FERRIS, BAKER WATTS v. ERNST & YOUNG, LLP

No. 04-1064.

395 F.3d 851 (2005)

FERRIS, BAKER WATTS, INC., Appellant, v. ERNST & YOUNG, LLP, Appellee.

United States Court of Appeals, Eighth Circuit.

Filed: January 21, 2005.


Attorney(s) appearing for the Case

Richard A. Kirby, argued, Washington, D.C. (Daniel Marino, Steven Barentzen, Jessie Minier, Terence M. Fruth, and Thomas E. Jamison, on the brief), for appellant.

Bruce M. Cormier, argued, Washington, D.C. (Joel E. Bonner, Miles N. Ruthberg, Ethan J. Brown, Lewis A. Remele, Jr., and Christopher Morris, on the brief), for appellee.

Before SMITH, BEAM, and BENTON, Circuit Judges.


BENTON, Circuit Judge.

Ferris, Baker Watts, Inc. ("FBW") sued Ernst & Young, LLP ("E & Y") for securities fraud. The district court1 dismissed for failure to state a claim. The issue is whether the allegations show scienter under the pleading requirements of the Private Securities Litigation Reform Act. Having jurisdiction under 28 U.S.C. § 1291, this court affirms.

I.

MJK Clearing, Inc., a broker-dealer...

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