Justia Securities Law Opinion Summaries

The Supreme Court affirmed the district court's decision to recognize and enforce in Nevada the disgorgement portion of a securities-fraud judgment from British Columbia, holding that the district court properly recognized the disgorgement judgment.On appeal, Appellant argued that the disgorgement judgment was in the nature of a fine or penalty, and therefore, it should not be enforced outside Canada. The Supreme Court disagreed, holding (1) the British Columbia judgment did not constitute an unenforceable penalty because the primary purpose of the disgorgement award was remedial in nature, not penal; and (2) even crediting the argument that Nev. Rev. Stat. 17.740(2)(b) takes the disgorgement judgment outside Nev. Rev. Stat. 17.750(1)'s mandatory recognition provisions, the district court properly recognized it as a matter of comity. View "Lathigee v. British Columbia Securities Commission" on Justia Law

In this case arising from a failed attempt to restore and reopen the historic Cal Neva Lodge, the Supreme Court affirmed the district court's decision to deny relief on the claims brought by Plaintiff, an investor, against the developers and others involved in setting up Plaintiff's investment on the project, but reversed the damages award for Defendants, holding that the record did not support upholding the damages award.Plaintiff sued Defendants for breach of contract, breach of fiduciary duty, fraud, negligence, conversion, and securities fraud. After a bench trial, the trial judge ordered judgment in favor of Defendants and sua sponte awarded Defendants damages, along with attorney fees and costs. The Supreme Court reversed in part and affirmed in part, holding (1) the district court erred in awarding damages to Defendants in the absence of an express or implied counterclaim; and (2) the record supported the district court's denial of relief on Plaintiff's claims. View "Yount v. Criswell Radovan, LLC" on Justia Law