Legal Opinion
Scottrade, Inc. v. BROCO INVESTMENTS, INC.
District Court, S.D. New York
Decided March 30, 2011No. 10 Civ. 03537(RJH)PublishedCited by 10 opinions
1Opinion of the Court
MEMORANDUM OPINION AND ORDER
RICHARD J. HOLWELL, District Judge:
This action presents a surprising question of first impression. Does a securities broker, whose customers have been defrauded, and who reimburses his customers — but to whom the customers have not assigned their claims, and who other than the reimbursements alleges no damages whatsoever — have standing to sue the alleged fraudsters for violations of Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78j(b), Exchange Act Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, and Exchange Act…
2Cases cited24 opinions
- Ashcroft v. IqbalSupreme Court of the United States · 2009
- Bell Atlantic Corp. v. TwomblySupreme Court of the United States · 2007
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Leocal v. AshcroftSupreme Court of the United States · 2004
- Edward E. Lucente, Plaintiff-Appellee-Cross-Appellant v. International Business MacHines Corporation, Defendant-Appellant-Cross-AppelleeCourt of Appeals for the Second Circuit · 2002
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3Cited by10 opinions
- Abraham v. American Home Mortgage Servicing, Inc.District Court, E.D. New York · 2013
- Shearon v. Comfort Tech Mechanical Co.District Court, E.D. New York · 2013
- Rotberg v. Jos. A. Bank Clothiers, Inc.District Court, S.D. Illinois · 2018
- United States v. ScullyDistrict Court, E.D. New York · 2015
- Simmonds Equipment, LLC v. GGR International, Inc.District Court, S.D. Texas · 2015
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