United States Third Circuit

In actions brought seeking to recover certain securities in accounts that had been maintained by a registered securities brokerage firm that was the subject of liquidation proceedings initiated by the SEC, summary judgment and dismissal rulings in favor of defendants are affirmed where: 1) summary judgment for defendants on a state law unlawful conversion claim was proper based on collateral estoppel or issue preclusion; and 2) dismissal of plaintiff's claim against federal defendants for the return of securities pursuant to Federal Rule of Criminal Procedure 41(g) was proper as no set of provable facts existed under which plaintiff would be entitled to a remedy because defendants could neither return the securities nor be sued for money damages under Rule 41(g).

Appellate Information

• Decided 05/29/2007
• Published 05/29/2007

Judges

• Before:  McKEE and VAN ANTWERPEN, Circuit Judges, and POLLAK, District Judge.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Frank Agostino, Esq., Calo Agostino, P.C., Hackensack, NJ, Counsel for Appellant.


• For Appellees:
  
• Peter G. O'Malley, Esq., Office of the United States Attorney, Newark, NJ, Counsel for Appellees United States of America and Federal Bureau of Investigation., Hayden Smith, Jr., Esq., McCarter & English, LLP, Newark, NJ, Counsel for Appellees Richard W. Hill and R.H. Research, Inc.