Tag Archives: Judge Sweet

Defendants Move to Dismiss “Magnetar” Suit Relating to CDO Allegedly Designed to Fail

As we blogged about before, an Italian bank that provided $180 million in credit protection on a CDO called “Pyxis” sued U.S. hedge fund Magnetar and others for allegedly conspiring to secretly place risky assets into Pyxis so that Magnetar could bet against the CDO and profit from its collapse. This evening, two [UPDATE: three] … Continue Reading

Status Update: Multiple Class Action Lawsuits Following IPO

At least three class action lawsuits have now been filed stemming from Facebook’s May 17 IPO, and there are surely more to follow. The first to be filed (Goldberg v. Nasdaq) names Nasdaq – not Facebook – as a defendant and alleges that the exchange “badly mishandled” the IPO, damaging class-members “in a variety of … Continue Reading

SEC Defendant Seeks Certification of Judge Sweet Ruling that Investment Advisers Act Can Be Applied Extraterritorially

Yesterday, defendant Perry Gruss moved to certify for immediate appeal Judge Sweet’s recent ruling in SEC v. Gruss concerning the extraterritorial application of the Investment Advisers Act. In a case of first impression, Judge Sweet held that that the Supreme Court’s decision in Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010), did … Continue Reading