Cummings et al v. Paramount Partners, LP et al

Filing 65

ORDER granting in part and denying in part 27 Motion to Dismiss; granting in part and denying in part 28 Motion to Dismiss; Adopting 60 Report and Recommendation; Overruling 63 Objections. (Written Opinion). Signed by Judge Richard H. Kyle on 05/25/10. (kll)

UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA Steven B. Cummings, et al., Plaintiffs, v. Paramount Partners, LP, et al., Defendants. Before the Court are the Objections of certain defendants to the March 1, 2010 Report and Recommendation of Magistrate Judge Jeffrey J. Keyes. Judge Keyes has recommended that the pending Motion to Dismiss portions of the Second Amended Complaint be denied. Having reviewed de novo the Report and Recommendation, and Defendants' Objections thereto, and upon all of the files, records, and proceedings herein, IT IS ORDERED: 1. Defendants' Objections (Doc. No. 63) are OVERRULED; 2. The Report and Recommendation (Doc. No. 60) is ADOPTED; 3. Defendant Charles T. Thompson's Motion to Dismiss Second Amended Complaint (Doc. No. 27), and Defendants' Michael W. Bozora's, Timothy R. Redpath's, Capital Solutions Distributors, LLC's, and Capital Solutions Management, LP's, Amended Motion to Dismiss (Doc. No. 28), are GRANTED IN PART and DENIED IN PART as follows: a. The Section 12(a)(1) claims in Count I of the Second Amended Complaint Civil No. 09-847 (RHK/JJK) ORDER

of Plaintiffs Ellen DeHaven, John Gardiner, John Gardiner as custodian for Max A. Gardiner, John Gardiner as custodian for Paige M. Gardiner, John Gardiner as custodian for Jake W. Gardiner, Steven R. Gulbrandsen, Steven R. Gulbrandsen Profit Sharing Plan, Blake Johnson, LLC, R. Thomas Lane, Craig Mandery, Guy M. Peterson, Jeffrey

M. Petrik, Sally A. Petrik, Joseph H. Ryan, Sandra M. Ryan, Robert Spadafora, Thomas C. Weekly, IRA, and Daniel White are DISMISSED AS TIME BARRED; b. The Section 12(a)(2) claims in Count II of the Second Amended

Complaint of Plaintiffs Stephen R. Gulbrandsen, Stephen R. Gulbrandsen Profit Sharing Plan, and Thomas C. Weekly are DISMISSED AS TIME BARRED; c. The Section 10(b) and Rule 10b-5 claims in Count II of the Second

Amended Complaint of Plaintiffs Stephen R. Gulbrandsen and Thomas C. Weekly are DISMISSED AS TIME BARRED; d. Count IV of the Second Amended Complaint is DISMISSED for failure

to state a claim under the Minnesota Consumer Fraud Act; e. Plaintiffs' claim for punitive damages is DISMISSED WITHOUT

PREJUDICE; and f. The Motions are DENIED in all other respects.

Dated: May 25, 2010 s/Richard H. Kyle RICHARD H. KYLE United States District Judge

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