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Fabrice Tourre Asks Court to Dismiss SEC Case

Fabrice Tourre Asks Court to Dismiss SEC Case

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Published by Zach Kouwe
Oops. In lawsuit against Goldman Sachs' trader Fabrice Tourre, the Securities and Exchange Commission mistakenly thought LRI Landesbank (a European bank) was Tennessee-based LRI Holdings, a restaurant chain specializing in “bottomless buckets of roasted in-shell peanuts.” See page 7. Tourre is asking the court to dismiss the case because the sale of securities took place outside of the U.S.
Oops. In lawsuit against Goldman Sachs' trader Fabrice Tourre, the Securities and Exchange Commission mistakenly thought LRI Landesbank (a European bank) was Tennessee-based LRI Holdings, a restaurant chain specializing in “bottomless buckets of roasted in-shell peanuts.” See page 7. Tourre is asking the court to dismiss the case because the sale of securities took place outside of the U.S.

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Published by: Zach Kouwe on Oct 26, 2010
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UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OFNEW YORK 
xSECURITIES AND EXCHANGECOMMISSION,Plaintiff,v.GOLDMAN, SACHS & CO. andFABRICE TOURRE,Defendants.::::::::::::xCivil Action No.: 10-cv-3229 (BSJ) (MHD)ELECTRONICALLY FILED
REPLY MEMORANDUM OF LAW OF FABRICE TOURRE INFURTHER SUPPORT OF HIS MOTION FOR JUDGMENT ON THE PLEADINGS
Pamela Rogers ChepigaDavid C. EsseksAndrew Rhys DaviesBrandon D. O’NeilALLEN & OVERY LLP1221 Avenue of the Americas New York, New York 10020(212) 610-6300
 Attorneys for Fabrice Tourre
Dated: October 25, 2010 New York, New York 
Case 1:10-cv-03229-BSJ-MHD Document 39 Filed 10/25/10 Page 1 of 22
 
TABLE OF CONTENTSPage
TABLE OF AUTHORITIES......................................................................................................iiSYNOPSIS.................................................................................................................................1ARGUMENT.............................................................................................................................2I.AS THE COMPLAINT DOES NOT ALLEGE A DOMESTICSECURITIES TRANSACTION, IT FAILS TO STATE A CLAIMUNDER THE FEDERAL SECURITIES LAWS.................................................2A.The Complaint Fails To Satisfy
Morrison
’s Transactional TestBecause It Does Not Allege Any Domestic Purchase, Sale Or Offer Of Securities...................................................................................21.The Complaint: Only Two Transactions Alleged.........................22.
Morrison
And Its Progeny............................................................53.The SECs Attempts To Revive And ExpandConduct And Effects....................................................................84.The SEC’s Policy Argument.......................................................10B.In Contrast To Its Position Before This Court,The SEC HasElsewhere Recognized The Consequences Of 
Morrison
.........................11II.THE SEC’S INAPPROPRIATE ATTEMPT TO SUPPLEMENT ITSPLEADING WITH EXTRANEOUS MATERIALS MERELYUNDERSCORES THE DEFICIENCY OF THE COMPLAINT........................12CONCLUSION........................................................................................................................17
Case 1:10-cv-03229-BSJ-MHD Document 39 Filed 10/25/10 Page 2 of 22
 
ii
TABLE OF AUTHORITIESCases
 Am. Tissue v. Donaldson, Lufkin &Jenrette Secs. Corp
,233 F.R.D. 327 (S.D.N.Y. 2005)...................................................................................14
 Ashcroft v. Iqbal 
,129 S.Ct. 1937 (2009).....................................................................................................7
 Bankr. Trust of Gerard Sillam v. Refco Group, LLC 
, No. 05 Civ. 10072, 2006 WL 2129786 (S.D.N.Y. July 28, 2006).............................13, 14
Cameron v. Coach Apparel Store
, No. 07-CV-3991, 2009 WL 536068 (S.D.N.Y. Mar. 3, 2009)........................................13
Cornwell v. Credit Suisse Group
,---F. Supp. 2d. ----, No. 08 Civ. 3758, 2010 WL 3069597(S.D.N.Y. July 27, 2010)...........................................................................................6, 10
 Fonte v. Bd. of Managers of Cont'l Towers Condo.
,848 F.2d 24 (2d Cir. 1988)............................................................................................13
Graham v. SEC 
,222 F.3d 994 (D.C. Cir. 2000).........................................................................................8
Gutkowski v. Steinbrenner 
,680 F.Supp. 2d 602 (S.D.N.Y. 2010)............................................................................13
 In re Société Générale Sec. Litig.
, No. 08 Civ. 2495, 2010 WL 3910286 (S.D.N.Y. Sept. 29, 2010)...............................6, 10
 In re Tamoxifen Citrate Antitrust Litig.
,429 F.3d 370 (2d Cir. 2005)..........................................................................................13
 In re Tamoxifen Citrate Antitrust Litig.
,466 F.3d 187 (2d Cir. 2006)..........................................................................................13
 In re UBS Auction Rate Sec. Litig.
, No. 08 Civ. 2967, 2010 WL 2541166 (S.D.N.Y. June 10, 2010)...................................11
 Islam v. Goord 
, No. 50 Civ. 7502, 2006 WL 2819651 (S.D.N.Y. Sept. 29, 2006)...................................13
Morrison v. Nat’l AustraliaBank Ltd.
,130 S.Ct. 2869 (2010).............................................................................................passim
Case 1:10-cv-03229-BSJ-MHD Document 39 Filed 10/25/10 Page 3 of 22

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