JAIN v. J.P. MORGAN SECURITIES, INC.

No. 59661-6-I.

177 P.3d 117 (2008)

Naveen JAIN and Anuradha Jain, husband and wife, and their marital community, Appellants/Cross-Respondents, v. J.P. MORGAN SECURITIES, INC., a Delaware corporation, as successor in interest to Hambrecht & Quist LLC; Wilson Sonsini Goodrich & Rosati, P.C., a California professional corporation, Respondents, Perkins Coie LLP, Respondent/Cross-Appellant.

Court of Appeals of Washington, Division 1.

Reconsideration Denied February 12, 2008.


Attorney(s) appearing for the Case

Arthur Washington Harrigan JR., Timothy George Leyh, Katherine See Kennedy, Randall Thor Thomsen, Danielson Harrigan Leyh & Tollefson LLP, Larry Steven Gangnes, John R. Neeleman, Theodore Alexander Sheffield, Lane Powell PC, Robert B. Gould, Attorney at Law, Seattle, WA, for Appellants/Cross-Respondents.

Brian Corker Free, Michael Ramsey Scott, Hillis Clark Martin & Peterson, PS, John D. Pernick, David M. Balabanian, Bingham McCutcheon LLP, San Francisco, CA, Gregory J. Hollon, Barbara Himes Schuknecht, Robert M. Sulkin, MeNaul Ebel Nawrot & Helgren, Seattle, WA, for Respondents.

Bradley S. Keller, Keith David Petrak, Attorney at Law, Howard Mark Goodfriend, Edwards Sieh Smith & Goodfriend PS, Seattle, WA, for Respondent/Cross-Appellant.


BAKER, J.

¶ 1 The Jains were found by a federal district court to have violated section 16(b) of the Securities Exchange Act of 1934.1 The case was settled pending appeal. The Joins then brought state tort claims against a brokerage and two law firms involved in the securities case. The superior court dismissed those claims, finding that they constituted de facto indemnity claims barred under...

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