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Allen v. Oakbrook Securities Corp.

Florida District Court of Appeal
763 So. 2d 1099 (1999)

Written by Liz Nakamura, JD

Facts

Charles Allen (plaintiff) purchased securities from Oakbrook Securities Corporation (Oakbrook) (defendant). The securities Allen purchased were for a Florida corporation; however, the securities sale occurred entirely outside of Florida. Allen sued Oakbrook in Florida state court for (1) securities fraud under Florida’s Blue-Sky Law; and (2) negligent misrepresentation. A blue-sky law is a state law that regulates securities. Florida’s Blue-Sky Law, like most other states’ blue-sky laws, applies only to securities sold within the state. The trial court dismissed Allen’s claim, holding that it did not have subject-matter jurisdiction over Allen’s claims because the securities sale occurred out-of-state. Allen appealed.

Rule of Law

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Issue

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Holding and Reasoning (Per curiam)

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The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

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