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" ... "It is technically legal work," this person told me, such as identifying documents that might demonstrate scienter, or guilty knowledge. "Can a paralegal do it? Yes. Do they do it? Yes." ... "
" ... Matrixx contends that the Complaint does not adequately allege that Matrixx satisfied the first two enumerated prongs under the federal securities anti-fraud provisions; namely, 1) a material representation or omission, or 2) that it acted with scienter. ... "
" ... Much of the work is mind-numbing document review, my source says, sitting in a Midtown office in front of a computer, searching for highlighted words or phrases and quickly assessing their value as evidence in the case. In the Citigroup lawsuit, for example, lawyers needed to show that bank executives acted with scienter, or guilty knowledge, when they loaded the bank up with soon-to-be-worthless derivatives that were a byproduct of their mortgage-backed securities business. Unfortunately, the facts weren't very cooperative: Plaintiff lawyers argued Citi execs demonstrated their guilty knowledge when they tried to sell the derivatives in 2007 and buy insurance against them, but that could just as easily be explained as prudent risk management. ... "
" ... We’re very disappointed in the unpublished opinion. The penalty statute at issue required the highest scienter level, “actual knowledge,” and there was ample evidence in the record – including Mr. Banister’s lengthy deposition testimony, relevant aspects of which were quoted on brief – that showed what his intent was, and it had nothing whatever to do with understating anyone’s tax liability. Mr. Banister’s scienter was inappropriately decided against him on summary judgment, when that issue should have gone to a jury for determination. ... "