Tag Archives: Judge Marrero

Judge Marrero Rejects Trump’s “Sweeping” Claim to Immunity from DA Subpoena Over Tax Returns

In an opinion this morning, Judge Marrero dismissed President Trump’s lawsuit (see prior coverage here) seeking to block enforcement of a grand jury subpoena from the Manhattan District Attorney that seeks (among other things) Trump’s tax returns. Judge Marrero concluded that, while presidents may enjoy some measure of immunity from criminal process in some circumstances, … Continue Reading

President Trump Sues to Halt Manhattan DA’s Grand Jury Subpoena for Tax Returns

In a complaint filed today (hat tip: Courthouse News), President Trump sued to enjoin the Manhattan District Attorney from enforcing a grand jury subpoena issued to his accountants seeking (among other things) various of President Trump’s tax returns.  President Trump also simultaneously sought a temporary restraining order, and the application will be heard by Judge Marrero … Continue Reading

Group of States Challenge SEC Rule Setting Standard of Care Broker-Dealers Owe Customers

In a complaint filed this week, a group of seven states (plus the District of Columbia) sued the SEC for having adopted a rule that allegedly does not comply with the mandate in the 2010 Dodd-Frank law for broker-dealers to make recommendations “without regard to” the broker-dealers’ own interests, similar to the fiduciary obligation investment … Continue Reading

Judge Marrero Allows New York State Challenge to Federal Fintech Banking Charters to Proceed

Earlier this month, Judge Marrero denied a motion to dismiss a complaint brought by the New York State Department of Financial Services (DFS) against the U.S. Comptroller of the Currency (OCC).  The complaint challenged the Comptroller’s decision to begin issuing special purpose national banking (SPNB) charters to financial technology (“fintech”) companies that, among other things, … Continue Reading

Cardozo Law Review Publishes Special Issue On Litigation Costs, Inspired by Judge Marrero Essay

The Cardozo Law Review has published a special issue, inspired by a 2016 essay from Judge Marrero entitled The Costs of Rules, the Rule of Costs, focusing on the way modern practice and procedure have needlessly made litigation so expensive and slow.  The special issue includes (among other things) a follow up article from Judge Marrero … Continue Reading

Judge Marrero Imposes $1,000 Sanction for Double Spacing Fudge

In a brief order Thursday, Judge Marrero imposed a sanction of $1,048.09 against a party that deliberately broke his individual rule requiring briefs be double-spaced: At the March 24, 2017 hearing regarding plaintiff CafeX Communications’s (“CafeX”) Motion for a Preliminary Injunction (“Motion,” Dkt. No. 8.) the Court found that defendant Amazon Web Services, Inc. (“Amazon”) … 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

Judge Marrero Won’t Allow Standard Chartered to Make “Counterproductive” Motion for Summary Judgment in Madoff Case

In the ongoing civil litigation against Madoff feeder fund Fairfield Greenwich and others (see our previous coverage here), Judge Marrero took the unusual step yesterday of denying Standard Chartered’s request for a pre-motion conference for their contemplated summary judgment motion.  Standard Chartered had argued that a summary judgment motion was appropriate on a number of grounds, including timeliness, SLUSA preclusion, and … 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 Marrero Rejects SAC’s Argument that SEC Disgorgement Amount Fully Covered Investor Damages

In an opinion today, Judge Marrero denied SAC Capital’s motion to dismiss a class action brought by investors in Wyeth and Elan stock who traded contemporaneously with trades that SAC allegedly made based on inside information. SAC argued (among other things) that it already disgorged to the SEC an amount larger than the amount sought … Continue Reading

In CDO Case, Judge Forrest Rules That New, Helpful Facts Cannot Revive Expired Claims

In an opinion today, Judge Forrest dismissed as untimely claims by a Korean bank, Woori bank, against Citi arising from Woori’s investment in Citi-sponsored CDOs.  Woori argued that it did not have the facts for its claims until the Financial Crisis Inquiry Commission Report in 2011, but Judge Forrest —  echoing a similar decision by … Continue Reading

