2nd Circ. Revives Esquire Case Against CBQ

Law360, New York (April 16, 2009, 12:00 AM EDT) -- A federal appeals court has vacated a ruling that barred Esquire Trade & Finance Inc.’s claims against CBQ Inc. based on Esquire’s earlier securities fraud action against Socrates Technologies Corp. that settled in 2003.

The U.S. Court of Appeals for the Second Circuit on Thursday scrapped a summary judgment ruling in favor of CBQ, finding that the res judicata analysis used by the district court to reject Equity’s claims was incorrect.

The appeals court determined that although CBQ had acquired some of Socrates’ units, it did...
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