Supreme Court of the United States · Official docket →
Raging Capital Management, LLC, et al. v. Brad Packer, Derivatively on Behalf of 1-800-Flowers.com, Inc.
Paid petition · United States Court of Appeals for the Second Circuit, No. 23-367 · judgment June 24, 2024
Before the decision, roughly the 4.1% base rate. The model weighted this up for a Second Circuit decision below, a circuit split argued in the petition, and a business petitioner, and down for a business respondent.
Questions presented
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Did the United States Court of Appeals for the Second Circuit apply the correct standard of law, under Article III of the United States Constitution and TransUnion LLC v. Ramirez, 594 U.S. 413 (2021), to hold that Respondent Packer has standing to sue under Section 16(b) of the Securities Exchange Act of 1934 for a statutory violation alone, where the Second Circuit found an analogy between Section 16(b) and a commonlaw violation of fiduciary duty, but Respondent alleged no further injury?
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Did the United States Court of Appeals for the Second Circuit err in finding that Respondent Packer has standing, under Article III and Thole v. U.S. Bank N.A., 590 U.S. 538 (2020), based on an alleged breach of Section 16(b) and/or breach of common-law fiduciary duty where Respondent alleged no further injury?
Counsel of record
For petitioner
Thomas James Fleming Jr.
Olshan Frome & Wolosky LLP
For respondent
Paul D. Wexler
Paul D. Wexler, Attorney At Law
Case
Conference history
Distributed for 1 conference
Amicus briefs
1 cert-stage
Proceedings
- Nov 12 2024Petition DENIED.
- Nov 01 2024Brief amicus curiae of The Freedom and Justice Foundation, Inc. filed. (Distributed)
- Oct 23 2024DISTRIBUTED for Conference of 11/8/2024.
- Oct 21 2024Waiver of right of respondent Brad Packer to respond filed.
- Oct 09 2024Petition for a writ of certiorari filed. (Response due November 12, 2024)