The New York Court of Appeals today issued a landmark decision, in the case entitled Assured Guaranty (UK) Ltd. v. J.P. Morgan Investment Management Inc., ruling that investors’ lawsuits against securities professionals are not precluded by New York’s Martin Act. Prior to this ruling, numerous courts had dismissed investors’ lawsuits, holding that they were precluded by the Martin Act.
Milberg LLP filed an amicus (friend-of-the-court) brief on behalf of the following labor organizations: (i) New York State AFL-CIO; (ii) the City Employees Union Local 237, International Brotherhood of Teamsters; (iii) the Communications Workers of America Local 1180; (iv) the Uniformed Fire Officers Association; and (v) the United Federation of Teachers.
Milberg partner Robert A. Wallner stated that the ruling is a "landmark decision that will help protect investors harmed by misconduct in the securities industry."
Patricia Stryker, Recording Secretary and Director of Political Action and Legislation of City Employees Union Local 237, International Brotherhood of Teamsters, stated: "Today’s decision will significantly help institutional and individual investors, who have been enormously harmed by wrongdoing in the financial markets."
Arthur Cheliotes, President of the Communications Workers of America Local 1180, stated: "The court’s decision is a great victory for investors, and will help to hold the securities industry accountable for misconduct."
Milberg LLP is widely recognized as a leading class action and complex litigation firm, representing individual and institutional investors, unions, and consumers. Founded in 1965, Milberg has offices in New York, Los Angeles, Tampa, and Detroit. The Firm has taken the lead in landmark cases that have set groundbreaking legal precedents and prompted changes in corporate governance benefitting shareholders. Please visit the Milberg website (www.milberg.com) for more information about the Firm.