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Looking back, 2022 was light on groundbreaking appellate-level securities decisions. The U.S. Court of Appeals for the Second Circuit, however, closed out the year with a notable.
U.S. Court of Appeals for the Second Circuit closed out 2022 with decision in Menora Mivtachim Insurance Ltd. v. Frutarom Industries Ltd. articulating new, restrictive conception of purchaser-seller rule that limits class of plaintiffs with standing to recover.
It is generally the law that mistakenly-received funds must be returned to the sender. Last summer, we covered in detail the now-familiar Revlon case in which that understanding.