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United States Securities and Exchange Commission v. Battenberg

April 14, 2010

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF,
v.
J.T. BATTENBERG, III, PAUL FREE, JOHN BLAHNIK, MILAN BELANS, AND CATHERINE ROZANSKI, DEFENDANTS.



The opinion of the court was delivered by: Honorable Avern Cohn

MEMORANDUM AND ORDER DENYING J.T. BATTENBERG'S MOTION FOR SUMMARY JUDGMENT (Doc No. 156) AND DENYING PAUL FREE'S MOTION FOR SUMMARY JUDGMENT (Doc. No. 164) AND DENYING MILAN BELANS' MOTION FOR SUMMARY JUDGMENT (Doc. No. 167)

I.

This is a securities fraud case. Plaintiff, the United States Securities and Exchange Commission (SEC) sued Delphi Corporation (Delphi) and several of its senior officers, members of its accounting and treasury staff, as well an individual employed by a third party, for their actions resulting in Delphi materially misstating its financial condition and operating results in SEC filings and in offering documents.*fn1 Following settlements with the SEC, the only defendants that remain are: J.T. Battenberg, Paul Free, James Blahnik, Milan Belans, and Catherine Rozanski, all of whom filed motions for summary judgment.

Before the Court is Battenberg, Free, and Belans' motions for summary judgment.*fn2 For the reasons that follow, the motions are DENIED.

II.

The SEC makes the following claims against defendants: Section 17(a) of the Securities Act, 15 U.S.C. § 77q(a); Sections 10(b)5, 15 U.S.C. § 78j(b) and accompanying Rule 10b-5, 17 C.F.R. § 240.10b-5; Sections 13(a) and 13(b)(2)(A) of the Exchange Act, 15 U.S.C. §§ 78m(8) and 78m(b)(2)(A) and accompanying Rules (Rules 12b-20, 13a-1 and 13a-13, 17 C.F.R. §§240.12b-2-, 240.13a-1 and 240.13a-13); and Section 20(e) of the Exchange Act, 15 U.S.C. § 78t(c)

The SEC seeks civil penalties, injunctive relief and disgorgement of profits.

The claims are based on six different transactions or schemes, as follows:

1. The Warranty Reserve

2. The Warranty Settlement

3. PGM Transaction with Bank One

4. Cores and Batteries Transaction with BBK

5. EDS Transaction

6. European ...


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