California State Teachers Retirement System v. Stuart H. Wolff, et al.
Published: Apr. 2, 2011 | Result Date: Feb. 25, 2011 | Filing Date: Jan. 1, 1900 |Case number: 2:2001-cv-11115 Verdict – Plaintiff
Court
USDC Central
Attorneys
Plaintiff
Daniel R. Sterrett
(Law Offices of Daniel R. Sterrett)
Joseph W. Cotchett Jr.
(Cotchett, Pitre & McCarthy LLP)
Defendant
Howard M. Privette II
(Troutman, Pepper, Hamilton & Sanders LLP)
Facts
The California State Teachers' Retirement System (CalSTRS) filed an action against Stuart Wolff as well as other persons, alleging fraud in relation to losses from investments made in the stock of Homestore.com.
Contentions
PLAINTIFF'S CONTENTIONS:
Plaintiff alleged that Wolff engaged in and was liable for the conduct of others who participated in a scheme of fraud according to which money went from Homestore to outside firms, and returned to Homestore. Plaintiff asserted that this scheme produced a misapprehension that the company was flourishing and on the rise.
Result
The jury found that the statements made by defendants were misleading and held Wolff liable for his own misrepresentations and for the misrepresentations of the executives who were under his control.
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