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.
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. . .
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.
VOTE FOR STEPHEN KOHN for 2020 FINRA Small Firm GovernorOn August 7, 2020, the Financial Industry Regulatory Authority ("FINRA") will conduct its annu... Read On
9Cir Tames Sharemaster After Epic Battles With FINRA and SEC (BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5318/sharemaster-feigenbaum-f... Read On
Come with me as we journey back in time some eleven years to December 2009, when FINRA member firm Sharemaster submitted its 2009 annual audit... Read On
[In]Securities a Guest Blog byAegis J. Frumento, Partner, Stern Tannenbaum & BellGood, Bad and Ugly"Alas, poor Yorick!" says Hamlet. "I knew ... Read On
A recent FINRA regulatory settlement shines a harsh light on problems involving the delicate interplay between investment banking and research. As mos... Read On
Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/531... Read On
You work directly for a subsidiary but enter into an Employment/Non-Solicit Agreement with the parent. Things are fine until they're not. You leave. T... Read On