United States Second Circuit

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Absolute Activist Value Master Fund Ltd v. Ficeto, 11-0221

In a suit by nine Cayman Islands hedge funds alleging fraudulent trading of securities by their investment managers, the district court's judgment is: 1) reversed insofar as it dismissed the complaint for lack of subject matter jurisdiction, because whether section 10(b) of the Exchange Act applies to certain conduct is a "merits" question; but 2) affirmed in its dismissal of the complaint, where the complaint failed to state claims under section 10(b) and Rule 10b-5 because it did not adequately allege the existence of domestic securities transactions.

Appellate Information

  • Decided 04/13/2012
  • Published 04/13/2012


  • Katzmann


  • United States Second Circuit


  • For Appellant:
  • Linda Imes, Thomas V. Reichart