Allen v. Oakbrook Securities Corp.

763 So. 2d 1099 (1999)

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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

Issue

Holding and Reasoning (Per curiam)

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