(DOWNLOAD) "Riley v. Simmons" by Third Circuit U.S. Court Of Appeals ~ Book PDF Kindle ePub Free
eBook details
- Title: Riley v. Simmons
- Author : Third Circuit U.S. Court Of Appeals
- Release Date : January 20, 1995
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
Opinion OF THE COURT HUTCHINSON, Circuit Judge. Appellants, Thelma Levine (""Levine"") and Donald Schiffman (""Schiffman"") (collectively ""Plaintiffs""),1 appeal an order of the United States District Court for the District of New Jersey dismissing their action without prejudice following the court's decision to abstain from considering their federal securities claims under Burford v. Sun Oil Co., 319 U.S. 315, 87 L. Ed. 1424, 63 S. Ct. 1098 (1943). Plaintiffs sought relief under the federal securities laws alleging misrepresentations that induced them to purchase certain annuities issued by Mutual Benefit Life Insurance Company (""Mutual Benefit"" or the ""Company""), an insolvent insurance company now in rehabilitation proceedings before the New Jersey Commissioner of Insurance (the ""Commissioner"" or the ""Rehabilitator""). The district court permitted the intervention of the Commissioner for the limited purpose of filing a motion to dismiss Plaintiffs' complaint or, in the alternative, to stay the action pending the outcome of a separate state action commenced by the Commissioner in his role as the Rehabilitator of Mutual Benefit. The district court thereafter concluded that continuation of Plaintiffs' action at this time would conflict with the ongoing state rehabilitation proceedings. It also concluded that Plaintiffs could receive ""timely and adequate state court review"" of all their claims, including the federal securities claims, because all of these claims were essentially grounded in fraud. From these premises, the district court determined that Burford abstention counseled against continuation of Plaintiffs' case at this time and dismissed Plaintiffs' action without prejudice subject to possible reconsideration following the completion of the Commissioner's rehabilitation efforts.
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