News & Events

On June 27, 2013, Judge John Darrah of the United States District Court for the Northern District of Illinois granted Defendants’ motion to dismiss, with prejudice, in Holtz et al.  v. J.P. Morgan Securities LLC et al.  Plaintiffs in the Holtz case brought state law claims for, inter alia, breach of contract and breach of fiduciary duty on behalf of all financial advisory clients of Defendants from January 1, 2008 through the present.  The Court held that Plaintiffs’ claims were preempted by the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”).  In reaching its holding, the Court disregarded Plaintiffs’ artful pleading and disclaimer of fraud and found that, in substance, the Amended Complaint alleged both misrepresentations and a fraudulent scheme by Defendants in connection with the purchase or sale of a covered security such that SLUSA would apply.

The Simpson Thacher team representing Defendants includes Jonathan Youngwood, Cheryl Scarboro, Janet Gochman, Jeffrey Baldwin, and Jamie Somoza.