11th Circuit Affirms BankAtlantic JNOV!

In a major win for Gene Stearns and his client BankAtlantic, the 11th Circuit has affirmed (on other grounds) the JNOV entered by Judge Ungaro after a large plaintiff's securities fraud jury verdict:

In this case, we conclude that the evidence was insufficient to support a finding of loss causation, an element required to make out a securities fraud claim under Rule 10b-5. See, e.g., Dura Pharm., Inc. v. Broudo, 544 U.S. 336, 342, 125 S. Ct. 1627, 1631, 161 L. Ed. 2d 577 (2005) (listing among the elements of a § 10(b) securities fraud claim “loss causation, i.e., a causal connection between the material misrepresentation and the loss” (emphasis omitted) (internal quotation marks omitted)). We therefore affirm.

This was a long, expensive war but score one for Stearns and his team.