No. 19-440

Northern Trust Corporation, et al. v. Lindie L. Banks, et al.

Lower Court: Ninth Circuit
Docketed: 2019-10-02
Status: Denied
Type: Paid
Amici (2)Response RequestedResponse WaivedRelisted (2) Experienced Counsel
Tags: circuit-split class-action covered-securities federal-securities-law fiduciary-duty preemption private-securities-litigation-reform-act securities-fraud securities-litigation securities-litigation-uniform-standards-act statutory-interpretation trust-assets trust-law trustee-misconduct uniform-standards-act
Key Terms:
ERISA Securities ClassAction
Latest Conference: 2020-02-21 (distributed 2 times)
Question Presented (from Petition)

For purposes of SLUSA, does a trust beneficiary allege misconduct "in connection with" the purchase or sale of a covered security when the beneficiary alleges that the trustee used trust assets to buy and sell the trustee's own proprietary securities rather than competitors' securities and did so for the trustee's own pecuniary gain?

Question Presented (AI Summary)

Does a trust beneficiary's allegations that a trustee used trust assets to buy and sell the trustee's own proprietary securities for the trustee's own pecuniary gain constitute misconduct 'in connection with' the purchase or sale of a covered security under SLUSA?

Docket Entries

2020-02-24
Motion for leave to file amici brief filed by American Bankers Association, et al. GRANTED.
2020-02-24
Petition DENIED.
2020-02-05
DISTRIBUTED for Conference of 2/21/2020.
2020-02-04
Reply of petitioners Northern Trust Corporation and Northern Trust Company filed.
Main DocumentCertificate of Word CountProof of Service
2020-01-17
Brief of respondents Lindie L. Banks, et al. in opposition filed.
Main DocumentCertificate of Word CountProof of Service
2019-12-12
Motion to extend the time to file a response is granted and the time is extended to and including January 17, 2020.
2019-12-10
Motion to extend the time to file a response from December 18, 2019 to January 17, 2020, submitted to The Clerk.
Main Document
2019-11-18
Response Requested. (Due December 18, 2019)
2019-11-06
DISTRIBUTED for Conference of 11/22/2019.
2019-10-31
Motion for leave to file amici brief filed by American Bankers Association, et al.
Main DocumentProof of ServiceCertificate of Word Count
2019-10-29
Waiver of right of respondents Lindie L. Banks, et al. to respond filed.
Main Document
2019-10-02
Petition for a writ of certiorari filed. (Response due November 1, 2019)
PetitionCertificate of Word CountProof of Service

Attorneys

American Bankers Association, et al.
Matthew Allen Fitzgerald — McGuireWoods LLP, Amicus
Lindie L. Banks, et al.
Brian J. Malloy — The Brandi Law Firm, Respondent
Northern Trust Corporation and Northern Trust Company
Ian Heath Gershengorn — Jenner & Block, Petitioner