United States Second Circuit

Vacated and remanded. Plaintiffs case was dismissed by the trial court for lack of subject matter jurisdiction. Plaintiff asserted subject matter jurisdiction based on diversity and federal question, a section 10(b) of the Exchange Act claim. The trial court believed that a section 10(b) action applied to only transactions listed on domestic exchanges and since this suit involved investment in a hospitality venture in the Bahamas it did not qualify. The appellate court disagreed finding that the transactions took place in New York and that the only foreign component was the eventual registration of the shares in the Bahamas.

Appellate Information

• Published 2018/06/19

Judges

• Chin

Court

• United States Second Circuit

Counsel