Panel Agrees That Promissory Notes Forming Basis Of RICO Claims Were Securities

Mealey's (August 5, 2021, 2:27 PM EDT) -- ATLANTA — A federal judge in Florida did not err in dismissing a plaintiff’s claims brought pursuant to the Racketeer Influenced and Corrupt Organizations Act (RICO) against two men and their various companies because the promissory notes at issue in the litigation were securities under federal law, and the RICO claims were thus barred by the Private Securities Litigation Reform Act (PSLRA), an 11th Circuit U.S. Court of Appeals panel ruled Aug. 3 in affirming....