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 SEC’s 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
Search History:
Result 00 of 00
00 results for result for
p.
Notes
Load more
