ATSI Communications, Inc. v. The Shaar Fund, Ltd.
United States Court of Appeals for the Second Circuit
547 F.3d 109 (2008)
ATSI Communications, Inc. (ATSI) (plaintiff) brought this securities-fraud action in federal district court. Knight Capital Markets, L.L.C. (Knight) (defendant) was one of the named defendants in the action. The district court granted a motion to dismiss the action, and ATSI then settled with every defendant except Knight. Knight moved for sanctions against ATSI and ATSI’s counsel. The district court denied the sanctions motion against ATSI. The court granted the motion against ATSI’s counsel and imposed sanctions. ATSI’s counsel appealed from the district court’s sanctions judgment. Before a briefing on the appeal was submitted to this court, ATSI’s counsel agreed with Knight to settle their dispute, conditioned on this court’s first vacating the district court’s sanctions judgment. Pursuant to the settlement agreement, ATSI’s counsel and Knight jointly made a motion to vacate the district court’s judgment.
Rule of Law
Holding and Reasoning (Sack, J.)
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