United States Third Circuit

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Belmont v. MB Investment Partners, Inc., 12-1580

Summary judgment for defendants (except defendant Bloom against whom a default judgment was entered) in suit arising from a defunct investment Ponzi scheme is: 1) affirmed in part to the extent that the district court a) dismissed all of the plaintiff-investors' claims against defendant Altman, b) granted summary judgment to all of the other remaining defendants, other than defendant MB Investment Partners (MB), on all of the plaintiff-investors' claims, and c) granted summary judgment to MB on the claim for breach of fiduciary duty; and 2) vacated in part and remanded for a trial on the plaintiff-investors' claims against defendant MB for violations of Rule 10b-5 and the Pennsylvania Unfair Trade Practice and Consumer Protection Law (UTPCPL), a) where there is a genuine issue of material fact as to whether defendant Bloom's fraudulent statements were made as part of his employment with, and b) for the benefit of defendant MB, so that those statements might be imputed to defendant MB, and whether defendant Bloom's violations of the UTPCPL may be imputed to MB.

Appellate Information

  • Decided 02/22/2013
  • Published 02/22/2013




  • United States Third Circuit


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