Second Circuit -- WC Capital Mgmt. LLC v. UBS Sec. LLC

Securities -- borrower has Article III standing to challenge whether margin call disclosures met statutory standards, as it was harmed by lack of knowledge of its options.

10(b) - 16 exists to protect the investor, so a general schema and information on where to get specifics sufficed for initial disclosure.

Margin call rules don't trigger 10(b) - 16(b) 30 day notification rule.

WC Capital Mgmt. LLC v. UBS Sec. LLC