An irreverent Wall Street Blog
by Bill Singer

David Lerner And Apple REITs Defendants In Stunning Class Action Victory

April 5, 2013

In a dramatic Eastern District of New York Opinion by Judge Matsumoto, the Apple REITs class action Defendants' Motion to Dismiss was granted. David Lerner Associates and the Apple REITs emerge victorious in this contentious and high-profile class action. 

Read the Memorandum and Order. In Re Apple REITs Litigation (EDNY,11-CV-2919, April 4, 2013). As the Court noted on page 44 of its Opinion:

Here, however, Plaintiffs have failed to proffer an actionable theory of loss.

In sum, Plaintiffs' belabored Complaint appears only to confirm that the Apple REITs are currently functioning in exactly the manner that was anticipated and disclosed in the REITs' prospectuses and other offering documents. . .

In similarly stark and dismissive language, the Court states on page 47 of its Opinion:

As the court previously discussed, Plaintiffs have failed to sufficiently plead any damages as a result of Defendants' purported misrepresentations or omissions with respect to the Apple REITs. To the contrary, the Complaint alleges that Plaintiffs have in fact consistently earned money from the Apple REITs. (See Compl. ¶ 183 (discussing the REITs' "consistent 7-8% distributions").) Accordingly, Plaintiffs' claim for common law breach of fiduciary duty must be and is dismissed.

