United States Eleventh Circuit

Dismissal of Rule 10b-5 federal securities fraud claim, based on finding that plaintiff lacks standing under section 10(b) of the Securities Exchange Act of 1934, is reversed where plaintiff, insurer of municipal bonds, became the owner of those bonds upon defendant's default. Plaintiff thus purchased securities by issuing the policy, and as defendant allegedly obtained the insurance policy through fraud, it is subject to Rule 10b-5.

Appellate Information

• Decided 05/31/2006
• Published 05/31/2006

Judges

• PER CURIAM:, Before TJOFLAT and KRAVITCH, Circuit Judges, and LAWSON, District Judge.

Court

• United States Eleventh Circuit

Counsel

• For Appellant:
  
• Julie Ann Lierly, William H. Boice, Stephen E. Hudson, Kilpatrick Stockton, LLP, Atlanta, GA, Peter N. Wang, Friedman, Wang & Bleiberg, P.C., New York City, Kimberly J. Shur, Foley & Lardner, LLP, Washington, DC, for Plaintiff-Appellant., H. Peter Haveles, Jr., Arnold & Porter, LLP, John M. Vassos, John D. Gordan, III, Jeffrey D. Brooks, Morgan, Lewis & Bockius, LLP, New York City, for Amici Curiae.


• For Appellees:
  
• Stacey Godfrey Evans, Thomas S. Richey, Powell Goldstein, LLP, Patrick Michael Phillips, John W. Greenfield, Greenfield, Bost & Kliros, P.C., Atlanta, GA, for Defendants-Appellees.