Katz v. Gerardi’s Empirical Analysis

Citation profile

6 federal appellate ·

Most-quoted passages

The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 10 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. “Katz depicts himself as a buyer by characterizing the supposed failure to honor the terms of the A-l Units as if he had sold those securities and “bought” what Katz calls “new A-l Units,” which he then sold for cash. (A “purchase” of “new A-l Units” would have been involuntary, but an involuntary purchase is still a purchase.) What Katz calls the “fundamental change doctrine” that tons a sale into a purchase is word play designed to overcome the actual text of the securities laws, and this circuit follows the statutes rather than trying to evade them with legal fictions. Katz sold his units for cash; he did not buy any new security. The “new A-l Units” are figments of a lawyer’s imagination. Using legally fictitious (and factually nonexistent) “new A-l Units” to nullify a legislative decision that only buyers have rights under the 1933 Act would be wholly unjustified.”

   1 later decision quote this exact passage
   e.g. Katz v. Gerardi

2. “Is the [Securities Act] more specific because it deals only with securities law, or is [CAFA] more specific because it deals only with nationwide class actions? There is no answer to such a question, which means that the canon favoring the specific law over the general one won’t solve our problem.”

   1 later decision quote this exact passage
   e.g. 637 F. Supp. 2d 352 - Passarella v. Ginn Company