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Thursday, August 16, 2012

Ind. Decisions - 7th Circuit decides one Indiana case today

In Rosenbaum et al. v. White, et al. (ND Ind., Springmann), a 28-page opinion, Circuit Judge Manion writes:

In 2005, two attorneys, Beau Jack White and James Beaman, assisted a securities broker-turned-real estate investor named Chad Seybold in developing an investment plan to buy, rehabilitate, and then sell, or refinance and rent, various residential and commercial properties in Marion, Indiana. That plan involved the creation of two business entities—one of which would be partially owned by a group of private investors. The attorneys were hired to draw up the necessary formation documents for those two companies. Seybold then solicited a group of investors who became part owners of one of the companies, together contributing more than $1 million to the investment plan. Soon, however, Seybold informed the investors that the investment plan had failed. The investors filed a lawsuit against Seybold, the attorneys, and various organizations that they blamed for their losses. The defendant-attorneys—now the only defendants remaining in the case—filed a motion for summary judgment on all of the claims levied against them; the plaintiff-investors opposed that motion and filed a counter-motion for summary judgment. The district court granted summary judgment in favor of the defendant-attorneys on all applicable claims. The plaintiffs appeal, and we now affirm.

Posted by Marcia Oddi on August 16, 2012 01:11 PM
Posted to Ind. (7th Cir.) Decisions