kaal:claim:5583610-022

The common enterprise prong is the unresolved part of the analysis: vertical commonality may well be present through the merchant network, and inconsistent district court precedent leaves LER's status under this prong uncertain.

Source quote, verbatim

However, there is some uncertainty on qualifying LER as a common enterprise given the inconsistent treatment and precedent in different district courts.

From

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 3.2. U.S. Securities Regulation, p. 12
https://ssrn.com/abstract=5583610 · source PDF

Cite as

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

Holds when

horizontal and vertical commonality tests
split district court authority

Classification

conditionsupport: arguedlaw-and-legal-systemssecurities-law

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