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Saturday, August 23, 2014

KLS Stanford Update August 21, 2014



 Dear Stanford Clients:

We write to update you on the progress of the claim against the Securities and Exchange Commission. As communicated in our previous update, Kachroo Legal Services, P.C. (the “Firm”) submitted its appeal on behalf of all clients to the Eleventh Circuit Court of Appeals in February. In response, the United States filed its Appellee’s Brief on March 10, 2014.

Thereafter, on March 27, 2014, in direct response to the Appellee’s Brief, the Firm prepared and submitted on behalf of all clients a Reply Brief. The Reply Brief addressed specific issues raised by the Government and focused specifically on the following points:

  1. The SEC’s alleged failure to adequately perform an operational task, which is not subject to the misrepresentation exception of the Federal Tort Claims Act;
  2. That the SEC’s alleged breach was of a duty to warn and not communicate with due care; and
  3. The Government’s interpretation of the amended registration process is flawed.

The Court has ordered oral arguments in this case which will occur at the 11th Circuit Court of Appeals on September 11, 2014. KLS will continue its work in preparing for the hearing and will update all clients thereafter.

Once oral argument is complete, we shall await the Court’s judgment and shall keep all clients updated. As ever, if you have any questions, please do not hesitate to contact us.

Very truly yours,

KLS Stanford Team
Kachroo Legal Services, P.C.

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