11th Circ. Judge Says Fed Law May Bar Investor's Class Case

By Rosie Manins (November 17, 2021, 3:55 PM EST) -- An Eleventh Circuit judge appeared to reject a Georgia investor's argument Wednesday that his class claims for breach of fiduciary duty against an insurance company and its brokerage subsidiary are not precluded by federal securities law.

Judge Ed Carnes pointed out during oral arguments that claims by Georgia resident Jeffrey Cochran against The Penn Mutual Life Insurance Co. and its brokerage firm Hornor Townsend & Kent LLC seem to be rooted in misrepresentation or omission, which would make them barred by the Securities Litigation Uniform Standards Act.

Cochran is trying to revive his state law claims, dismissed by a Georgia federal...

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