United States Eighth Circuit

In an action alleging violations of the Minnesota Securities Act, negligent and fraudulent misrepresentation, and breach of fiduciary duty, summary judgment for defendants is affirmed in part where: 1) plaintiff's misrepresentation claims based on the company at issue's revenue projections were properly dismissed by the district court since they were not false statements of past or existing fact, and were not pled with sufficient particularity; and 2) the injuries alleged in plaintiff's breach of fiduciary duty claims were those to corporate assets, and a claim to recover damages for such injuries must be brought as a derivative action. However, the judgment is reversed in part where claims arising under Minn. Stat. section 80A.01(b) required only a showing of negligence.

Appellate Information

• Decided 06/17/2010
• Published 06/17/2010

Judges

Court

• United States Eighth Circuit

Counsel