Torts: Dividend Transaction-Fraud-Unjust Enrichment

Staff Report//March 18, 2019//

Listen to this article

Plaintiff filed suit against defendant, asserting claims of fraud, conversion and unjust enrichment arising from defendant Calissio Resources Group’s quarterly dividend. The district court dismissed all claims against Calissio’s stock transfer agent and the broker intermediary defendants.

Where securities purchasers bought with the promise of a dividend, those buyers or their representatives could not be liable for monies that were paid from the sellers’ accounts by the parties’ platform to remedy the sellers’ misconduct nor were they unjustly enriched by such payment.

Judgment is affirmed.

COR Clearing LLC v. Calissio Resources Group, Inc. (MLW No. 72918/Case No. 17-3556 – 11 pages) (U.S. Court of Appeals, 8th Circuit, Loken, J.) Appealed from U.S. District Court, District of Nebraska, Bataillon, J. (Jennifer Erickson Baak for appellant; Michael Hilgers on brief) (Gail E. Boliver and William F. Hargens for Appellees; Nicole Griffard on brief)

Latest Opinion Digests

See all digests

Select Region or Brand

Upcoming Event