No. 18-1050

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

Lower Court: Seventh Circuit
Docketed: 2019-02-11
Status: Denied
Type: Paid
Response WaivedRelisted (2)
Tags: fraud investment-company investment-company-act-1940 investment-company-act-of-1940 material-misstatement registration-requirement rule-10b-5 sales-literature securities-act-1933 securities-act-of-1933 securities-exchange-act-1934 securities-exchange-act-of-1934 securities-law securities-registration unit-investment-trust
Key Terms:
Securities JusticiabilityDoctri
Latest Conference: 2019-06-06 (distributed 2 times)
Question Presented (AI Summary)

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?

Question Presented (OCR Extract)

QUESTIONS PRESENTED 17 CFR 230.156(a) said that “[ulnder 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: (i) 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 (ii) Whether shares of the underlying mutual fund portfolios are the securities being registered?

Docket Entries

2019-06-10
Rehearing DENIED.
2019-05-21
DISTRIBUTED for Conference of 6/6/2019.
2019-04-30
2019-04-15
Petition DENIED.
2019-03-27
DISTRIBUTED for Conference of 4/12/2019.
2019-03-12
Waiver of right of respondents Citigroup Global Markets, Inc. and John P. Havens to respond filed.
2019-03-12
Waiver of right of respondent T. Rowe Price Associates, Inc. to respond filed.
2019-03-11
Waiver of right of respondents Prudential Financial Inc., et al. to respond filed.
2019-02-28
Waiver of right of respondent Pruco Life Insurance to respond filed.
2018-11-28
Petition for a writ of certiorari filed. (Response due March 13, 2019)

Attorneys

Citigroup Global Markets, Inc. and John P. Havens
Miriam Goldman BahcallGreenberg Traurig, LLP, Respondent
Miriam Goldman BahcallGreenberg Traurig, LLP, Respondent
Michael H. Wu, et ux.
Michael H. Wu — Petitioner
Michael H. Wu — Petitioner
Pruco Life Insurance
Stephanie Ann ScharfScharf Banks Marmor, Respondent
Stephanie Ann ScharfScharf Banks Marmor, Respondent
T. Rowe Price Associates, Inc.
Brandon A. CarnesRock Fusco & Connelly, LLC, Respondent
Brandon A. CarnesRock Fusco & Connelly, LLC, Respondent