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There have been 14 cases filed against DTCC involving naked short selling. All 14 cases have been either dismissed by the courts involved or withdrawn by the plaintiffs. In one case, the court allowed legal sanctions against the plaintiff, which allowed DTCC to seek partial reimbursement of its legal costs.
| Name of Case | Filed | Disposition | |
|---|---|---|---|
|
1. |
Williamson v. Goldman, Sachs & Co., et al. |
January 31, 2003 |
Dismissed by court, March 17, 2004 (as to moving defendants - DTCC Defendants never served). |
|
2. |
Nutek v. Ameritrade, Inc., et al. |
March 21, 2003 |
Dismissed voluntarily by plaintiffs as against DTCC Director Defendants, with prejudice, May 18, 2004. Dismissed as against remaining DTCC Defendants, July 30, 2004. |
|
3. |
Genemax Corp. v. Knight Securities, LP, et al. |
November 14, 2003 |
Dismissed by court, November 9, 2004 (DTCC Defendants not served). |
|
4. |
Capece v. Elgindy, et al. |
April 28, 2004 |
Dismissed voluntarily by plaintiff as against DTCC Defendants, August 3, 2004. |
|
5. |
Nanopierce Technologies, Inc. (now known as Vyta Corp.) v. The Depository Trust Co., et al. |
April 29, 2004 |
Dismissed by court on DTCC Defendants' motion to dismiss, April 28, 2005. Supreme Court of Nevada upheld dismissal, September 20, 2007. Certiorari denied by U.S. Supreme Court, May 12, 2008. |
|
6. |
Sporn v. Elgindy, et al. |
August 30, 2004 |
Dismissed by court on DTCC Defendants' motion to dismiss, July 25, 2005. Sanctions awarded in favor of DTCC Defendants. |
|
7. |
Walters v. DTCC, et al. |
August 30, 2004 |
Dismissed by court on DTCC Defendants' motion to dismiss (no opposition filed), December 7, 2004. |
|
8. |
Pet Quarters, Inc. v. The Depository Trust & Clearing Corporation, et al. |
October 29, 2004 |
Dismissed with prejudice by court on DTCC Defendants' motion, February 25, 2008. |
|
9. |
Capece v. DTCC, et al. |
April 29, 2005 |
Dismissed by court on DTCC Defendants' motion, October 11, 2005. |
|
10. |
Whistler Investments, Inc. v. DTCC, et al. |
May 12, 2005 |
Dismissed by court on DTCC Defendants' motion, May 31, 2006. Dismissal upheld by the 9th Circuit Court of Appeals, August 22, 2008 |
|
11. |
Miller, as Trustee v. Boston Partners Management LP, et al. |
January, 2006 |
Filed, not served, and DTCC Defendants dropped from litigation. |
| Related Early Cases | |||
|---|---|---|---|
|
1. |
X-Clearing Corporation v. Depository Trust Corporation, et al. (Intergold, Inc. action) |
February 18, 2003 |
Dismissed by court on DTCC Defendants' motion to dismiss, October 3, 2003. |
|
2. |
Intergold Corporation v. Depository Trust Corporation, et al. |
March 10, 2003 |
Filed, never served. |
|
3. |
X-Clearing Corporation v. Depository Trust Corporation, et al. (Petrogen Corp. action) |
February 25, 2003 |
Dismissed by court on DTCC Defendants' motion to dismiss, September 5, 2003. |