Potier et al v. J B S Liberty Securities Inc et al

Filing 101

MEMORANDUM RULING: Pending before the Court, 90 Motion for Summary Judgment Pursuant to Rule 56 filed by J B S Liberty Securities Inc d/b/a J B S Investment Group L L C and is opposed by plaintiffs, Joseph Clyde and Glenda Potier [Doc 9 4]. J B S has filed 95 Motion for Leave to File Reply Memorandum, which is herein GRANTED. For the foregoing reasons, the 90 Motion for Summary Judgment is GRANTED IN PART and DENIED IN PART, as discussed herein. IT IS ORDERED that, to the extent the plaintiffs' claims against J B S arise under state law, such claims are time-barred under the provisions of La Rev State §9:5606(A), and all such claims are DENIED AND DISMISSED WITH PREJUDICE as perempted. However, to the e xtent the plaintiffs are alleging "churning" claims in violation of federal securities laws, and in particular, plaintiffs' claims under the Securities Acts of 1933 and 1934 and 15 USC §7t(a), such claims do no appear to be prescribed, J B S having failed to meet its burden to show it is entitled to a dismissal of plaintiffs' claims under these federal provisions at this time. Signed by Judge Rebecca F Doherty on 5/7/2015. (crt,Putch, A)