The Ninth Circuit Weighs In On GoT @GameofThrones

In the recently decided case Banks v. Northern Trust Corp., the Ninth Circuit made reference to Game of Thrones by writing,

Northern would like us to read Dabit without considering
its clarification in Troice. But we will not render Troice
meaningless the way that Game of Thrones rendered the
entire Night King storyline meaningless in its final season.
Troice directly supports our conclusion that a trustee’s
misconduct – over which a beneficiary of an irrevocable
trust has no control – cannot constitute misconduct “in
connection with” the sale of covered securities where “the
only party who decides to buy or sell a covered security as a
result of a lie is the [trustee].” Troice, 571 U.S. at 388. To
use the language in Troice, the trustee is both the buyer and
the “fraudster”; because the trustee can deceive only itself
with any alleged misconduct, its misconduct does not require
SLUSA preclusion. 

Take that, GoT showrunners.

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