In re NEW TIMES SECURITIES SERVICES, INC., and NEW AGE FINANCIAL SERVICES, INC., Debtors,
Mary Ann Stafford, Rheba Weine, Joel Weine, Plaintiffs-Appellees,
v.
James Giddens, as Trustee for the Liquidation of the Substantially Consolidated Estates of New Times Securities Services, Inc. and New Age Financial Services, Inc., Securities Investor Protection Corporation, Defendants-Appellants.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued: April 21, 2006.
Decided: September 7, 2006.
Attorney(s) appearing for the Case
James B. Kobak, Jr. (Christopher K. Kiplok, on the brief), Hughes Hubbard & Reed LLP, New York, NY, for Defendant-Appellant James W. Giddens as Trustee for the Liquidation of the Businesses of New Times Securities Services, Inc., and New Age Financial Services, Inc.
Christopher H. Larosa, Assistant General Counsel (Josephine Wang, General Counsel, on the brief), Securities Investor Protection Corp., Washington, DC, for Defendant-Appellant Securities Investor Protection Corp.
May Orenstein (Sigmund Wissner-Gross, on the brief), Brown, Rudnick, Berlack, Israels LLP, New York, NY, for Plaintiffs-Appellees.
Before: WALKER, Chief Judge, JACOBS, and WALLACE, Circuit Judges.
United States Court of Appeals, Second Circuit.
JACOBS, Circuit Judge.
In the wake of the bankruptcy of two brokerage houses1, plaintiffs-appellees Maryann Stafford and Rheba and Joel Weine ("plaintiffs") claimed an entitlement as "customers"—as defined by the Securities Investor Protection Act, 15 U.S.C. §§ 78aaa et seq. ("SIPA" or the "Act")—to recover their losses from the funds SIPA reserves for such customers. The brokerage houses were instrumentalities...
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