Securities and Exchange Commission v. Contender Development, Inc.

District Court, D. South Carolina·Decided August 25, 2026·No. 6:26-cv-02575·Unknown

Opinion

IN THE DISTRICT COURT OF THE UNITED STATES FOR THE DISTRICT OF SOUTH CAROLINA GREENVILLE DIVISION

Securities and Exchange Commission, ) Case No. 6:26-cv-02575-SAC ) Movant, ) ) v. ) ) OPINION AND ORDER Contender Development, Inc. ) ) Respondent. )

This matter is before the Court on a Motion to Strike, or in the Alternative, for Leave to File Sur-Reply filed by Respondent Contender Development, Inc. (“Contender”). ECF No. 18. The Movant, the Securities and Exchange Commission (“SEC”), filed a response in opposition and Contender filed a reply. ECF Nos. 19; 20. The motion is accordingly ripe for review. BACKGROUND This case relates to a pending civil enforcement action in the Southern District of Florida, Securities and Exchange Commission v. Feingold, No. 1:25-cv-20436 (S.D. Fla.) (“Enforcement Action”). See ECF No. 1. In the Enforcement Action, the SEC alleges David Feingold (“Feingold”) and other individuals and entities they control raised money from investors in a private equity fund using deceptive means and materially false statements. See ECF No. 1-9. On or about January 16, 2026, the SEC issued a subpoena for documents to Contender, a real estate development firm with its primary offices in Greenville, South Carolina. ECF Nos. 1; 1-1. According to the SEC, Feingold is an owner of Contender. ECF No. 1 at 7. The SEC filed this action to compel Contender to produce documents in response to its subpoena. ECF No. 1. Contender filed a response in opposition and requested the Court quash the subpoena. ECF No. 15. The SEC filed a reply in support of its motion to compel (the “Reply”). ECF No. 16. Contender now moves to strike portions of the Reply. ECF No. 18. In the alternative, Contender requests leave to file a sur-reply or for the Court to consider its motion to strike as a sur-reply. Id. For the reasons stated herein, the Court denies Contender’s motion to strike and the

relief requested regarding a sur-reply. STANDARD OF REVIEW I. Rule 12(f) Standard The court may strike from a pleading an insufficient defense or any redundant, immaterial, impertinent, or scandalous matter either on its own motion or on motion made by a party before responding to the pleading, or if a response is not allowed, within 21 days after being served with the pleading. Fed. R. Civ. P. 12(f). In considering a motion to strike, “the court must view the pleading under attack in the light most favorable to the pleader.” Crowder v. Blythe Constr. Inc., No. 7:22-cv-02605-DCC, 2023 WL 1860173, at *2 (D.S.C. Feb. 9, 2023) (citation modified). Motions to strike are generally disfavored “because striking a portion of a pleading is a drastic

remedy and because it is often sought by the movant simply as a dilatory tactic.” Waste Mgmt. Holdings, Inc. v. Gilmore, 252 F.3d 316, 347 (4th Cir. 2001) (quoting 5A A Charles Alan Wright & Arthur R. Miller, Federal Practice & Procedure § 1380, 647 (2d ed. 1990)) (citation modified). Though disfavored, courts have broad discretion in ruling on motions to strike. Benedict v. Hankook Tire Co., Ltd., No. 3:17-cv-109, 2018 WL 936090, at *1 (E.D. Va. Feb. 16, 2018). II. Motion for Leave to File Sur-Reply This District’s Local Civil Rules do not expressly address sur-replies. See Local Civ. Rules. 7.01-7.02 (D.S.C.); Clear Touch Interactive, Inc. v. Ockers Co., No. 6:21-cv-2208-TMC, 2022 WL 18587635, at *4 (D.S.C. Sep. 22, 2022). While the court has discretion to allow a party to file a sur-reply, “courts in this circuit generally only allow sur-replies when fairness dictates that a party be provided the opportunity to address an issue that was raised for the first time in a responsive briefing.” Nutrien Ag Sols., Inc. v. Rogers, No. 2:24-cv-03319-DCN, 2024 WL 4708018, at *3 (D.S.C. Nov. 7, 2024) (citation modified); see also Khoury v. Meserve, 268 F. Supp. 2d 600, 605

(D. Md. 2003) (“Surreplies may be permitted when the moving party would be unable to contest matters presented to the court for the first time in the opposing party’s reply”), aff’d, 85 F. App’x 960 (4th Cir. 2004); Clear Touch, 2022 WL 18587635, at *4 (“Sur-Replies may be permitted to afford a party the opportunity to address an issue that was raised for the first time in a responsive memorandum.”). ANALYSIS At bottom, Contender takes issue with the SEC’s characterization of statements made by Feingold and his counsel in the Enforcement Action, as well as a report authored by the court- appointed Monitor in the Enforcement Action. ECF No. 18. I. Motion to Strike

Contender requests the Court strike the following paragraph on pages 2-3 of the Reply: The SEC’s need for Contender’s documents is highlighted by the apparent conflict between representations that Defendant Feingold and his counsel made to the Court in the underlying litigation and representations Contender made to the Court- appointed Monitor. Defendant Feingold submitted a declaration to the Southern District of Florida Court, which stated “The SEC correctly points out that Infrastructure did not generate income through year-end 2023. Of course it would not, if the projects take five years to develop, you do not generate the money until you either refinance or sell lots. You leave the lands to grow in value. However, in 2024, Infrastructure started to generate monies, about $45 million.” SEC v. Feingold, Dkt. No. 54-1 ¶ 36 (emphasis in original); see also Motion at 5-6. Counsel for Feingold and Defendant BSI similarly stated to the Court during the Preliminary Injunction Hearing that “Broadstreet received $45 million” in 2024 from the Infrastructure projects. See SEC v. Feingold, Dkt. No. 84, at 64:24-65:5.[ ] Notwithstanding these statements made to the Southern District of Florida Court – designed to leave the impression that the Infrastructure Series had generated $45 million in 2024 that was available to pay investors’ preferred returns – months later, Contender told the court-appointed Monitor that the profits were far lower. In his July 30, 2025 Status Report, the Monitor stated:

Due to the structure of paying down and satisfying the A&D loan first, despite ongoing lot sales to builders pursuant to the LPAs, Contender Development advised that, through December 31, 2024, only approximately $300,000 in profits ever had been realized on any of the infrastructure development projects and that only one project was realizing profits as of June 4, 2025.

SEC v. Feingold, Dkt. No. 135, at ¶ 39 (emphasis in original). Contender’s representation that only approximately $300,000 in profits had been realized on the Infrastructure development projects through December 31, 2024, is dramatically less than the $45 million claimed by Defendant Feingold in February 2025 and the SEC is entitled to obtain Contender’s relevant records sought by the Requests, which go to both claims and defenses in this matter.

ECF No. 16 at 2-3. In addition, Contender requests the Court strike footnote 1 on page 3 of the Reply: Specifically, counsel stated “In 2024, it was the first year that Broad Street received $45 million. This was the first year these infrastructure projects generated sufficient amounts of money to be paid over to Broad Street because the lenders have to be paid. You know, these are complicated structures. Lenders have to be paid off, and once they're paid off the real estate developers have to be paid.” Id.

and the following bullet point on page 4 of the Reply:

As discussed above, counsel for Defendants Feingold and BSI has made claims about the monies received from the Infrastructure projects that vastly differ from statements about profitability that Contender made to the Monitor. The Defendants’ “accounting” is not relevant to the analysis.

Id. at 3-4.

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