Judge Marrero Rejects PwC’s In Pari Delicto Defense in MF Global Case

In his latest MF Global ruling, issued today, Judge Marrero denied PriceWaterhouseCooper’s motion to dismiss a $1 billion malpractice and negligence suit brought by the bankrupt brokerage firm’s plan administrator. PwC had acted as an outside auditor and accountant for MF Global before it went bankrupt.  The plan administrator alleged that PwC “engaged in ‘extraordinary … Continue Reading

Judge Marrero Approves $614 Million SAC Capital Settlement With SEC in Light of Second Circuit Ruling in Citi Case

As expected, the Second Circuit’s decision in a pending appeal involving Citibank paved the way for Judge Marrero to approve, in an opinion today, the SEC’s proposed $614 million settlement with SAC Capital. Judge Marrero initially expressed concern about the settlement being on a “neither-admit-nor-deny” basis, but, since then, a jury found former SAC Capital … Continue Reading

Second Circuit Reverses Judge Rakoff’s Rejection of “No Admission” SEC Settlement With Citi

In an opinion today reversing Judge Rakoff’s highly publicized decision to reject Citi’s $285 million settlement between the SEC and Citi that involved no admission of wrongdoing, the Second Circuit held that, in reviewing consent decrees with the SEC, district courts should not address the “adequacy” of settlements: It is an abuse of discretion to … Continue Reading

Judge Marrero Rules on Another Motion to Dismiss MF Global Claims

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 … Continue Reading

In Beastie Boys Case, Judge Engelmayer Limits Lanham Act Damages to Cases of Willful Violations or Actual Confusion; Excludes Expert Testimony Failing “Laugh Test”

Judge Engelmayer issued an opinion yesterday resolving several motions in limine relating to an upcoming trial concerning the Beastie Boys’ suit accusing the makers of Monster Energy drinks of using Beastie Boys songs in promotional videos without authorization. Judge Engelmayer largely denied the Beastie Boys’ motion to exclude the testimony of Erich Joachimsthaler, a branding … Continue Reading

Judge Marrero Largely Denies Motion to Dismiss Customer Class Action Against MF Global

In a 79-page decision today, Judge Marrero largely denied a series of motions to dismiss a class action brought by customers of MF Global against the company and others formerly affiliated with the company. Echoing an earlier 105-page ruling denying a motion to dismiss a securities class action brought by MF Global shareholders, Judge Marrero … Continue Reading

Judge Maas Rejects Request to Depose SEC Officials to Prove Madoff’s Elusiveness

In the civil litigation against the Madoff feeder fund Fairfield Greenwich, its auditors and others, Judge Maas on Thursday (Thanksgiving Day), denied the defendants’ letter motion to compel depositions of two SEC employees for the purpose of showing that, since Madoff successfully deceived the SEC, he could have also deceived the defendants.  Judge Maas found … Continue Reading

Madoff Case Raises Standard of Review When SEC or Other Agencies Balk at Nonparty Subpoenas

In the civil litigation against the Madoff feeder fund Fairfield Greenwich and other related parties, the SEC and the defendants recently exchanged briefs on the standard for determining whether the SEC must comply with a nonparty subpoena.  The defendants want to depose current and former SEC employees to elicit testimony showing that, since Madoff successfully … Continue Reading

Judge Furman Joins Consensus Endorsing “Self-Affecting” Theory of FIRREA; Splits with Judge Marrero on Scope of Predicate Bank Fraud Law

In an opinion today, Judge Furman largely denied Wells Fargo’s motion to dismiss a government lawsuit relating to its underwriting of government-insured mortgage loans. Judge Furman joined Judges Rakoff and Kaplan in holding that the Financial Institutional Reform, Recovery, and Enforcement Act (“FIRREA”), which allows the government to pursue civil charges against those who commit … Continue Reading

SEC Opposes Subpoenas for Its Employees to Testify About Having Missed Madoff Fraud

In the civil litigation against the Madoff feeder fund Fairfield Greenwich and other related parties, the defendants issued deposition subpoenas to nine current and former SEC employees for the purpose of eliciting testimony showing that, since Madoff successfully deceived the SEC, he could have also deceived the defendants.  In a letter from the SEC posted … Continue Reading
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