{"id":5451,"date":"2013-04-30T00:00:00","date_gmt":"2013-04-30T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/04\/state_courts_securities_litiga"},"modified":"2022-05-04T13:48:00","modified_gmt":"2022-05-04T18:48:00","slug":"state-courts-securities-litiga","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/state-courts-securities-litiga\/","title":{"rendered":"State Courts Securities Litigation: Va. County Can Sue Over Bond Offering Advice, Plaintiff\u2019s Breach Claim Against Brother to Go to Jury, & Ruling Affirms that Investment Bank\u2019s Offer to Buy Minority Shares Triggered Company\u2019s First Refusal Rights"},"content":{"rendered":"

Fluvanna County, VA Can Sue Over Bond Offering Advice, Says Supreme Court of Virginia<\/strong><\/p>\n

Virginia\u2019s highest court has reinstated a securities fraud lawsuit <\/a>filed by Fluvanna County, Virginia Board of Supervisors against Davenport & Co. The county claims that the investment concern gave it faulty bond offering advice<\/a> about the building of a new high school.<\/p>\n

The Board said that it depended on this investment advice when deciding to put out standalone bonds that caused it to incur $18 million in excess payments. It then sued Davenport in circuit court, making numerous contentions, including breach of fiduciary duty, gross negligence, and Virginia securities law violations. That court \u2018sustained the demurrer with prejudice\u2019 and would not let the board make amendments to pleadings. It said that the separation of powers doctrine won\u2019t let the court resolve the securities case because then it would have to look into the Board\u2019s motives. The latter then appealed.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Fluvanna County, VA Can Sue Over Bond Offering Advice, Says Supreme Court of Virginia Virginia\u2019s highest court has reinstated a securities fraud lawsuit filed by Fluvanna County, Virginia Board of Supervisors against Davenport & Co. The county claims that the investment concern gave it faulty bond offering advice about the building of a new high […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-5451","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nState Courts Securities Litigation: Va. County Can Sue Over Bond Offering Advice, Plaintiff\u2019s Breach Claim Against Brother to Go to Jury, & Ruling Affirms that Investment Bank\u2019s Offer to Buy Minority Shares Triggered Company\u2019s First Refusal Rights — Investor Lawyers Blog — April 30, 2013<\/title>\n<meta name=\"description\" content=\"Fluvanna County, VA Can Sue Over Bond Offering Advice, Says Supreme Court of Virginia Virginia\u2019s highest court has reinstated a securities fraud lawsuit — April 30, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/state-courts-securities-litiga\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"State Courts Securities Litigation: Va. 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County Can Sue Over Bond Offering Advice, Plaintiff\u2019s Breach Claim Against Brother to Go to Jury, & Ruling Affirms that Investment Bank\u2019s Offer to Buy Minority Shares Triggered Company\u2019s First Refusal Rights — Investor Lawyers Blog — April 30, 2013","description":"Fluvanna County, VA Can Sue Over Bond Offering Advice, Says Supreme Court of Virginia Virginia\u2019s highest court has reinstated a securities fraud lawsuit — April 30, 2013","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/state-courts-securities-litiga\/","twitter_card":"summary_large_image","twitter_title":"State Courts Securities Litigation: Va. County Can Sue Over Bond Offering Advice, Plaintiff\u2019s Breach Claim Against Brother to Go to Jury, & Ruling Affirms that Investment Bank\u2019s Offer to Buy Minority Shares Triggered Company\u2019s First Refusal Rights — Investor Lawyers Blog — April 30, 2013","twitter_description":"Fluvanna County, VA Can Sue Over Bond Offering Advice, Says Supreme Court of Virginia Virginia\u2019s highest court has reinstated a securities fraud lawsuit — April 30, 2013","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/state-courts-securities-litiga\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/state-courts-securities-litiga\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"State Courts Securities Litigation: Va. 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