Bennett v. Hunter Durham

683 F.3d 734 (2012)

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Bennett v. Hunter Durham

United States Court of Appeals for the Sixth Circuit
683 F.3d 734 (2012)

  • Written by Robert Cane, JD

Facts

Paul Bennett and Frederick Clayton (plaintiffs) had invested in Heartland Resources (Heartland) and Mammoth Resource Partners (Mammoth), which were oil-and-gas exploration companies. The companies did not produce much oil or gas, so Bennett, Clayton, and other investors lost money. Hunter Durham (defendant) was a lawyer. Durham represented Heartland and Mammoth with respect to the issuance and sale of securities by the two companies. Specifically, Durham drafted documents for deals, such as joint-venture agreements and private-placement memoranda. Durham also made himself available to answer the questions of prospective investors. Bennett and Clayton sued Durham under the Kentucky Securities Act and alleged that Durham knew the documents that he prepared contained material misrepresentations and omissions. Durham asserted that he simply provided traditional legal services in connection with the securities offerings. The trial court granted Durham’s motion to dismiss in a lawsuit filed by Bennett. The trial court, with a different judge, granted Durham’s motion for summary judgment in a lawsuit filed by Clayton. Both Bennett and Clayton appealed.

Rule of Law

Issue

Holding and Reasoning (Sutton, J.)

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