Abell v. Potomac Insurance Company

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that the Affiliated Ute doctrine applies only in cases where “the complaint is grounded primarily in allegations that the defendant has failed to disclose any information whatsoever relating to the material facts about which the defendant has a duty to the plaintiff to disclose”
• reducing securities fraud compensatory damage award by amount of duplicative compensatory RICO award
• Ute presumption limited to cases in which plaintiffs base their complaint primarily upon alleged omissions
• theory applicable only “where the promoters knew that the subject enterprise was worthless when the securities were issued, and successfully issued the securities only because of defendants’ fraudulent scheme”
• \The second element of scienter -- commitment -- would be met where evidence shows that the abettor acts from a desire to help the fraud succeed.\
• law firm that helped prepare offering statement does not qualify as seller

Source: CourtListener parenthetical corpus (CC0).