanish bank, Banco Bilbao Vizcaya Argentina (S.A.) (“BBVA”) that, under the recent Supreme Court decision in Daimler v. Bauman and the Second Circuit’s recent, ruling in Gucci v. Li, the Court lacked jurisdiction to enforce subpoenas seeking information related to judgment collection,

The Federal Housing Finance Agency (or “FHFA,” as conservator for Fannie Mae and Freddie Mac) sued 18 banks in 2011 for misrepresenting the quality of mortgage bonds. All but Nomura and RBS have settled, for a total of around $18 billion.  The trial against Nomura and RBS begins Monday before Judge Cote. It will be

On Tuesday, Magistrate Judge Francis issued a Report and Recommendation to Judge Torres in which he recommended  denying class certification in a gender bias case against Goldman Sachs.  The plaintiffs allege that Goldman’s practices of “360 Reviews” (employee reviews by peers, subordinates and superiors) and “quartiling” (requiring managers to rank their employees by placing them in groups, or “quartiles,” from best to worst performers) discriminate against women. Judge Francis found that individualized causation and damages issues were too predominate for classwide treatment:
Continue Reading Judge Francis Recommends Denying Class Certification in Goldman Gender Bias Case

In an opinion Thursday, Judge Crotty granted Oprah Winfrey summary judgment in a case that was brought by a  motivational speaking business, Own Your Power Communications, Inc., and that accused Ms. Winfrey of wrongfully using the phrase “Own Your Power” in her magazine, on her website and elsewhere.  Judge Crotty found that the mark had not acquired “secondary meaning” and thus was not protectable:
Continue Reading Judge Crotty Dismisses Trademark Case Against Oprah Over Phrase “Own Your Power”