Case Updates
New York Supreme Court denies Ernst & Young's motion to appeal
July 11, 2014
The Court denied Ernst and Young's motion for leave to appeal to the New York Court of Appeals.
U.S. Chamber files amicus brief
April 21, 2014
In its coalition brief, the U.S. Chamber asked New York Supreme Court to review resolve the question of whether disgorgement should be used as a remedy in suits brought under the Martin Act and Executive Law 63(12). The brief argues that Court’s holding that the remedy of disgorgement is available in such suits threatens to damage the State’s economy as well as New York’s status as a financial center and also contradicts general principles of statutory construction and years of New York precedent. The brief explains how the Court’s decision in this case will make the State a less hospitable environment for businesses and the financial industry. The ruling is also likely to result in lower settlements for investors and consumers because of the diversion of resources to litigate and settle the Attorney General’s disgorgement claims seeking for funds to be deposited into the State treasury for the State’s own use will not to be distributed to the injured individuals.
This U.S. Chamber filed the brief jointly with the Business Council of New York State, Inc. and the Business Roundtable.
Andrew J. Pincus of Mayer Brown, LLP represented the U.S. Chamber as co-counsel to the National Chamber Litigation Center.