M. Perry’s Motion for Partial Summary Judgment
Excerpt from Page 1 of “Memorandum of Points And Authorities…”:
“The financial crisis has generated intense pressure on the SEC to target the leaders of many financial institutions that failed in its wake. While that may be warranted in some cases, here the SEC has wrongly maligned the reputation of a CEO who was transparent in disclosing the many challenges Bancorp faced, and whose conduct as a Bancorp shareholder demonstrates that he strongly believed the company could meet those challenges. Things obviously did not turn out as hoped, but that does not justify the SEC’s baseless allegations of securities fraud.
As shown below, Mr. Perry is entitled to summary judgment on most of the SEC’s claims. The remainder can be disposed of at trial.”