Changing Winds: Securities Fraud In NY's First Department

Law360, New York (February 24, 2016, 10:27 AM EST) -- When Eugene O'Neill wrote in "A Moon for the Misbegotten" that, "there is no present or future, only the past, happening over and over again, now," he surely never contemplated practicing law before New York's Appellate Divisions. The famous futurist Alvin Toffler, also no New York lawyer, would have been stymied by the Appellate Divisions had he reviewed a series of recent First Department decisions involving fraud in residential mortgage-backed securities transactions. Toffler wrote in "Future Shock":

Rational behavior ... depends upon a ceaseless flow of data from the environment. It depends upon the power of the individual to predict, with...

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