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Smallen v. The Western Union Co.

950 F.3d 1297 (2020)

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Smallen v. The Western Union Co.

United States Court of Appeals for the Tenth Circuit
950 F.3d 1297 (2020)

Facts

The Lawrence Henry Smallen and Laura Anne Smallen Revocable Living Trust (Smallen) (plaintiff) commenced a securities-fraud class action against the Western Union Company (Western Union) (defendant) and several of Western Union’s current and former corporate officers (the corporate officers) (defendants). Smallen accused Western Union and the corporate officers of making materially misleading public statements about Western Union’s anti-money-laundering and antifraud programs. Smallen’s complaint did not contain any factual allegations that Western Union’s senior management intended to deceive or defraud investors. Western Union and the corporate officers moved to dismiss. Smallen opposed the motion, arguing that allegations that any agent of Western Union, regardless of the agent’s seniority within the company, engaged in intentional, deceitful conduct were sufficient to plead corporate scienter. The court granted the motion to dismiss. Smallen appealed.

Rule of Law

Issue

Holding and Reasoning (Baldock, J.)

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