Federal Court allows securities class action case to proceed against Sidley Austin, Deloitte & Touche, Tonkon Torp, TD Ameritrade, EisnerAmper and Integrity Bank

U.S. District Judge Michael W. Mosman upheld a magistrate judge’s recommendation to deny in-part and grant in-part motions to dismiss filed by Sidley Austin LLP, Deloitte & Touche, Tonkon Torp, TD Ameritrade, EisnerAmper and Integrity Bank in a proposed class action case alleging that the defendants violated the Oregon Securities Law by participating and aiding in sales of securities totaling in excess of $650 million.

Pursuant to the ruling, plaintiffs are required to provide additional specificity regarding the primary Oregon Securities Law violations by Aequitas, but the court found that plaintiffs’ allegations of secondary liability against the defendants for participating and aiding in those sales are sufficient. Under the Oregon Securities Law, persons who participate or aid in the unlawful sale of securities are jointly and severally liable to the same extent as the seller. Defendants argued that plaintiffs’ participation and aiding claims exceeded the bounds of liability under the Oregon Securities Law, but the court disagreed.

The investors are represented by Keith A. Ketterling, Timothy S. DeJong, Jacob S. Gill, and Nadia H. Dahab of Stoll Berne and Steve W. Berman and Karl P. Barth of Hagens Berman Sobol Shapiro LLP.

Keith Dubanevich
Keith is an accomplished trial, appellate, and healthcare lawyer with over 30 years of experience in more than a dozen different jurisdictions around the country. With a focus on complex dispute resolution, with particular emphasis in the healthcare industry, Keith is adept at handling multi-state and international antitrust cases, consumer litigation, and securities disputes. In healthcare, he has handled peer review disputes, partnership and incorporation matters, and billing investigations. Keith has led internal investigations for public entities as well as for not-for-profit organizations. Keith's clients value his keen instincts in court and his ability to delve into complex legal issues while never losing sight of the overall strategy of a case. During his time at the Oregon Department of Justice as Associate Attorney General and Chief of Staff, Keith led the creation of a civil rights unit, managed securities litigation including multiple cases against financial services companies, and supervised antitrust investigations and prosecutions. He was also involved with the adoption of legislation that expanded the Unlawful Trade Practices Act and legislation that imposed a mediation requirement prior to non-judicial foreclosures.


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