JP Turner Shakes Investors' Fraud Action

Law360, New York (May 18, 2011, 2:32 PM EDT) -- A Georgia federal judge on Tuesday threw out a would-be securities fraud class action against J.P. Turner and Co., ruling the broker-dealer had no duty to verify information from a fossil fuel developer that was later hit with fraud claims.

Plaintiffs Ronald Brown and Vivian Garcia invested in the allegedly bogus securities, losing $25,000 and $50,000, respectively. They filed suit against J.P. Turner in September 2009 seeking class certification and damages against the defendant for failing to conduct due diligence on Provident Royalties LLC.

The U.S....
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