United States Second Circuit

In an appeal from an order imposing sanctions on three attorneys and their law firms pursuant to Fed. R. Civ. P. 11 and the mandatory sanctions provision of the Private Securities Litigation Reform Act of 1995, the order is affirmed to the extent that it imposed sanctions, where In re Pennie & Edmonds LLP, 323 F.3d 86 (2d Cir. 2003) (Pennie) did not require the district court to find subjective bad faith before imposing sanctions. However, because the concerns identified in Pennie remained relevant to assessing the "reasonableness" of an opposing party's fees under 15 U.S.C. section 78u-4(c)(3), the amount of the award is vacated and the case is remanded for further proceedings.

Appellate Information

• Argued 07/06/2009
• Decided 09/02/2009
• Published 09/02/2009

Judges

• DENNIS JACOBS, Chief Judge:, Before: JACOBS, Chief Judge, CALABRESI and POOLER, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Thomas I. Sheridan, III, Hanly Conroy Bierstein Sheridan Fisher & Hayes LLP, New York, NY, for Appellants.


• For Appellees:
  
• Thorn Rosenthal, Cahill Gordon & Reindel LLP, New York, NY, for Defendant-Appellee.