Legal Opinion
Chase v. Merson
District Court, D. Maine
Decided May 21, 2019No. Civil No. 2:18-cv-165-DBHPublishedCited by 1 opinion
1Opinion of the Court
D. Brock Hornby, United States District Judge
In securities cases, the Private Securities Litigation Reform Act of 1995 (PSLRA) pre-empts civil relief for fraud that the Racketeer Influenced and Corrupt Organizations Act (RICO) previously made available. As a result, a court confronted with a motion to dismiss a RICO fraud claim because of the PSLRA must parse the would-be RICO claim to determine whether it is covered by the PSLRA. The First Circuit calls this "a sort of reverse Rule 12(b)(6) inquiry: we ask whether the conduct in question would be 'actionable as fraud in the purchase or sale…
2Cases cited10 opinions
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- United Housing Foundation, Inc. v. FormanSupreme Court of the United States · 1975
- Landreth Timber Co. v. LandrethSupreme Court of the United States · 1985
- Reves v. Ernst & YoungSupreme Court of the United States · 1990
- Calderon-Serra v. Banco Santander Puerto RicoCourt of Appeals for the First Circuit · 2014
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3Cited by1 opinion
- Lerner v. ColmanDistrict Court, D. Massachusetts · 2020