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ARTICLE · 13 MARCH 2019

Lit Alerts—March 2019

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The US District Court for the Northern District of Texas dismissed claims against Jefferies, LLC (Jefferies) last month for alleged violations of the Texas Securities Act, negligent misrepresentation, and ...

United StatesCorporate/Commercial Law
Kenneth Chernof
Kenneth Chernof
John D. Lombardo
John D. Lombardo
Daphne Morduchowitz
Daphne Morduchowitz
Andrew K. Solow
Andrew K. Solow
David J. Weiner
David J. Weiner
Paul Beavers
Paul Beavers
Michael S. Bullerman
Michael S. Bullerman
Tommy Huynh
Tommy Huynh
Tiffany Ikeda
Tiffany Ikeda
+2 more
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Choice of Law: Texas District Court Applies New York Law to Dismiss Securities Fraud and Negligence Case

The US District Court for the Northern District of Texas dismissed claims against Jefferies, LLC (Jefferies) last month for alleged violations of the Texas Securities Act (TSA), negligent misrepresentation, and negligence after choosing to apply New York law to the plaintiffs' claims. The lawsuit arose from the bankruptcy of a Texas company for which Jefferies had written equity offering materials. The plaintiffs alleged they had relied on Jefferies' offering materials when purchasing shares of the now-bankrupt company. The plaintiffs never purchased securities from Jefferies or interacted with Jefferies in any manner.

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