chadbourne
parke
llp
troice
et
argued
october
decided
february
securities
litigation
uniform
standards
act
litigation
act
act
forbids
bringing
large
securities
class
actions
based
upon
statutory
common
law
state
plaintiffs
allege
misrepresentation
omission
material
fact
connection
purchase
sale
covered
security
act
defines
covered
security
include
relevant
securities
traded
national
exchange
four
sets
plaintiffs
respondents
filed
civil
class
actions
state
law
contending
defendants
petitioners
helped
allen
stanford
companies
perpetrate
ponzi
scheme
falsely
representing
uncovered
securities
certificates
deposit
stanford
international
bank
plaintiffs
purchasing
backed
covered
securities
district
dismissed
case
litigation
act
although
certificates
deposit
covered
securities
concluded
bank
misrepresentation
holdings
covered
securities
made
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uncovered
securities
secure
provided
requisite
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litigation
act
plaintiffs
actions
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securities
fifth
circuit
reversed
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holdings
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act
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merrill
lynch
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fenner
smith
dabit
fourth
reads
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act
light
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exchange
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associates
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affirmed
breyer
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opinion
roberts
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thomas
ginsburg
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dismissal
suits
district
plaintiffs
actions
respondents
say
allen
stanford
several
companies
ran
multibillion
dollar
ponzi
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essentially
stanford
companies
sold
plaintiffs
certificates
deposit
stanford
international
bank
certificates
debt
assets
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rate
return
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green
plaintiffs
expected
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international
bank
use
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buy
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associates
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investors
repay
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finance
elaborate
lifestyle
finance
speculative
real
estate
ventures
department
justice
brought
related
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charges
allen
stanford
jury
convicted
stanford
mail
fraud
wire
fraud
conspiracy
commit
money
laundering
obstruction
securities
exchange
commission
investigation
stanford
sentenced
prison
required
forfeit
billion
sec
noting
bank
certificates
deposit
fell
within
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exchange
act
broad
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filed
civil
case
allen
stanford
stanford
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bank
related
stanford
companies
associates
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civil
action
imposed
civil
penalty
billion
plaintiffs
four
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class
actions
private
investors
bought
bank
certificates
deposit
two
groups
plaintiffs
filed
actions
louisiana
state
firms
individuals
helped
sell
bank
certificates
working
investment
advisers
affiliated
stanford
provided
companies
trust
insurance
accounting
reporting
services
defendants
included
respondent
sei
investments
company
plaintiffs
claimed
defendants
helped
bank
perpetrate
fraud
thereby
violating
louisiana
state
law
two
groups
plaintiffs
filed
actions
federal
northern
district
texas
one
group
sued
willis
colorado
related
willis
companies
bowen
miclette
britt
two
insurance
brokers
group
sued
proskauer
rose
chadbourne
parke
two
law
firms
groups
claimed
defendants
helped
bank
allen
stanford
perpetrate
fraud
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regulators
thereby
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texas
securities
law
louisiana
defendants
removed
cases
federal
judicial
panel
litigation
moved
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cases
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district
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single
federal
judge
heard
four
class
actions
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cases
moved
dismiss
complaints
district
concluded
litigation
act
required
dismissal
recognized
certificates
deposit
covered
securities
litigation
act
nationally
listed
regulated
national
exchange
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pet
cert
complaint
one
way
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alleged
fraud
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misrepresentations
bank
maintained
significant
holdings
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stable
governments
strong
multinational
companies
bank
ownership
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securities
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act
see
also
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circuit
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litigation
act
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cowen
cds
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vague
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bank
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act
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defendants
four
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fraudster
buy
sell
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add
merrill
lynch
pierce
fenner
smith
dabit
held
litigation
act
precluded
suit
plaintiffs
alleged
fraudulent
manipulation
stock
prices
material
securities
transactions
also
inducing
plaintiffs
hold
stocks
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point
truth
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sold
citing
modify
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reach
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act
several
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act
light
consistent
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exchange
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refer
persons
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firms
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sixteen
law
professors
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curiae
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admits
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fraudster
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appear
text
result
constrict
application
federal
securities
regulation
instances
dishonest
brokers
insider
traders
lying
employees
purchase
sell
securities
promise
part
fraud
today
decision
introduces
confusion
enforcement
securities
laws
reasons
submitted
judgment
appeals
reversed
footnotes
together
willis
colorado
et
al
troice
et
proskauer
rose
llp
troice
et
also
certiorari