Badger v. Southern Farm Bureau Life Insurance Co.
- Case Date: 11/4/2009
- Project Name: Reining in the Plaintiffs' Bar
On July 30, 2010, the U.S. Court of Appeals for the Eleventh Circuit overturned a Florida district courtís sweeping decision that threatened to drastically expand the scope of liability under section 10(b) of the Securities Exchange Act of 1934. The appeals courtís decision was a complete victory for WLF, which filed a brief in Badger v. Southern Farm Bureau Life Insurance Co., arguing that the district courtís holding, if allowed to stand, would upset the careful balance Congress struck between compensating victims of fraud and protecting capital markets from the damaging effects of frivolous litigation any time there is a downturn in the market. The appeals court agreed with WLF that the district courtís ruling improperly transformed a longstanding and universally accepted commercial practice into securities fraud.
More Information and Downloads:
11/4/2009: Download the Brief
Litigation Update: Court Rejects Expansion Of Section 10(b) Private Right Of Action