Holmes v. Grubman and Citigroup

SIFMA has submitted an Amicus “Friend of the Court” Brief

Court:

Supreme Court of Georgia

Amicus Issue:

Whether Georgia common law recognizes fraud claims based on forbearance in the sale of publicly traded securities.

Whether, with respect to a tort claim based on misrepresentations or omissions concerning publicly traded securities, proximate cause is adequately pleaded under Georgia law when a plaintiff alleges that his injury was a reasonably foreseeable result of defendant’s false or misleading statements but does not allege that the truth concealed by the defendant entered the marketplace, thereby precipitating a drop in the price of the security

Counsel of Record:

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

Jay B. Kasner

Scott D. Musoff

Jonathan Eisenberg