United States First Circuit

Dismissal of plaintiffs' RICO claim against defendant-bank and others over an alleged unlawful scheme to lend plaintiffs money in violation of federal margin requirements limiting the extent to which securities can be used as collateral for funds loaned to purchase the securities, where: 1) the district court correctly concluded that plaintiffs failed to state a claim for relief under RICO because the claim was based on conduct that would have been actionable as securities fraud; and 2) plaintiffs failed to properly serve the summons and complaint on two of the defendants.

Appellate Information

• Decided 03/26/2014
• Published 03/26/2014

Judges

• KAYATTA

Court

• United States First Circuit

Counsel