United States Eighth Circuit

Private Securities Litigation Reform Act of 1995 applies to all securities-based RICO claims commenced after its effective date even if such claims are based on conduct which predates the Act; accordingly, dissenting shareholders' RICO claim is barred. District court did not err in granting summary judgment on common law fraud claims as plaintiffs failed to establish detrimental reliance.

Appellate Information

• Decided 02/27/2004
• Published 02/27/2004

Judges

• LAY, Circuit Judge., Before WOLLMAN, LAY, and HANSEN, Circuit Judges.

Court

• United States Eighth Circuit

Counsel

• For Appellant:
  
• Judith A. Rogosheske, argued, Minneapolis, MN (Caryn S. Glover and Sarah C. Madison, on the brief), for Appellants Popp Telecom and Washington Sharecom., Timothy W.J. Dunn, argued, St. Paul, MN, for Northern Securities Company and Humbird Securities Company.


• For Appellees:
  
• Timothy R. Thornton, argued, Minneapolis, MN (Richard G. Mark and Thomas J. Basting, Jr., on the brief), for Appellees.