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Securities Regulation Keyed to Cox
Donohoe v. Consolidated Operating & Production Corp.
Citation:
30 F.3d 907 (1994)Facts
Terrence Donohoe and fifty-eight other investors brought a securities fraud action against COPCO and its principals, Jack Nortman and Morando Berrettini, alleging they were fraudulently induced to invest in an oil-drilling project on land where defendants knew no oil existed. Dennis Bridges, who orchestrated the fraud, later entered bankruptcy. The district court granted summary judgment to the remaining defendants on most claims, finding no evidence of bad faith or recklessness. The only surviving claim was dismissed on statute of limitations grounds. On appeal, the Seventh Circuit remanded for consideration of whether Nortman and Berrettini controlled Bridges and could be held liable under a control person theory. On remand, the district court found that defendants’ good faith constituted an affirmative defense to control person liability and again granted summary judgment.
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