Cahill Litigation Team Prevails on Behalf of Deutsche Bank Trust Company Americas
Date: 08/06/21
A Cahill litigation team prevailed on behalf of Deutsche Bank Trust Company Americas (“DBTCA”), securing the dismissal in the United States District Court for the Southern District of Florida in a suit brought by Plaintiffs Insight Securities, Inc. and Intelligenics, Inc. Plaintiffs’ Second Amended Complaint asserted a single claim for negligence arising from the transfer of securities alleged to have been funneled among various custody accounts as part of an unrelated third-party’s long-running Ponzi scheme.
DBTCA moved to dismiss the Second Amended Complaint and on August 6, 2021, District Court Judge Robert N. Scola, Jr. granted the motion, with prejudice, on the basis that: (1) Plaintiffs failed to allege any basis by which DBTCA owed non-customers a duty to safeguard their assets, and (2) as broker-dealers, Plaintiffs could not state a claim for damages that they personally incurred in connection with the liquidation of their customers’ securities.
The win earned partner David Januszewski and associates Sesi Garimella, Bonnie Trunley, and Sara Molinksy recognition in The American Lawyer’s Litigators of the Week column.