LITOVICH v. BANK OF AMERICA CORP.

No. 21-2905.

ISABEL LITOVICH, ON BEHALF OF HERSELF AND ALL OTHERS SIMILARLY SITUATED, UNITED FOOD AND COMMERCIAL WORKERS UNION AND PARTICIPATING FOOD INDUSTRY EMPLOYERS TRI-STATE PENSION FUND, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED, HOLDCRAFT MARITAL TRUST, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED, MICHAEL V. COTTRELL, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED, FRANK HIRSCH, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED, Plaintiffs-Appellants, v. BANK OF AMERICA CORPORATION, MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED, BOFA SECURITIES, INC., BARCLAYS CAPITAL INC., CITIGROUP INC., CITIGROUP GLOBAL MARKETS INC., CREDIT SUISSE SECURITIES (USA) LLC, DEUTSCHE BANK SECURITIES INC., THE GOLDMAN SACHS GROUP, INC., GOLDMAN SACHS & CO. LLC, JPMORGAN CHASE & CO., J.P. MORGAN SECURITIES LLC, MORGAN STANLEY, MORGAN STANLEY & CO. LLC, MORGAN STANLEY SMITH BARNEY LLC, NATWEST MARKETS SECURITIES INC., WELLS FARGO & CO., WELLS FARGO SECURITIES, LLC, WELLS FARGO CLEARING SERVICES, LLC, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: July 2, 2024.


Attorney(s) appearing for the Case

DAVID C. FREDERICK , ( Gregory Rapawy , Eliana Margo Pfeffer , on the brief), Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., Washington, DC, for Plaintiffs-Appellants.

Christopher M. Burke , Scott+Scott Attorneys at Law LLP, New York, NY, for Plaintiffs-Appellants.

Walter W. Noss , Kate Lv , Scott+Scott Attorneys at Law LLP, San Diego, CA, for Plaintiffs-Appellants.

George A. Zelcs , Chad E. Bell , Ryan Z. Cortazar , Korein Tillery LLC, Chicago, IL, for Plaintiffs-Appellants.

Glen E. Summers , Karma M. Giulianelli , Bartlit Beck LLP, Denver, CO, for Plaintiffs-Appellants.

RICHARD C. PEPPERMAN II , ( Matthew J. Porpora , Jonathan S. Carter , on the brief), Sullivan & Cromwell LLP, New York, NY, for Defendants-Appellees The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC

Adam S. Hakki , Richard F. Schwed , Shearman & Sterling LLP, New York, NY, for Defendants-Appellees Bank of America Corporation, BofA Securities, Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Barry G. Sher , Kevin P. Broughel , Paul Hastings LLP, New York, NY, for Defendant-Appellee Barclays Capital, Inc.

Herbert S. Washer , Sheila C. Ramesh , Adam S. Mintz , Cahill Gordon & Reindel LLP, New York, NY, for Defendant-Appellee Credit Suisse Securities (USA) LLC.

Robert D. Wick , John S. Playforth , Covington & Burling LLP, Washington, DC, for Defendants-Appellees JPMorgan Chase & Co. and J.P. Morgan Securities LLC.

Paul S. Mishkin , Adam G. Mehes , Davis Polk & Wardwell LLP, New York, NY, for Defendant-Appellee NatWest Markets Securities Inc.

Jay Kasner , Karen M. Lent , Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY, for Defendants-Appellees Citigroup Inc. and Citigroup Global Markets Inc.

John F. Terzaken , Adrienne V. Baxley , Simpson Thacher & Bartlett LLP, Washington, DC, for Defendant-Appellant Deutsche Bank Securities Inc.

Richard A. Rosen , Brad S. Karp , Susanna M. Buergel , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, Kannon K. Shanmugam , Jane B. O'Brien , Paul, Weiss , Rifkind, Wharton & Garrison LLP, Washington, DC, for Defendants-Appellees Morgan Stanley, Morgan Stanley & Co. LLC, and Morgan Stanley Smith Barney LLC.

Jayant W. Tambe , Laura W. Sawyer , Amanda L. Dollinger , Jones Day, New York, NY, for Defendants-Appellees Wells Fargo & Co., Wells Fargo Securities, LLC, and Wells Fargo Clearing Services, LLC.

Before: LEE AND NATHAN, AND RAKOFF,


Plaintiffs-Appellants ("Plaintiffs"), bond investors who bought and sold certain types of corporate bonds from and to Defendants-Appellees ("Defendants"), who are investment bank dealers of those bonds, appeal from the district court's judgment granting Defendants' motion to dismiss pursuant to Federal Rule of Civil Procedure 12(b)(6). Several...

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