But the appeals court reached the opposite conclusion, finding that a breach of contract, standing alone, would be insufficient to constitute a fraud absent an affirmative misstatement at the time of the sale of the mortgages.
Also, an incidence such as this constitutes a fraud – the consumer is paying for one thing but being sold a cheaper substitute.
"Their activity constituted a grave fraud activity and severely damaged the interest of minority shareholders," Lee Kyung-choon, a judge at the Seoul Central District Court, said in his ruling.
In the words of the attorney general, "defendants' misconduct in connection with their due diligence and quality control processes constituted a systemic fraud on thousands of investors".
Filed in April 1999 on behalf of nearly six million Aetna customers, the lawsuit contended that the abuses were so widespread they constituted a pattern of fraud.
"Ceglia's alleged conduct not only constitutes a massive fraud attempt, but also an attempted corruption of our legal system through the manufacture of false evidence," Preet Bharara, the United States attorney in Manhattan, said in a statement.
"Ceglia's alleged conduct not only constitutes a massive fraud attempt, but also an attempted corruption of our legal system through the manufacture of false evidence," said Preet Bharara, the United States attorney in Manhattan.
Mr. Spitzer said that GlaxoSmithKline's selective disclosures, which have long been common in the drug industry, constituted a form of consumer fraud.
So profound is Trump's discomfort with losing the popular vote that he constituted a commission to uncover statistically nonexistent voter fraud.
The office had got wind of the plan and informed her that handing out croissants would constitute an electoral-fraud offense.
Clay Shirky, a professor at New York University and a writer on technology, said that although "we don't want medical paparazzi Dumpster-diving behind the Mayo Clinic," a failure to reveal a diminished executive might "constitute a kind of fraud".
