~DTCC cases loss - For starters lets look at the legality of the organization and who regulates DTCC. There have been a number of challenges in the last two years. Most will cite the Nanopierce dismissal as being the fourth time in the last year that "a court has ruled that plaintiffs are not permitted to sue DTCC or its subsidiaries for carrying out functions that are regulated and overseen by the SEC." The DTCC contends "these cases are among a number of suits that have been brought, largely by bulletin board traded companies, who seek to blame their poor stock performance and failed business models on DTCC and the national market system for clearance and settlement". To date, except for one case where DTCC's dismissal motion is pending, all of the cases either have been dismissed by the courts or withdrawn by the plaintiffs.
Taken directly from DTCC's website. Also, I must add in
--2007 Waypoint Biomedical sued the DTCC for refusal to comply with a subpoena request. Why was this subpoena request refused?
Is it because in a May 12, 2006 letter to the Supreme Court of Nevada the SEC wrote, "Plaintiffs' claims are preempted because evaluating these claims of alleged defects has been entrusted by Congress to the [SEC], not to state courts."
Meaning this whole thing is one big big circle jerk!!!! So it will take a talented team to bring BCIT's case forward. The first step is to obviously comply with ALL SEC regulations!
Second step is to sue Brokers...found in discovery with invalid shares (Ameritrade, Etrade etc.) and compel them to
acknowledge shares were improperly sold. From there....who
was the enforcer? And why was there no oversight...
You see the chain here. Small victories...
I posted cases on Silicon Investors the DTCC
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