Seven SDM Lawyers Named to Texas Rising Stars®
SDM is pleased to announce that Super Lawyers® has selected seven Scott Douglass & McConnico attorneys for inclusion in Texas Rising Stars® 2019 by Thomson and Reuters. The following firm attorneys were selected for this honor:
Anthony Arguijo - Business Litigation
John W. Ellis - Business Litigation
John Gasink - Business Litigation
Mark W. Hanna - Energy & Natural Resources
Olga Kobzar - Energy & Natural Resources
Bryan Lauer - Business Litigation
David Shank - Business Litigation
Rising Stars are considered the top up-and-coming attorneys in Texas. To be eligible, lawyers must be 40 years old or younger or in practice for 10 years or less. Less than 2.5% of Texas attorneys are chosen for this honor.
Scott Douglass & McConnico Attorneys Prevail, Defeating Motion to Dismiss in Structured Finance Securities Fraud Case
Scott Douglass & McConnico attorneys Casey Dobson, Asher Griffin, and John Gasink won a motion to dismiss before the New York Supreme Court in New York County regarding a collateralized debt obligation (CDO) note buyer’s purchase of Subordinated Notes from an investment bank. The firm represents the plaintiff, Basis Yield Alpha Fund (Master), which sued Morgan Stanley for common law fraud and fraudulent concealment. The primary issue before the Court involved whether the risk disclosures and reliance disclaimers in the CDO offering documents barred the plaintiff from pursuing its claims against Morgan Stanley. The Court refused to grant the motion to dismiss, finding that the reliance disclaimers and risk disclosures were an insufficient basis for barring the plaintiff’s claims given the allegations concerning Morgan Stanley’s peculiar knowledge of the problems with the CDO and its underlying assets, which were predominantly residential mortgage-backed securities (RMBS). The Court also rejected all of Morgan Stanley’s arguments concerning pre-investment due diligence, actionable misrepresentations, and loss causation. This is one of a number of cases in which the firm has represented domestic and international clients in fraud matters relating to structured finance securities such as CDOs, RMBS, and SIVs (structured investment vehicles). The Court's opinion can be found here.