On August 25th, the Tenth Circuit addressed case splitting and Securities Act standing. Minority investors in a real estate investment trust filed two suits stemming from an alleged squeeze out. Investors who took cash filed a securities fraud suit and those who took stock filed breach of fiduciary duty and contract claims. The stock-holding investors then sought to join the securities suit. Affirming dismissal of the stock-holding investors' claims, the Court held that because these plaintiffs could have brought the securities claims in their earlier filed case, they improperly split their claims by joining the second case. The Court also affirmed dismissal of the cash-holding plaintiffs' claims. Because they did not hold stock, they lacked standing under the Securities Act. Katz v. Gerardi.