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BANKING LAW, CIVIL PROCEDURE, REMEDIES, SECURITIES LAW
• Stephenson v. El-Batrawi
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LATEST SUMMARIES
BANKING LAW, CIVIL PROCEDURE, REMEDIES, SECURITIES LAW
Stephenson v. El-Batrawi, No. 07-2074
In a securities-related action wherein default judgment was entered
against defendant in the amount of $67.5 million for damages, denial
of defendant's motion to set aside the default judgment is affirmed
where: 1) defendant was properly served, evaded service of process,
and thus was not blameless for his failure to timely appear; 2)
defendant failed to establish the existence of a meritorious
defense; and 3) reopening the matter would be prejudicial to the
parties in light of the amount of time that had lapsed. However,
because there was no adequate record to evaluate the district
court's damage determinations, matter is remanded for the district
court to make findings regarding the evidentiary support and any
necessary calculation for any damage award it may enter.
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