Tag: litigation

New York’s Court of Appeals ruled Tuesday (12/20) that private parties can pursue claims under the Martin Act – New York’s anti-fraud statute that was used by Eliot Spitzer nearly a decade ago to bring Wall Street to heel. News reports were brief, but the ruling is sure to arouse concern at the large banks, which have already seen their shares battered this year because of investor fear over litigation and regulatory risks. Here's the money quote from the ruling by Judge Victoria Graffeo: "Here, the plain text of the Martin Act, while granting the attorney general investigatory and e... Read More