In this task, you will be shown a prompt from a judicial decision and multiple holding statements derived from citations following text in a legal decision.  Holdings represent the governing legal rule when the law is applied to a particular set of facts. There are five answer choices for each citing text. The correct answer is the holding statement that corresponds to the citing text. The four incorrect answers are other holding statements. You should find the correct option. There is a <HOLDING> token in the position of the citing text prompt where the holding statement was extracted.

Inc., No. 08 Civ. 5653(PAC), 2011 WL 3874821 (S.D.N.Y. Aug. 16, 2011) ("NJ v. DLJ"); NJ Carpenters, 272 F.R.D. 160 (finding Rule 23(a) requirements were met, but not Rule 23(b)(3) requirements). 59 . DI 294, at 30-33. 60 . Pub. Emps.' Ret. Sys. v. Merrill Lynch & Co. Inc., 714 F.Supp.2d 475, 484 (S.D.N.Y.2010) (stating Section 12(a)(2) standing is limited to “persons who have directly purchased the securities from underwriting defendants in the subject public offering(s), and not in the secondary market”); In re Sterling Foster & Co., Inc., Sec. Litig., 222 F.Supp.2d 216, 244 (E.D.N.Y.2002) ("[P]urchasers in private or secondary market offerings are precluded from bringing actions under Section 12(a)(2).”). 61 . DI 294, at 30; DI 300, at 17. 62 . See IndyMac I, 718 F.Supp.2d at 513 (<HOLDING>). 63 . This of course means that it does not 
 Holding statements: (A) holding that a party waived the claims she failed to pursue in her merit brief (B) holding that because  544b1 provides only the power of avoidance it does not confer authority on the trustee to pursue state law damage claims but that the trustee could pursue such claims under  544a1 or 2 if the claims could have been asserted by the debtor corporation (C) holding pinter analysis to apply to claims arising under  12a2 (D) holding that a trustee had no standing to pursue claims of fraud against the debtors accountant because under connecticut law those claims belonged to investors (E) holding wyoming only had standing to pursue section 12a2 claims as to indx 2006ar11
(E)

background nor his current offense can support the conclusion that he is a worst offender. The maximum sentence was therefore not justified. In deciding to impose the maximum sentence, Judge Michalski relied primarily on his conclusion that Skrepich was incapable of rehabilitation and could not personally be deterred. The judge thus gave primary emphasis to the need to protect the public by isolating Skrepich from the community. While the judge also indicated that a lengthy sentence would serve the sentencing goals of general deterrence and community condemnation, it seems clear that these goals could not, in themselves, support the imposition of a maximum, ten-year term for a first offender convicted of a class B felony. See Pears v. State, 698 P.2d 1198, 1204-05 (Alaska 1985) (<HOLDING>). The appropriateness of the maximum term 
 Holding statements: (A) holding that the district courts failure to explain the effect of supervised release was harmless where the maximum term of incarceration under the actual sentence of imprisonment and supervised release less than six years as well as his worstcase scenario less than nine years was less than the maximum term of incarceration twenty years al lowed by law (B) holding that a defendant may be convicted of felony murder when the death of his accomplice was a reasonably foreseeable result of their commission of a felony (C) holding that first and seconddegree intentional murder verdicts are consistent with a felony murder verdict because lack of intent is not an element of seconddegree felony murder (D) holding that a term of substantially less than twenty years would serve the objectives of general deterrence and community condemnation in the case of a first offender convicted of seconddegree murder an unclassified felony (E) holding that twenty years was not excessive for second felony offender convicted of simple burglary
(D)

as independent entities that solicited and accepted customer orders but used the services of FCMs for clearing, record keeping and retaining customer funds. See id. at 41. To guarantee the accountability of introducing brokers, the Commission was authorized to require them to meet “minimum financial requirements.” See id. First American Discount Corp. v. CFTC, 222 F.3d 1008, 1012 (D.C.Cir.2000). Thus, the legislative history behind the creation of IBs demonstrates Congressional intent not to render IBs agents of FCMs merely because of their status as IBs. Where, as here, the IB is engaged in non-CEA regulated activity, the court concludes that an IB of an FCM is not rendered an agent of the FCM by its mere IB status. See Cunningham v. Waters Tan & Co., 65 F.3d 1351, 1359 (7th Cir.1995) (<HOLDING>); cf. Tatum v. Legg Mason Wood Walker, Inc., 83 
 Holding statements: (A) holding that an alien is entitled to the fifth amendment guarantee of due process which is satisfied by a full and fair hearing (B) holding that the sixth amendments guarantee of the assistance of counsel is made obligatory upon the states by the fourteenth amendment (C) recognizing that a broad definition of stolen is consistent with the guidelines purposes and finding that the enhancement was properly applied where a defendant found a gun that was lost or mislaid by its owner who never authorized anyone to take the gun never sold it and never gave it away as a gift (D) holding that an fcm by entering into a guarantee agreement with ib as an individual never agreed to guarantee ibs other venture as a commodity pool operator  an activity of which fcm was never made aware (E) holding an attorney does not have a duty to insure or guarantee that the most favorable outcome possible and because no amount of work can guarantee a favorable result attorneys would never know when the work they do is sufficiently more than adequate to be enough to protect not only their clients from error but themselves from liability

(D)