Securities and Exchange Commission v. Danny O. Cherif, and Khaled Sanchou, Nominal

How courts have described this case

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

• holding that a bank’s former employee breached his fiduciary duty to the bank by misappropriating confidential information regarding the bank’s clients’ pro- spective financial transactions
• holding that provision of Securities Exchange Act allowing injunction against one who is violating, or will violate, securities laws does not confer subject matter jurisdiction over dispute with individual not accused of such violations
• noting that injunction against a nominal defendant may be proper
• stating that a nominal defendant \holds the subject matter of the litigation in a subordinate or possessory capacity as to which there is no dispute” and is not a real party in interest because \he has no interest in the subject matter litigated”
• affirming 27 district court’s refusal to modify injunction given the fact that a judge can draw an adverse inference from a defendant’s refusal to submit an accounting in a civil proceeding and 28 1 for Judgment Debtors’ review].
• giving overview of nominal-defendant doctrine and contrasting it with Rule 19

Source: CourtListener parenthetical corpus (CC0).