Permalink

Search BrokeAndBroker

Related Topics

Previous Entries

Tag Cloud

Bill Singer BrokeAndBroker FINRA Arbitration AWC SEC BrokeAndBroker.com Expungement Employment BrokerAndBroker Guest Blog Guest Blogger Street Sweeper Wells Fargo Bill SInger Jobs Aegis Frumento U5 OBA Fraud Promissory Note U4 Email Merrill Lynch Morgan Stanley EFL UBS Defamation Wire Fraud Elderly CRD Statutory Disqualification Forbes FBI Suitability PST InSecurities Ponzi ALJ Citigroup Whistleblower DOJ Borrowing Rule 3270 BrokeAndBroker BrokerCheck Supervision OHO NAC Form U4 IRS OIP Willful Supreme Court Outside Business Activity Bank Felony Ameriprise Expenses SDNY Wrongful Termination Rule 2080 Securities Industry Commentator Pro Se Wachovia IRA Mail Fraud Rule 8210 Discretion RIA Wife WSP Dodd Frank Insider Trading CCO NASD Raymond James Discovery Rule 1122 Husband Punitive Damages Conversion Business Expenses Form U5 Forgery Checks JP Morgan Rule 2010 Bankruptcy Trump Tax Willfulness Rule 3240 LPL Settlement Employment Tuesday Small Firm Estate Bar Madoff Rule 3040 Credit Card NYSE Frumento Stephen Kohn Outside Business Activities Private Securities Transaction Wall Street Annuities Edward Jones Margin Commissions Tax Liens Bank of America Facebook Promissory Notes Insurance 2Cir Rule 3280 Antitrust Indictment Impersonation Corrective Action Statement Real Estate Power of Attorney Schwab Exam Spouse Beneficiary ATM ETF Tax Lien SRO Mortgage Street Legal Test Injunction Misdemeanor TRO Signature Offer of Settlement Wire Case In Point OTR Options Complaint Rule 2510 Annuity Remand Trust Rule 12206 VA Lien ACQ Initial Decision Goldman Sachs NASDAQ Appeal Schapiro COVID CFTC ARS Barclays Away Account POA Trustee Securities Fraud Blockchain FAA email Liens Crypto Loan NSF Due Diligence T&P Employee Forgivable Loan Spouses Stay Sanctions Signatures RBC Bonus Conspiracy Eligibility Rule Jurisdiction NASAA PCAOB DCCir Customer Rule 4530 Motion to Dismiss Retaliation Unauthorized Discretion Money Laundering HFT Fidelity Deutsche Bank E*Trade Burris Compliance Rule 4511 Chase Great Recession Flash Crash Reg SP Mandatory Arbitration OWB Cease And Desist Dissent Board Failure to Supervise Solicitation Continuing Education Huffington Post Broker Protocol Credit Cards Severance arbitration Unsuitability Willfully LOA Explained Decision Fiduciary Vacatur Rule 3010 Discrimination Rule 12200 9Cir Undisclosed Settlement Hacking Scottrade Divorce MSSB JPMorgan Rule 3050 Gallagher Deceased Variable Annuity RRBDLAW.com Unfair Competition Registered Rep Magazine Customer Complaint Lehman Brothers Bharara Cryptocurrency Identity Theft Hacker Disgorgement Disclosure Unauthorized Trading Malware Motion to Vacate brokeandbroker Forex Stifel Variable Annuities Reimbursement REIT Coronavirus Lucia Retirement 10Cir Stockbrokers Apple Personal Expenses Letter of Authorization employment Examination Spoofing Audit Sexist Class Action TD Ameritrade Website Manifest Disregard Wedbush Sexism Wey Annual Compliance Questionnaire Bitcoin FINRA Arbitration LIBOR Second Circuit Self Regulation FINOP Net Capital Will Postponement Away Accounts Lehman Rule 12805 Social Media Solicited 2nd Circuit MC-400 RMBS Prison Commission Registration BOP Confidential Information Internet Zipper Statute of Limitations Due Process Loans BrokeAndBroker Bill Singer jobs Elder Abuse Brummer Private Placement BrokeAndBroker.com Blog BD CRS Telephone bill singer MetLife Dakota Securities Emails Hedge Fund IC3 Bureau of Prisons Newman Rule 3110 Kokesh RRBDlaw.com IAR ADA Trading Platform Indemnification China Waiver BrokeandBroker Bonds Fees Charles Schwab Plea Arbitraiton Rule 2111 Imposter Time And Price Marijuana Cheating FOREX Hilton Weiner Judgments Debit Card Rule 2150 Board of Governors Unjust Enrichment PNC WSPs Sanction Guidelines AML Unsolicited Morgan Keegan Private Securities Transactions expungement Public Interest Puerto Rico Regulation SP CE Diversity FINRA Board Crowdfunding Piwowar Rakoff