Tag Archives: Judge Crotty

Judge Crotty Grants TRO Halting Suspension of Cowboys Running Back Ezekiel Elliott

In a short Order this evening, Judge Crotty (sitting in Part I for Judge Failla), granted the NFL Players Association a TRO to place on hold the six-game suspension of Cowboys running back Ezekiel Elliott. The ruling explains that, absent a TRO, “Mr. Elliott would suffer irreparable harm because he stands to miss more than one-third of the … Continue Reading

Judge Crotty:  No Customer Standing Where Receipts Wrongfully Printed Too Many Credit Card Digits

In an opinion Wednesday, Judge Crotty dismissed a class action accusing a retailer of violating a law (referred to as “FACTA”) requiring that no more than the final five digits of credit cards be printed on receipts.  The plaintiff allegedly received receipts exposing 10 digits.  Judge Crotty found that the Supreme Court’s decision last year … Continue Reading

Second Circuit Affirms Summary Judgment in Trademark Case Against Oprah

This week, the Second Circuit affirmed Judge Crotty’s grant of summary judgment dismissing trademark claims against Oprah Winfrey over use of the phrase “Own Your Power” (see our previous coverage here).  The Second Circuit agreed with Judge Crotty that use of the phrase “Own Your Power” was fair use and did not infringe on the name … Continue Reading

Judge Koeltl: Movie Studio Had No Duty to Disclose “Wells” Notices Regarding Control Fight With Carl Icahn

In an opinion Friday, Judge Koeltl dismissed a shareholder class action against the movie studio Lions Gate.  The case concerned how the company disclosed an SEC enforcement action over how Lions Gate handled various transactions designed to ward off efforts by investor Carl Icahn for control.  The SEC action was ultimately settled for $7.5 million, and the … Continue Reading

Judge Crotty: People Magazine Editor Alleging Race Discrimination Cannot Get Discovery About What Stories People Chose to Publish

In a decision yesterday, Judge Crotty denied a motion by a former People magazine editor, who claims that she was fired based on her race and that People magazine was only interested “in printing [articles] concerning . . . ‘White middle-class suburbia,’” to compel discovery concerning what stories People chose to publish.  He found the … Continue Reading

Judge Crotty Rules that Securities Act Statute of Repose Bars Replacing Deceased Class Representative After Time Limit

Judge Crotty ruled yesterday that a proposed new class representative’s claims against Barclays (concerning the sale of American Depository Shares from 2006-2008) were barred by the Securities Act’s statute of repose, and thus untimely.  The original class representative died during the litigation.  The plaintiffs argued that the claims of the replacement plaintiff related back under Rules … Continue Reading

Goldman Sachs Seeks Summary Judgment in Securities Class Action Over CDOs Allegedly Designed to Fail

Goldman Sachs today moved for summary judgment in a shareholder class action (covered previously here) accusing the firm of making various public statements about its business practices that were allegedly fraudulent in light of Goldman allegedly later structuring CDOs to fail. For one of those CDOs, called ABACUS, Goldman settled with the SEC for $550 … Continue Reading

SDNY Blog Returns as Steptoe Blog

The SDNY Blog is relaunching as a publication of Steptoe & Johnson LLP.  We expect to post several times a week on decisions and other developments in the Southern District of New York.  You can find us right here at www.sdnyblog.com, or follow us on Twitter or Facebook. Here’s a quick summary of what’s been happening in the Southern … Continue Reading

Judge Crotty Dismisses Trademark Case Against Oprah Over Phrase “Own Your Power”

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 … Continue Reading

Judge Crotty Dismisses Derivative Action against JP Morgan Executives Based on Recent Multi-Billion Dollar Settlements

In a ruling yesterday, Judge Crotty dismissed a derivative action against fifteen JP Morgan Chase current and former executives and board members, including bank chief Jamie Dimon. The complaint alleged that that JP Morgan was damaged by six recent, high profile settlements with government agencies and private litigants that cost the firm billions. The plaintiff, … Continue Reading

Judge Crotty: Massive 91st Street Trash Center Plan May Proceed

In a ruling this morning, Judge Crotty dismissed a pair of lawsuits that aimed to block the construction of a “massive, 70,000 square foot, 10-story tall” trash-transfer center at the East River on 91st Street in Manhattan. As Judge Crotty explained, the 91st location has had a long and important role in trash disposal in … Continue Reading

Judge Crotty: Three New Second Circuit Opinions on “Puffery” Do Not Merit Reconsideration in Goldman Case

In an opinion issued yesterday, Judge Crotty denied Goldman Sachs’ motion for reconsideration of his refusal to dismiss securities fraud claims that Goldman argued were inactionable “puffery.”  See our post on that decision here. Goldman had pointed to three subsequent Second Circuit opinions — in City of  Pontiac Policemen’s & Firemen’s Ret. Sys. v. UBS AG, … Continue Reading

Falcone Says “So What” to SEC Allegations

On Friday, hedge fund manager Philip Falcone filed two motions to dismiss SEC charges against him and his firm, Harbinger Capital.  (A prior post on the charges is here.)  One set of charges accuses Falcone of a “short squeeze” — buying up securities to “squeeze” short sellers into paying more to cover their shorts — and … Continue Reading

Judge Crotty Rejects Ex-Fannie Mae Executives’ Bid to Dismiss SEC Charges

Last Friday, Judge Crotty denied the attempt of three former Fannie Mae executives to dismiss the SEC’s charges that they mislead investors about the company’s exposure to subprime mortgages. Judge Crotty found that the SEC had adequately alleged that Fannie Mae’s “quantitative subprime disclosures were misleading” because “they failed to include all loans that fell … Continue Reading

Judge Crotty Allows Shareholder Class Action Against Goldman to Proceed Relating to CDOs Designed to Fail, Except Finds No Duty to Disclose Wells Notice

Judge Crotty today mostly denied Goldman Sachs’s motion to dismiss a shareholder class action relating to various CDOs allegedly designed to fail, including the transaction which led to a $550 million settlement with the SEC. The motion was granted to the extent Judge Crotty found Goldman had no duty to disclose the SEC’s Wells notice: … Continue Reading

Judge Crotty Rules Bond Insurer Need Not Show Actual Losses to Force Bank to Repurchase of Loans That Were Not As Warranted

In a key decision that will likely boost similar claims by bond insurers against banks, Judge Crotty ruled that bond insurer Syncora could force EMC, a former Bear Stearns business unit now owned by JP Morgan, to buy back home equity loans that were pooled together and used as collateral for notes sold to investors, when … Continue Reading