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CARR v. CIGNA SECURITIES, INC.

No. 95-4006.

95 F.3d 544 (1996)

Kenneth A. CARR, Plaintiff-Appellant, v. CIGNA SECURITIES, INC., and Cigna Individual Financial Services Co., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided September 6, 1996.

Attorney(s) appearing for the Case

Barbee B. Lyon and Scott G. Seidman (argued), Tonkon, Torp, Galen, Marmaduke & Booth, Portland, OR, for plaintiff-appellant.

Keith F. Bode, Ellen R. Kordik, C. John Koch, J. Kevin McCall (argued), Jenner & Block, Chicago, IL and James C. Carter, Schulte, Anderson, Defrancq, Downes & Carter, Portland, OR, for defendants-appellees.

Before POSNER, Chief Judge, and KANNE and EVANS, Circuit Judges.

POSNER, Chief Judge.

Kenneth Carr was a professional basketball player when in 1984 he paid CIGNA Financial Advisors, Inc. (as the affiliated defendants are now known) $450,000 for limited-partner interests in two commercial real estate limited partnerships that CIGNA had created. Carr sued in 1993 under Rule 10b-5 of the Securities and Exchange Commission and the common law of Oregon, charging that the salesman with whom he had dealt had told him that the limited...

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