anzavideal - SIPCs advance of nearly $13 million to cover...

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Anza v. Ideal Steel Supply Corp. 547 U.S. 451 (U.S. Sup. Ct. 2006) Title of Action: (P) Ideal Steel Supply Corporation (D) Joseph and Vincent Anza and National Steel Supply, Inc Lower Court’s Decision: - Second Circuit’s judgment reversed and case remanded for further proceedings - District Court granted Defendant’s motion to dismiss the case, on the grounds that Ideal’s complaint failed to state a claim for which relief could be granted; U.S. Court of Appeals for the Second Circuit reversed – Ideal had adequately pleaded a causation link between racketeering activity and harm experienced Cause of Action/Issues of Law: - Whether or not National Steel took part in racketeering activities Material Facts: - Holmes v. Securities Investor Protection Corp. 503 U.S. 258 (1992) o SIPC claimed Robert Holmes conspired with others to manipulate stock prices; the market detected the fraud and share prices dropped, resulting in
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Unformatted text preview: SIPCs advance of nearly $13 million to cover their customers claims o Proximate-cause requirement: demand for some direct relation between the injury asserted and the injurious conduct allege-Ideals lost sales could have resulted from other factors Rules of Law/ Application:-RICO: Racketeer Influenced and Corrupt Organizations Act, o prohibits conduct involving a pattern of racketeering activity; right of action is available to an individual harmed in his business by a violation of the Acts restrictions o Section 1964(c) provides a civil cause of action to persons injured by reason of a defendants RICO violation by reason of: need to prove the violation directly caused harm Plaintiffs Contentions:-Joseph and Vincent Anza harmed Ideal by defrauding the NY tax authority and using the proceeds to offer lower prices, thus attracting more customers...
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This note was uploaded on 02/15/2012 for the course MGT 3303 taught by Professor Bell during the Fall '08 term at Texas State.

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