James Trail Obtains Dismissal in a Multi-Count Securities Fraud Case

James Trail’s successful dismissal of a multi-count securities fraud complaint filed in the United States District Court for the Northern District of Illinois against one of the firm’s clients, recently resulted in a front-page article in the Chicago Daily Law Bulletin (Howe v. Shchekin). In a published opinion (238 F. Supp. 3d 1046 (2017), U.S. District Judge John Z. Lee rejected application of the “continuing fraudulent scheme theory,” as applied by district courts outside of the Seventh Circuit, and affirmed the district’s position that statutes of repose are not subject to equitable tolling. James succeeded in arguing that plaintiffs could not rely upon his client’s (Shchekin) alleged misrepresentations that occurred outside the operative period of repose. This was James’s second published dismissal (Babin v. Shchekin, 2017 WL 403568) in a related securities fraud case for the same client. Below you can read more on the Howe vs. Shchekin case.




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