June 12, 2014
Topical Highlights for Securities provides summaries of significant federal and state judicial decisions and legislative and administrative activities affecting Securities law. A Westlaw subscription is required to access the documents linked from this page.
Parties: Transfer of notes to third party did not effect assignment of purchasers’ right to bring securities fraud claims. Aviva Life and Annuity Co. v. Davis, 2014 WL 2069640 (S.D.Iowa). The purchasers’ transfer of an issuer’s notes to a third party did not effect an assignment of their right to bring securities fraud claims against the issuer’s executives. The transfer agreement stated that it transferred “to the extent permitted to be assigned under applicable law, all claims (including claims under any law governing the purchase and sale of, or indentures for, securities).” The transferee was not involved in the note offering at issue, and made no attempt to bring suit. 2014 WL 2069640. (The full-text of the rest of the Topical Highlights is available within Westlaw Next, subscription required).
Fraud: Precious metals trading firm misrepresented to its retail customers facts about precious metals transactions it oversaw. U.S. Commodity Futures Trading Com’n v. Hunter Wise Commodities, LLC 2014 WL 2022239 (S.D.Fla.)