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Ongstad, et al. v. Piper Jaffray & Co.

Docket No. 20070260
Oral Argument: Monday, April 14, 2008 2:45pm

Docket Info

Title
Astrid Ongstad, individually and
as Trustee of the Ongstad Family Trust,
and on behalf of themselves and all
others similarly situated, Plaintiffs and Appellants
v.
Piper Jaffray & Co., Defendant and Appellee
Case Type
CIVIL APPEAL : OTHER (Civil)
Appeal From
Case No. 05-C-01876
South Central Judicial District, Burleigh County
Sonna M. Anderson
2008 ND 167755 N.W.2d 877
Oral Argument 4/14/2008

Highlight

A party seeking to invoke application of federal preemption under the Securities Litigation Uniform Standards Act ("SLUSA") must show that (1) the action is a "covered class action" under the Act; (2) the action purports to be based upon state law; (3) the action alleges the defendant misrepresented or omitted a material fact, or used or employed a manipulative or deceptive device or contrivance; and (4) the action alleges the defendant's misrepresentations, omissions, manipulations, or deceptions were made in connection with the purchase or sale of a covered security.
In determining whether a class action is barred under SLUSA, courts look to the actual nature of the conduct alleged, and plaintiffs may not avoid SLUSA's preemptive effect by creative or artful pleading.
SLUSA's preemptive reach must be broadly construed, and is coextensive with federal regulatory authority over securities fraud under Section 10b and Rule 10b-5.
When a broker purchases or sells securities on a client's behalf without authorization, the unauthorized transaction may constitute securities fraud.


Briefs

Filing Date Description
01/11/2008 APPELLANT BRIEF (e-filed) (PDF) View
03/10/2008 APPELLEE BRIEF (e-filed)(PDF) View
03/14/2008 REPLY BRIEF & ADDENDUM View

Counsel

Party Type Name
APPELLANT PRIVATE PRACTICE Not Licensed in ND - 00002
APPELLANT PRIVATE PRACTICE Not Licensed in ND - 00002
APPELLEE PRIVATE PRACTICE Todd Ervin Zimmerman - 05459
APPELLEE PRIVATE PRACTICE Not Licensed in ND - 00002
APPELLEE PRIVATE PRACTICE Not Licensed in ND - 00002

(Note: Attachments may not be available for recently filed cases and/or confidential documents.)

Seq. # Filing Date Description Attachment
1 09/04/2007 NOTICE OF APPEAL : 08/31/2007
2 09/04/2007 ORDER FOR TRANSCRIPT : 08/31/2007
3 10/15/2007 Updated Affidavits of Barbara Quinn Smith, Mark E. Maddox, & Thomas K. Caldwell, pursuant to Rule 3
4 10/15/2007 Admission to Practice Rules
5 10/19/2007 MOT. EXT/TIME TRANSCRIPT
6 10/19/2007 ACTION BY TRIAL COURT (MTR) - Granted : 11/19/2007
7 11/02/2007 TRANSCRIPTS DATED October 16, 2006 & March 21, 2007
8 11/02/2007 DISK - TRA Oct. 16, 2006 & Mar. 21, 2007
9 11/09/2007 RECORD ON APPEAL (2 vol. & separates); not rec'd(40, 58, 81(court reporter notes)); 33(Aff. Serv.)
10 11/23/2007 ANNOUNCED DISQUALIFICATION : VandeWalle, Gerald W.
11 11/27/2007 George M. Garvey's Affidavit in compliance with ND Admission to Practice Rule 3(A)(5)(a)
12 12/07/2007 MOT. EXT/TIME APPELLANT BRIEF
13 12/07/2007 ACTION BY Chief Deputy CLERK - Granted : 01/11/2008
14 12/10/2007 Affidavit of Barbara Quinn Smith in Support of Motion for Extension of Time to file ATB
15 01/11/2008 APPELLANT BRIEF (e-filed) (PDF) View
16 01/11/2008 E-FILED BRIEF - ATB (PDF)
17 01/11/2008 APPELLANT APPENDIX
18 01/11/2008 Received $25 surcharge for ATB (Receipt #17980)
19 01/14/2008 Affidavit of Service by e-mail, with attachments, of the revised ATB
20 01/18/2008 Received 7 copies of ATB from Central Duplicating
21 01/25/2008 MOT. EXT/TIME APPELLEE BRIEF
22 01/25/2008 ACTION BY CLERK (MAE) - Granted : 02/28/2008
23 03/03/2008 Received $25.00 surcharge for AEB (Receipt #18041)
24 03/10/2008 Updated Affidavits of James K. Langdon & Kristina W. Carlson
25 03/10/2008 APPELLEE BRIEF (e-filed)(PDF) View
26 03/10/2008 E-FILED BRIEF (AEB)(PDF)
27 03/14/2008 Received 7 copies of AEB from Central Duplicating
28 03/14/2008 REPLY BRIEF & ADDENDUM View
29 03/14/2008 Addendum to Reply Brief
30 03/14/2008 E-FILED BRIEF - RYB
31 03/20/2008 Received 7 copies of RYB from Central Duplicating
32 03/27/2008 SITTING WITH THE COURT : Narum, Daniel D.
33 04/04/2008 Corrected page 5 for the ATB & page 3 for the RYB
34 04/04/2008 Corrected e-filed copies of the ATB & RYB
35 04/14/2008 APPEARANCES: Craig A. Boeckel and Barbara Quinn Smith; Todd E. Zimmermann, James K. Langdon, and
36 04/14/2008 George M. Garvey
37 04/14/2008 ARGUED: Smith; Langdon and Garvey
38 04/14/2008 ORAL ARGUMENT WEBCAST
39 09/08/2008 DISPOSITION
40 09/08/2008 UNANIMOUS OPINION : Sandstrom, Dale V. View
41 09/09/2008 Costs on appeal taxed in favor of appellee
42 09/08/2008 Judgment Mailed to Parties
43 09/30/2008 MANDATE
44 10/06/2008 RECEIPT SIGNED BY DISTRICT COURT CLERK'S OFFICE
45 01/16/2019 EXPUNGED - Nonpermanent record items destroyed