2nd Circuit Reinstates NYC's RICO Allegation of Tax Loss From Online Cigarette Sales Sep 3, 2008
In upholding the dismissal of the common law fraud claims against defendants Smokes-Spirits, EZ Tobacco, NCCigarettes and Nexicon Inc., the circuit agreed with Judge Batts, saying the city failed to plead "reasonable reliance on the part of the plaintiff.". The court affirmed Batts' dismissal of the 349 claim against one defendant, Smokes-Spirits, but certified the standing question to the New York Court of Appeals with regards to two others, Nexicon and EZTobacco, saying "we are aware of no... (Law.com)
11th Circuit Limits Nasdaq's Immunity Sep 25, 2007
"It's novel, No. 1, and No. 2, it's quite a stretch for any type of securities fraud claim," said the Alston lawyer, noting the need for an investor to prove reasonable reliance on the alleged misrepresentation in order to succeed on a securities fraud claim -- and Tjoflat's stated views on the viability of the claim. Sawicki said that while he was familiar with cases where brokers and brokerage firms had sued SROs over regulatory decisions, Weissman's claim -- an investor suing the regulators... (Law.com)
Ethics official refutes Nixon claim on seeking refund Aug 29, 2007
As a general practice, decisions striking down laws as unconstitutional are applied retroactively, the Supreme Court said, unless doing so causes injustice to people who acted in good faith and reasonable reliance on the law at the time. The court said in an unsigned opinion that it didn't have enough information to know whether candidates were aware of the lawsuit challenging the repeal of the contribution limits or whether requiring refunds would cause hardships for particular candidates. (Jefferson City News Tribune, MO)
Frequent Filer's 'Fraud on the Court' Found Actionable Jun 30, 2007
But Judges Thomas Lyons, Jack Sabatino and Edwin Stern vacated the verdict, finding ADP's common-law fraud claim against Triffin should be dismissed, because it failed to meet one of the five criteria for common-law fraud: reasonable reliance by another party. ADP had decided to fight the claims without relying on the manufactured assignments. (Law.com)
LM board OKs home for buses Apr 27, 2007
Primary issues for him, he said, were the "integrity of our zoning" and the "reasonable reliance of the community on zoning [for] use of township properties." Recalling the recent dispute over a site for a new cell phone tower, he saw a "disturbing" trend: the township stepping in with "some kind of miraculous intervention.". "It's unconscionable that we are contorting ourselves in order to accommodate a use," Rosenzweig said, calling the new arrangement "a purposeful, manipulative effort to... (Ardmore Main Line Life, PA)
