W.R. HUFF ASSET MANAGEMENT CO., LLC, Plaintiff-Appellee,
v.
DELOITTE & TOUCHE LLP, Credit Suisse Securities (USA) LLC, Credit Suisse, New York Branch, The Royal Bank of Scotland plc, The Bank of Nova Scotia, Toronto Dominion Texas, LLC (f/k/a Toronto Dominion Texas, Inc.), Mizuho International PLC, ABN AMRO Inc., Banc of America, N.A., Fleet Securities, Inc. (n/k/a Bank of America, N.A.), Banc of America Securities LLC, Barclays Capital Inc., Barclays Bank PLC, BNY Capital Markets, Inc., The Bank of New York Company, Inc., CIBC World Markets Corp., CIBC, Inc., Citibank, N.A., Citigroup Inc., Citicorp USA, Inc., Citigroup Global Markets, Inc., Salomon Smith Barney Inc. (n/k/a Citigroup Global Markets, Inc.), Calyon Securities (USA), Inc. (f/k/a Credit Lyonnais Securities (USA) Inc.), Calyon New York Branch (successor by operation of law to Credit Lyonnais New York Branch), Deutsche Bank Alex. Brown, Inc., Deutsche Bank AG, Harris Nesbitt Corp., JPMorgan Chase & Co., Morgan Stanley & Co., Inc., JPMorgan Securities Inc., Scotia Capital (USA), Inc., Cowen & Co., LLC (f/k/a SG Cowen Securities Corporation), Societe Generale, also known as a French Banking Institution, Suntrust Capital Markets, Inc., SunTrust Bank, TD Securities (USA), Inc., ABN AMRO Bank N.V., BMO Nesbitt Burns Corp. (n/k/a Harris Nesbitt Burns Corp.); Credit Lyonnais Securities (USA) Inc., SG Cowen Securities Corp., and Buchanan Ingersoll & Rooney Professional Corporation, Defendants-Appellants.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued: November 7, 2007.
Decided: December 3, 2008.
Attorney(s) appearing for the Case
Louis R. Cohen (Paul R.Q. Wolfson, on the brief), Wilmer Cutler Pickering Hale and Dorr LLP, Washington, DC, for Defendants-Appellants Credit Suisse Securities (USA) LLC; Credit Suisse, New York Branch; The Royal Bank of Scotland plc; and Mizuho International plc.
Max R. Shulman, Cravath, Swaine & Moore LLP, New York, NY, for Defendant-Appellant Deloitte & Touche LLP.
Steven R. Schoenfeld, Torys LLP, New York, NY, for Defendant-Appellant Toronto Dominion (Texas) LLC.
Andrew J. Frackman (Tancred V. Schiavoni, on the brief) O'Melveny & Myers LLP, New York, NY, for Defendant-Appellant ABN AMRO Bank N.V.
Michael Luskin (Trevor Hoffman, on the brief), Luskin, Stern & Eisler LLP, New York, NY, for Defendant-Appellant The Bank of Nova Scotia.
Robert J. Ward, Mayer, Brown, Rowe & Maw LLP, New York, NY, for Defendants-Appellants Bank of Montreal and BMO Nesbitt Burns Corp.
Mitchell A. Lowenthal, Cleary Gottlieb Steen & Hamilton LLP, New York, NY, for Defendants-Appellants ABN AMRO Inc.; Banc of America Securities LLC; Banc of America, N.A.; Barclays Capital Inc.; Barclays Bank PLC; BNY Capital Markets, Inc.; The Bank of New York Company, Inc.; CIBC World Markets Corp.; CIBC Inc.; Citibank, N.A.; Citigroup Inc.; Citicorp USA, Inc.; Citigroup Global Markets Inc.; Calyon Securities (USA) Inc.; Calyon New York Branch; Deutsche Bank Alex. Brown Inc.; Deutsche Bank AG; BMO Capital Markets Corp.; J.P. Morgan Securities Inc.; JPMorgan Chase & Co.; Morgan Stanley & Co. Incorporated; Scotia Capital (USA) Inc.; Cowen & Company, LLC; Societe Generale; SunTrust Capital Markets, Inc.; SunTrust Bank; and TD Securities (USA) Inc.
Gregory A. Markel (Stacey A. Lara, on the brief), Cadwalader, Wickersham & Taft LLP, New York, NY, for Defendant-Appellant Wachovia Bank, N.A.
Joseph Friedman (William M. Wycoff, Robert J. Ridge, J. Alexander Hershey, on the brief), Thorp Reed & Armstrong, LLP, for Defendant-Appellant Buchanan Ingersoll & Rooney Professional Corporation.
Lawrence M. Rolnick, (Thomas E. Redburn, on the brief).
Lowenstein Sandler PC, Roseland, NJ, for Plaintiff-Appellee.
Before: CABRANES, SACK, and KATZMANN, Circuit Judges.
United States Court of Appeals, Second Circuit.
JOSÉ A. CABRANES, Circuit Judge:
We are asked to determine whether an investment advisor that has (a) discretionary authority to make investment decisions for its clients, and (b) a power of attorney from its clients to bring this lawsuit, has constitutional standing to sue for violations of federal securities laws on behalf of its clients, who are the beneficial owners of the underlying securities, and not in its own name. This question is before us on an interlocutory...
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