United States Eighth Circuit

In a lawsuit arising from the sale of a 50% interest in a holding company by plaintiff to the owners of the other 50% interest, seeking damages or avoidance of the contract or certain terms based on claims of fraud and other improper conduct, summary judgment for defendants is affirmed in part as to common law fraud and securities fraud claims, but reversed in part where: 1) the district court erred in rejecting plaintiff's fiduciary duty claim as the question of materiality and obviousness of the information not disclosed to plaintiff remained a disputed issue of fact; 2) the district court's findings regarding a state law insider trading claim were not supported by the record or were disputed issues; and 3) summary judgment on breach of contract claims was based on an erroneous interpretation of a contract provision.

Appellate Information

• Decided 08/05/2008
• Published 08/05/2008

Judges

• BRIGHT, Circuit Judge., Before MURPHY, BRIGHT and BENTON, Circuit Judges.

Court

• United States Eighth Circuit

Counsel

• For Appellant:
  
• Thomas D. Hanson, argued, Des Moines, IA (Fred E. Beaver, on the brief), for appellant.


• For Appellees:
  
• Jason J. O'Rourke, argued, Rock Island, IL (Robert V.P. Waterman, Jr., and Douglas R. Lindsrom, Jr., Davenport, IA, on the brief), for appellee.