Summertime, and…the workflow never stops in New York’s intermediate appellate courts. During the second quarter of 2010, the Appellate Division’s four departments issued groundbreaking decisions in areas that affect nearly every aspect of our lives, including who we share our lives with, where we reside, and how we enforce our $116 million judgments. Some of the most significant developments are summarized below.
First Department
Securities Fraud. Under federal law, people can’t recover for securities fraud if they were induced to continue holding securities they already own, rather than buying or selling them. But, what about state law? A divided panel of the First Department concluded that New York law likewise offers no assistance to defrauded holders who kept their securities.
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