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LOGAN v. PANUSKA

Nos. 48767, 48983 and 48768.

293 N.W.2d 359 (1980)

John S. LOGAN et al., Respondents, v. Harold J. PANUSKA et al., Appellants. Arthur Russell KRUEGER, Jr., et al., Appellants, v. Harold J. PANUSKA, Respondent.

Supreme Court of Minnesota.

Rehearing Denied June 16, 1980.

Attorney(s) appearing for the Case

Katz, Lange & Davis and Stephen C. Davis, Minneapolis, for Panuska et al.

Nemerov & Robbins, Ford M. Robbins and John G. Ness, Minneapolis, for Krueger et al.

Foster, Waldeck, Lind & Humphrey and Peter E. Lind, Minneapolis, for Logan et al.

Heard before KELLY, SCOTT and WAHL, JJ., and considered and decided by the court en banc.

KELLY, Justice.

These cases both arise out of the same set of facts and raise the issue of whether or not equitable estoppel is a defense in an action for rescission of the sale of securities sold in violation of Minn.St.1971, c. 80, the Minnesota Blue Sky Law.1 We conclude that equitable estoppel is a defense and accordingly we reverse Logan v. Panuska and affirm Krueger v. Panuska.

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