Tag Archives: Second Circuit

Second Circuit Reverses Judge Rakoff’s $1.2 Billion Penalty in BOA-Countrywide FIRREA Litigation

Today, the Second Circuit reversed Judge Rakoff’s $1.2 billion penalty against Bank of America/Countrywide for FIRREA violations (see our previous coverage here).  The case involved allegations that BoA/Countrywide had sold faulty mortgages to Fannie Mae and Freddie Mac, originally brought as a qui tam suit under the False Claims Act in which the government intervened.  The Second … Continue Reading

New York Court of Appeals Will Hear Copyright Issue Judge McMahon Originally Certified for Interlocutory Appeal

The New York Court of Appeals has accepted a certified question from the Second Circuit regarding whether New York copyright holders for pre-1972 recordings (governed by state copyright law, and not the federal Copyright Act) have a right to exclusive public performance of those recordings.  The case, initially before Judge McMahon, arose after Sirius XM played songs by The Turtles (including the … Continue Reading

Second Circuit Sides With NFL in DeflateGate Appeal

In a decision today, the Second Circuit, by a 2-1 vote, reversed Judge Berman’s ruling in the DeflateGate case, effectively reinstating Tom Brady’s four-game suspension for his role in deflating footballs used during the 2015 AFC Championship Game. Tom Brady and the NFL Player’s Association focused their appeal on the fact that, based on the … Continue Reading

Second Circuit Allows Recovery of 7-Carat Diamond Against Innocent Buyer, Rejecting UCC “Merchant Entrustment” Rule

Yesterday, the Second Circuit reversed a decision by Judge Scheindlin granting summary judgment in favor of two plaintiffs seeking to confirm ownership of a 7.4-carat diamond under the UCC’s “merchant entrustment” rule (see our original coverage of the case here).  The defendant below, the original owner of the diamond, had lent the diamond to a celebrity … Continue Reading

Second Circuit Rules That District Court Should Have Limited, But Not Excluded Entirely, Damages Expert Testimony in Pfizer Securities Class Action

The Second Circuit today held, in a shareholder class action accusing Pfizer of concealing the cardiovascular risks of two drugs, that Judge Swain should not have excluded entirely the testimony of the plaintiffs’ damages expert — a decision which had effectively ended the case (see our prior posts here and here).  The Second Circuit agreed with Judge … Continue Reading

Second Circuit Affirms Judge Oetken’s Decision Dismissing Art Authenticator’s Defamation Claims Against the New Yorker

The Second Circuit today affirmed Judge’s Oetken’s decision from August 2013 dismissing defamation claims against the New Yorker stemming from a 2010 profile of Peter Paul Biro, a specialist in art authentication through fingerprint analysis who was featured in the documentary Who the #$&% is Jackson Pollock?.  The Second Circuit found that Rule 8 requires a … Continue Reading

Second Circuit Affirms Judge Pauley’s Decision Rejecting Class Action Waiver Antitrust Claims Against Credit Card Companies

The Second Circuit yesterday affirmed an April 2014 decision by Judge Pauley (covered here) rejecting claims that American Express, Citi and Discover colluded to add arbitration clauses barring class actions to their standard card agreements.  Judge Pauley had previously ruled that the defendants had acted individually, and not collusively, when adding class action waivers to their arbitration clauses.  … Continue Reading

Second Circuit Upholds New York’s Credit Card Surcharge Ban

The Second Circuit this morning upheld New York State’s ban on credit card “surcharges.” Judge Rakoff had earlier found (see our coverage here) that the law, § 518 of the General Business Law, likely violated the First Amendment because it imposed criminal penalties for calling extra credit card fees “surcharges” but allowed merchants to offer the … Continue Reading

Second Circuit Affirms Antitrust Ruling Against Apple in E-Books Case

In a 2-1 opinion yesterday, the Second Circuit affirmed the bench trial findings of Judge Cote that Apple orchestrated a price fixing conspiracy with book publishers to collectively raise the $9.99 per-book price that Amazon was charging and that publishers believed was damaging to their business in the long term. Apple signed contracts with the publishers … Continue Reading

Second Circuit Affirms Judge Torres’ Denial of Police Unions’ Request to Intervene in Stop-and-Frisk Cases

The opinion’s introduction summarizes the holding as follows: We hold that the police unions’ motions to intervene are untimely and do not assert an interest that the law seeks to protect. The unions knew, or should have known, of their alleged interests in these controversial and public cases well before they filed their motions in September 2013. For years now, … Continue Reading

Judge Rakoff Questions Second Circuit While Reluctantly Approving SEC-Citi Settlement

In an opinion today, Judge Rakoff, following a remand from the Second Circuit (see our post here), relucutantly approved the $285 million SEC-Citibank settlement that he had previously rejected and that involved no admission of wrongdoing. Judge Rakoff offered a few criticisms of the Second Circuit’s decision, even as he concluded that it compelled the … 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

Second Circuit Orders Release of Memo Discussing Legality of Drone Strikes

As we wrote about early last year, Judge McMahon reluctantly dismissed two FOIA suits seeking disclosure of a secret government memo addressing the legality of drone strikes on U.S. citizens.  Now, the Second Circuit has reversed that decision and ordered that the government produce the memo (known as the OLC-DOD Memorandum) in response to FOIA requests made … Continue Reading

Second Circuit Affirms Judge Nathan’s Denial of Television Networks’ Motion for Preliminary Injunction

In an opinion issued today, a divided panel of the Second Circuit affirmed Judge Nathan’s denial of the motion for a preliminary injunction by a group of television networks against internet television provider Aereo. As we have covered in several prior posts, the networks are seeking to prevent what they claim is unauthorized infringing use … Continue Reading
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