Joe Turner v. Charles H. Lundquist
Opinion
Opinion
Copple, J.
This action was brought for monetary relief based on alleged violations of Section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. Sec. 78j(b)); Rule X-10B-5 of the Rules and Regulations of Securities Exchange Commission (17 C.F.R. 240.10B-51); and Section 17 (a) of the Securities Act of 1933 (15 U.S. C. Sec. 77q); plaintiff-appellant Turner likewise contends that he is entitled to damages for fraud and deceit under California State Law. Jurisdiction is based on 15 U.S.C. Sec. 78aa and 15 U.S.C. Sec. 77v.
On January 3, 1961, Turner purchased a $125,000 convertible debenture of United States Chemical Milling Corporation (hereinafter U.S.C.M.) — $100,000.00 for himself and $25,000.00 for one Glen Roland, an officer and director of U.S. C.M. Defendant-appellee Lundquist was, at and before the date of purchase, president of U.S.C.M.
On April 19, 1963, Turner filed an action agáinst Roland.
On May 12, 1964, Turner filed an amended complaint in substantially the same form but naming Lundquist as an additional defendant.
On June 9, 1965, following Lundquist’s Motion to Dismiss and Motion for Summary Judgment, the trial court denied the same without prejudice to the making of…