No Fraud In Arete $4.5M Securities Suit: 5th Circ.

Law360, New York (January 15, 2010, 3:42 PM EST) -- A federal appeals court has cut $1.5 million in compensation and damages from a contract dispute over a $4.5 million securities settlement between Arete Partners LP and a businessman and remanded the case after vacating the lower court's finding of fraud in connection with settlement payments.

A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit on Wednesday reversed and remanded the district court's decision, finding that the facts are insufficient to establish that Rudolf Gunnerman had fraudulent intent.

“Gunnerman’s conduct during pretrial...
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