This column reports on several significant, representative decisions handed down recently in the U.S. District Court for the Eastern District of New York. Judge Frederic Block found a complaint’s allegations sufficient to plead scienter under the Private Securities Litigation Reform Act. Judge Margo K. Brodie held that the military exception to the waiver of immunity under the Federal Tort Claims Act did not apply where plaintiff’s injuries were not incident to military service. And Judge William F. Kuntz, II, saw no reason to admit into evidence Internal Revenue Code provisions and regulations to demonstrate the defendant tax preparer’s lack of willfulness, when the court would instruct the jury on the law.
Scienter—Securities Act
In Gauquie v. Albany Molecular Research, 14-CV-6637 (EDNY, July 26, 2016), Judge Block shed light on the application of the heightened pleading standards of the Private Securities Litigation Reform Act (PSLRA), 15 U.S.C. §78u-4, while denying a motion to dismiss claims under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the “’34 Act”).
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