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CARNEY v. MANTUANO

No. 95-2529.

204 Wis.2d 527 (1996)

554 N.W.2d 854

Timothy R. CARNEY, Kathleen Carney, Michael Carbone and Lori Carbone, Plaintiffs-Appellants, v. Anthony J. MANTUANO, Defendant-Respondent.

Court of Appeals of Wisconsin.

Decided September 25, 1996.

Attorney(s) appearing for the Case

On behalf of the plaintiffs-appellants, the cause was submitted on the briefs of Cletus R. Willems and Charles R. Shedlak of O'Connor & Willems, S.C. of Kenosha.

On behalf of the defendant-respondent, the cause was submitted on the brief of Richard J. Sankovitz of Whyte, Hirschboeck, Dudek, S.C. of Milwaukee.

Before Anderson, P.J., Brown and Snyder, JJ.

[1]

BROWN, J.

No court has imposed liability for securities fraud based upon a theory of misrepresentation without proof that the investor actually relied on the misrepresented information. We are satisfied that the legislature recognized this principle when it crafted Wisconsin's Blue Sky Laws and hold that our state law requires an investor pursuing a theory of seller misrepresentation to establish...

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