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SCOTUS Seeks to Provide Clarity Over Investor Suits

By Jimmy Hoover
February 01, 2024

In a case that could either stem or unleash a tide of investor lawsuits, the Supreme Court  searched for a narrow way to rule that might still be of some value to the securities bar.

"If you're asking for help for the bar, why wouldn't it be helpful for the bar to affirm what lower courts have done …?" Justice Neil Gorsuch said at one point to lawyer David Frederick, a named partner at Kellogg Hansen Todd Figel & Frederick and a former law firm colleague of the justice.

Frederick argued on January 16 on behalf of investor Moab Partners, which filed a lawsuit claiming Macquarie Infrastructure Corp. unlawfully failed to disclose the risk an international regulation on shipping fuel oil would have on one of its subsidiary companies that stored fuel oil. "When the truth emerged, their stock price fell by more than 40 percent in one day," Frederick said.

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