O'CONNELL v. Economic Research Analysts, Inc., 73-2606.
Citation | 499 F.2d 994 |
Decision Date | 26 August 1974 |
Docket Number | No. 73-2606.,73-2606. |
Parties | Daniel O'CONNELL, Plaintiff-Appellee, v. ECONOMIC RESEARCH ANALYSTS, INC., and Richard W. McIntyre, Defendants-Appellants. |
Court | United States Courts of Appeals. United States Court of Appeals (5th Circuit) |
Guy K. Stewart, Jr., Warren M. Salomon, Miami, Fla., for defendants-appellants.
Jeffrey A. Tew, Miami, Fla., for plaintiff-appellee.
Before BELL, GOLDBERG and CLARK, Circuit Judges.
Plaintiff O'Connell brought this action in the United States District Court for the Southern District of Florida seeking recovery against defendants Economic Research Analysts, Inc. ("ERA"), a registered broker/dealer, and Richard W. McIntyre, its president, under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 ("the Act")1 and the Florida common law of fraud, for losses suffered in the course of certain securities transactions with one Richard F. Petersen during the time that Petersen was employed by ERA as a registered representative. The court below specifically found that defendants, as "controlling persons" within the meaning of the Act2, were liable to plaintiff for the fraudulent practices of their employee and awarded judgment accordingly. We reverse.
We hold today in Hudak v. Economic Research Analysts, Inc., 5 Cir. 1974, 499 F.2d 996, 1974, a companion case, that a buyer's action instituted in Florida to recover for losses realized in sales conducted in violation of section 10(b) and Rule 10b-5 is governed by the two-year statute of limitations imposed by § 517.213 of the Florida blue sky laws. Since the plaintiff commenced the present suit on April 27, 1973, some two and one-half years after his admitted discovery of the fraud, see Sargent v. Genesco, Inc., 5 Cir. 1974, 492 F.2d 750, 758, the federal claim is barred.
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