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No. 32515 _ State
of West Virginia ex rel. Darrell V. McGraw, Jr., Attorney General v. Bear,
Stearns & Co., Inc.; Citigroup Global Markets, Inc. (fka Salmon Smith
Barney, Inc.); Credit Suisse First Boston LLC; Goldman, Sachs & Co.;
Lehman Brothers, Inc.; Merrill Lynch; J. P. Morgan Securities, Inc., Morgan
Stanley & Co., Inc.; UBS Warburg, LLC; and U. S. Bancorp Piper Jaffray,
Starcher, J., concurring, in part, and dissenting, in part:
with the majority opinion to the extent that the Attorney General's authority
is apparently limited in the underlying case by the fact that the defendants
below had already reached a global settlement of securities law violation charges
_ with the West Virginia auditor as a party to the settlement. Under various
equitable principles _ estoppel, etc. _ this settlement probably inures to some
degree to the defendant's benefit.
concur with the majority in recognizing the primary authority of the Auditor
to regulate the legitimate business of the sale of securities in our State.
company with the majority opinion to the extent that it might be erroneously
construed to shield obvious consumer scams that masquerade as selling
securities from the Attorney General's scrutiny.
an ad in the paper selling purported shares in a non-existent gold mine. This
is not misconduct by a bona fide securities dealer. It's a clear consumer
scam, and, of course, the Legislature intended the Attorney General's Consumer
Protection Division to prosecute such scams.
I concur, in part, and dissent, in part.