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Michael H. Wu, et ux. v. Prudential Financial, Inc., et al.

Paid petition · United States Court of Appeals for the Seventh Circuit, No. 18-8021 · judgment November 1, 2018

Certiorari denied · April 15, 2019
Pre-decision estimate: 0% cert probability

Before the decision, well below the 4.1% base rate, with no standout signals pointing toward a grant.

Question presented

17 CFR 230.156(a) said that "[u]nder the federal securities laws, including section 17(a) of the Securities Act of 1933 ( 15 U.S.C. 77q(a)) and section 10(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78j(b)) and Rule 10b-5 thereunder ( 17 CFR part 240), it is unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, to use sales literature which is materially misleading in connection with the offer or sale of securities issued by an investment company. Under these provisions, sales literature is materially misleading if it (1) Contains an untrue statement of a material fact or (2) omits to state a material fact necessary in order to make a statement made, in the light of the circumstances of its use, not misleading." The questions presented for review are: Whether the Variable Separate Account(s) of Pruco Life Insurance Company is registered with the Commission under the 1940 Act as a unit investment trust? And Whether shares of the underlying mutual fund portfolios are the securities being registered?

Counsel of record

For petitioner
Michael H. Wu

For respondent
Miriam Goldman Bahcall
Greenberg Traurig, LLP

Case

Conference history
Distributed for 2 conferences

Proceedings

  1. Jun 10 2019
    Rehearing DENIED.
  2. May 21 2019
    DISTRIBUTED for Conference of 6/6/2019.
  3. Apr 30 2019
    Petition for Rehearing filed.
  4. Apr 15 2019
    Petition DENIED.
  5. Mar 27 2019
    DISTRIBUTED for Conference of 4/12/2019.
  6. Mar 12 2019
    Waiver of right of respondents Citigroup Global Markets, Inc. and John P. Havens to respond filed.
  7. Mar 12 2019
    Waiver of right of respondent T. Rowe Price Associates, Inc. to respond filed.
  8. Mar 11 2019
    Waiver of right of respondents Prudential Financial Inc., et al. to respond filed.
  9. Feb 28 2019
    Waiver of right of respondent Pruco Life Insurance to respond filed.
  10. Nov 28 2018
    Petition for a writ of certiorari filed. (Response due March 13, 2019)