Motion to Confirm Joshua Brown Check Kiting Stifel Nicolaus Small Firm Governor Auction Rate Securities Reg S-P Botkin 3Cir CPA Rule 9552 Suspension Counterclaim OSHA Bear Stearns SDFL Credit Suisse Testimony Concentration Protocol Compensation TOD Knight IPO Charge Lawyer Mutual Funds NYAG CNBC DOL Confirm Obstruction of Justice Widow Employment Agreement JOBS Act FNMA Rule 12504 Ketchum Bandimere ING Exhaustion of Administrative Remedies Termination Affinity Fraud Affiliate PN Rule 4513 Banc of America Wine TheBlot Cannabis Mother Hurry OIG Elder Fraud 4Cir Tortious Interference Gold EIA Restaurant Rule 2081 Rule 13805 Passcode Rosenthal Recruiting SAC Day Trading Pennystocks Pennystock Conflict Taxes Non Solicitation Appointments Clause USERRA Charity High Frequency Trading Testing Article V CEO Morgan Stanely Biden Raiding Rule 12904 Circuit Court Khuzami Broke And Broker Aleynikov Oppenheimer VIX Medicare Immunity Embezzlement MF Global TSSB Unsuitable Standing Dementia Margin Call Executor Confidential Bloomberg Check Wire Transfer Churning Inability to Pay Customer Information Series 7 Bank Fraud Reg D Stanford Shah Gilani Whistleblowing Feigenbaum Membership Continuance Sales Assistant Woody Allen Statutory Disqualification Committee Phishing Rule 13200 Johnny Burris Private Placements Libel SunTrust Layering Laptop Non-Solicitation BrokeAndBroke McDuff Written Supervisory Procedures Guitron Rule 2210 Consent Order OCIE securities industry commentator Casino EDNY Vault Whitman Government Accountability Project Linde Murphy Ethereum Yesenia Guitron FINRA AWC JPM Probate Parking Disability Trade Secrets Corruption Leveraged ETF Unauthorized Practice of Law Administrative Remedies Research WB-APP Self Regulatory Organization Attorneys Fees Joint Account White Aguilar Side Bar Amazon Outside Account Deferred Compensation ICO ACH Rule 12212 IM Corzine Racism Funds TCR Bid Rigging Commodities Fraud Negligence Sexual Harassment Eligibility HSBC Moon 6th Circuit 6Cir Failure To Supervise Information Test Center Chief Compliance Officer Unregistered Argentina Teleconference David Sobel RR Slander Morgan Stanley Smith Barney Motion to Compel PAQ Mutual Fund Wanger Lawyers 401k Accounting Nietzsche Obstruction AAA Medical Condition Vietnam Ride the Thunder Lincoln Financial Statement of Corrective Action Finder\'s Fee Poteroba Online Star Wars Subpoena Talman Harris Federal Reserve NPR Hugh Hewitt Sharemaster Marketplace Rule 3030 Kon Marines Constitution Form ADV Hearing Smith Barney Honorarium 9/11 Marine Corps Penson Elder Law Investor Alert Copyright Trading Kiting Judgment Counterfeit Stop Loss Texting Google Rory Flynn BrokeAndbroker Control Person Confirmation Fee BATS Dell NYG Capital BrokerAndBroker.com Rule 21F ESOP Arrest Hospital CDO SP Escrow Reform Disciplinary History Robinhood SD Cold Spring Advisory Group Jennifer Tarr LLC Over Concentration Female Do Not Call Moore FCPA Netschi Scholander Relevant Chevron Settling Away Capital Gains Attorneys\' Fees Turnover CGMI Non Solicit Pruco SIFMA Excessive Trading Self Directed David Lerner Oral Discretion Verbal Discretion 11Cir Schneiderman CD WaMu Saad Client Information Resignation Third Party Vendor Enforcement fraud Chiasson 11th Circuit Fifth Amendment Motion Timban Beneficiaries Stockbroker First Amendment Whistleblowers Meals RRBDlaw Life Insurance Preliminary Injunction Fines Chase Investment Services Death Regulation S-P 17a-5 TIC Annual Audit Selling Away Inside Information Blank Forms Florida YouTube FOCUS Investment Adviser 401(k) Johnson signature S&P Crime Fowler Commissioner Stein Privilege Data Obama Department of Justice Password Respondeat Superior Inmate FCI Beaumont Reverse Life Insurance 1Cir Arbitration Robert Cook Rule 9554 Elles Relevant Disciplinary History Absolute Immunity Permanent Bar Guest Bloggers Congress FCI AXA Thain NDCA FINRA Small Firm OWWP Regulation Outside Accounts Christian Stanley VXX money laundering Sexual Discrimination Taft