Judge Marrero

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In an opinion filed today, Judge Marrero conditionally approved a $614 million insider trading settlement between the SEC and SAC Capital — the largest insider trading settlement ever (see our prior post).  The approval is contingent on a ruling from the Second Circuit that raises similar questions of whether and when it is appropriate for courts to approve SEC settlements in which the defendants neither admit nor deny wrongdoing. Judge Marrero seemed to indicate, however, his view that the practice may not be appropriate in all cases:
Continue Reading Judge Marrero Conditions Approval of $614 Million SAC Capital Settlement on Pending Second Circuit Ruling

In an opinion yesterday, Judge Rakoff rejected a motion from the trustee of Bernard Madoff’s securities firm to void a $410 million settlement between the New York Attorney General and certain Madoff feeder funds associated with Ezra Merkin. Judge Rakoff found that the trustee had simply waited too long:
Continue Reading Judge Rakoff Denies Madoff Trustee’s Attempt to Halt NYAG Settlement With Feeder Fund

In a decision yesterday, Judge Marrero denied a motion from the trustee for Bernard Madoff’s investment firm to declare void, and undo a preliminary partial settlement, in the “Anwar” class action against Fairfield Greenwich, a Madoff feeder fund.  Judge Marrero ruled that the Anwar plaintiffs were not customers or creditors of Madoff’s firm, but third parties with claims against Fairfield and other third parties. Judge Marrero first rejected the trustee’s argument that claims of the Anwar plaintiffs should be stayed on the ground that they would limit the recoverable assets of the debtor firm, referred to as “BLMIS”:
Continue Reading Judge Marrero Denies Madoff Trustee’s Motion to Void Class Action Against Feeder Fund

Judge Marerro yesterday certified a class against the Fairfield Greenwich feeder funds that invested with Bernard Madoff.  He rejected the argument that individual reliance questions precluded class certification:  “[E]ven assuming Defendants’ claims that certain communications to class members may not have been uniform, they allegedly were uniformly misleading.” The defendants also argued that class certification…

In a decision yesterday, Judge Marrero concluded that claims by Korea’s Woori Bank against Merrill Lynch over a failed CDO investment were time-barred. Judge Marrero rejected Woori’s argument that it lacked sufficient information to bring suit before the publication of a report from the Financial Crisis Inquiry Commission (“FCIC”):
Continue Reading Judge Marrero Dismisses CDO Case as Time-Barred, Concludes that Facts Were Available Long Before Government’s FCIC Report

As we have reported on before, a putative class action filed against Quicktrim, LLC and its celebrity spokespeople, the Kardashians of reality television fame, seeks to hold the Kardashians liable for deceptive marketing of the Quicktrim weight loss product. In an amended complaint filed today, the plaintiffs claim that Quicktrim is nothing but a caffeine pill, and the Kardashians have personally marketed it with their own web sites and even tweets, which direct readers to links to buy the product.
Continue Reading Putative Class Amends Complaint Against Quicktrim and Kardashians, Cites Deceptive Tweets