In a case with significant implications for the oil and gas industry, RWO Shareholder Tracy Ashmore has won reversal of a $14+ million judgment awarded to the SEC.
Finding significant issues of fact, the U.S. Fifth Circuit reversed and remanded a judgment the SEC had won on summary judgment against a group of oil and gas drilling promoters. “The ruling is important because it rejects per se categorizations of conduct the SEC deemed unlawful in favor of thorough factual analysis specific to each joint venture questioned,” Ashmore said.
The case is No. 17-10503. See https://business.cch.com/srd/SECvArcturusCorp011019.pdf