Correctional Institution Fine FMLA RICO Electronic Communications Puts PIABA Money Market Trader Service 40 Act Reuters Sarbanes Oxley Rationale Rule 2370 Rule 1031 Fiduciary Duty NoCA Stipulated Award Backstage Wall Street Red Flags Expert Witness Equity Indexed Annuities Rule 9216 Newport Coast Securities Robert Muh Tax Fraud Scottsdale Commodities Withdrawals Hester Peirce Series 79 Prudential Falsification false statements Rule 12511 Margin Calls Summary Judgment Proctor Orders Daspin Expense Son Motion To Dismiss BBVA Statute of Limitation Broy bank Fourth Amendment Allstate Compliance Questionnaire Ten Commandments Racial Discrimination Customer Files Investacorp Fraudulent Inducement Flash Drive Gabelli Series 66 Sharing Agreement Financial Disclosure Binary Options Cherry Picking Kierkegaard Nationwide Vacate Kenneth Starr Martin Khan Kent Advisor Placement Group Credit Repair Murray Bank Guarantee Exhaustion Doctrine Wire Transfers Wires iPhone Title VII Supervisor Pacifico Compromise Reason for Termination Non-Prosecution Agreement NY Life Clayton Short Sale Oilpro Stock Promotion Theft Molchatsky Constructive Discharge Rule 12104 Disparate Treatment House Financial Services Securities and Exchange Commission Civil Rights Merill Lynch Currency Initials Harassment Led Zeppelin Lee mail fraud Merrill Dissident Subject Matter Jurisdiction 10b-5 wire fraud Coin Covid-19 Powell Anderson EB-5 Books and Records ALJ Foelak Branch Manager Superior Court Hackers Subway Mantar Production Undercover FNI Media Lexicon Game of Thrones Practice Sale Court of Appeal Dostoevsky Prime Bank Mattera Laser Romer Capitalism Goble Undertaking Trainee Fee Eric Stein Examinations Last Known Address Twitter Cryptocurrencies Promoter Liu Life Settlement Offset Rule 13504 Self Reporting IBM Res Judicata God Well Managed Portfolio Mary Schapiro Criminal Disney Obamacare Bartko NRSRO Retroactive NYLIFE Sears National Securities Wages Retroactive Bar Collateral Bar Springsteen CAT McCartney Municipal Advisor DNJ Liquidation Salman State Farm In House Counsel Tennis Court Bill Singer BrokeAndBroker Merger QuadrigaCX 9th Circuit Martoma Janney Montgomery Scott Father Puerto Rico Bonds BIll Singer FDA Elon Musk Fiero Women Mary Jo White Compliance Officer Deceased Customer BitTorrent Impersonator Mistake Retired Woman With Cane BrokeandBroker.com Outside Counsel DWI UIT RRBDLAW Diamonds Galleon NML Exception Reports NFA Preet Bharara Brokeandbroker.com Rule 3210 Kennedy Texas State Securities Board Default MBS Lek Turbeville Section 206 Dylan Evidence SEC Rules of Practice Nasdaq Bezos Jon Corzine Checking Conflicts Sex Silver Conflict of Interest Restitution Irreparable Harm Legend 8210 HBO Banks 5Cir Cybercrime Willfull Chase Bank ETFs Payroll Travel Rule 2330 Traders Risk Preliminary Determination Walter Newbridge Excel Guardian Extraordinary Circumstances Bill singer Penalty Spoliation Gifts Deferred Prosecution Agreement Malice Stephen A. Kohn Executrix Witness Tampering Ethics Scam Unauthorized Trades CMO Apartment Varney Microcap wrongful termination Bribe Office of Special Counsel Tippee Tipper Tran Countrywide JPMorgan Chase William Faulkner Koval Michael King Baby Boomers Personal Information Pension Reverse Merger DPA Altered Records Wang US Airways Michael King Associates MSPB Berthel Fisher Income PHC Stipulation Naskovets Harris CMA Work Product Dow Breach of Contract Wells Fargo Advisors Non Compete Rules of Practice AIG Collateral Books And Records AWC. FINRA Cellphone Bob Dylan ALJ Grimes Confidentiality Arbitrator Lewis Carroll State Actor Quasi Governmental SIPC Dinner Rule 420 Voya Confidential Customer Information Exotic ETF EDPA EEOC Leveraged ETFs Sterne Agee Solomon Diabetes Spam 10b-10 ADEA Principal Skimming Finra Patriot Act Schumer Costa Rica Rule 3310 Reasonable Rule 2430 South Park Transfer Gnomes MDLA GAP Election Boyland PSRO ADR Customers Grievance Hertz FTC Municipal Bonds Age Discrimination Public Arbitrator Zoom 1099