No. 24-408

Raging Capital Management, LLC, et al. v. Brad Packer, Derivatively on Behalf of 1-800-Flowers.com, Inc.

Lower Court: Second Circuit
Docketed: 2024-10-11
Status: Denied
Type: Paid
Amici (1)Response Waived
Tags: article-iii fiduciary-duty securities-exchange-act standing-doctrine statutory-violation supreme-court-precedent
Key Terms:
Arbitration ERISA Securities Copyright Privacy JusticiabilityDoctri
Latest Conference: 2024-11-08
Question Presented (AI Summary)

Did the Second Circuit correctly apply standing requirements under Article III and recent Supreme Court precedents for a Section 16(b) Securities Exchange Act claim where no concrete injury was alleged?

Question Presented (from Petition)

QUESTIONS PRESENTED 1. 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? 2. 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?

Docket Entries

2024-11-12
Petition DENIED.
2024-11-01
Amicus brief of The Freedom and Justice Foundation, Inc. submitted.
2024-11-01
Brief amicus curiae of The Freedom and Justice Foundation, Inc. filed. (Distributed)
2024-10-23
DISTRIBUTED for Conference of 11/8/2024.
2024-10-21
Waiver of right of respondent Brad Packer to respond filed.
2024-10-09
Petition for a writ of certiorari filed. (Response due November 12, 2024)

Attorneys

Brad Packer
Paul D. WexlerPaul D. Wexler, Attorney At Law, Respondent
Paul D. WexlerPaul D. Wexler, Attorney At Law, Respondent
Raging Capital Management, LLC, et al.
Thomas James Fleming Jr.Olshan Frome & Wolosky LLP, Petitioner
Thomas James Fleming Jr.Olshan Frome & Wolosky LLP, Petitioner
The Freedom and Justice Foundation, Inc.
David Charles McGrailMcGrail & Bensinger LLP, Amicus
David Charles McGrailMcGrail & Bensinger LLP, Amicus