BABC Wins Multi-Million Dollar Securities Appeal in Eleventh Circuit

On July 30, the Eleventh Circuit reversed a $31.7 million securities-fraud judgment that had been entered against Southern Farm Bureau Life Insurance Co. In a 27-page opinion, the court of appeals held that the district court had erred in instructing the jury that Southern Life, as the buyer of a security in an arm’s-length transaction, had a duty to disclose transaction-related information directly to its counterparty’s shareholders. BABC partner Kevin Newsom argued the case; partner Wayne Drinkwater and associates John Rea and Anna Dionne participated in the briefing. To learn more about BABC’s appellate practice, click here.