ABF Capital Management v. Askin Capital Management, L.P.

How courts have described this case

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

• explaining that “[o]nly when a plaintiff alleges a ‘special injur/ or the breach of a duty owed uniquely to him (rather than a duty to shareholders generally) may he or she bring a direct action”
• discussing allegation of “process by which the Brokers and ACM would negotiate inflated marks and pass them on to investors”
• rejecting contention that PPM risk disclosures rendered reliance by Investors on other representations unjustifiable under “bespeaks caution” doctrine
• “bad forecasting alone is not actionable” for common law fraud claim, which applies same pleading standard
• “[I]t is particularly appropriate to ease the pleading burden under Rule 9(b) when information is within the exclusive control of the defendant.”
• allegations of economic gain are insufficient under Rule 9(b) because otherwise, “virtually every corporation in the United States could be subject to fraud allegations” (citation omitted)

Source: CourtListener parenthetical corpus (CC0).