United States Eighth Circuit

In an action against defendant alleging a violation of the Arkansas Securities Act and common law fraud, dismissal of plaintiffs' complaint for failure to state facts on which relief could be granted is affirmed where: 1) plaintiffs' complaint was devoid of any allegations which might establish that defendant-Merrill Lynch materially aided the fraudulent sale of promissory notes, for purposes of a claim under Arkansas Securities Act; and 2) the allegations in the complaint did not include factual allegations which demonstrate Merrill Lynch assisted or even knew of the fraud, for purposes of a common law fraud claim.

Appellate Information

• Decided 05/05/2008
• Published 05/05/2008

Judges

• BYE, Circuit Judge., Before BYE, BEAM and GRUENDER, Circuit Judges.

Court

• United States Eighth Circuit

Counsel

• For Appellant:
  
• Lawrence W. Jackson, argued, West Memphis, AR (Kent J. Rubens, on the brief), for appellant.


• For Appellees:
  
• Bradley B. Rounsaville, argued, Birmingham, AL (John A. Smith, III, on the brief), for appellee.