Featured Chrome Extensions:

Casey IRACs are produced by an AI that analyzes the opinion’s content to construct its analysis. While we strive for accuracy, the output may not be flawless. For a complete and precise understanding, please refer to the linked opinions above.

Keywords

lawsuitsettlementplaintiffjurisdictiondamageslitigationattorneyfiduciarymalpracticecorporationclass actionfiduciary dutybreach of fiduciary duty
lawsuitsettlementplaintiffjurisdictiondamageslitigationattorneyfiduciarymalpracticecorporationclass actionfiduciary dutybreach of fiduciary duty

Related Cases

Swift, Currie, McGhee & Hiers v. Henry, 276 Ga. 571, 581 S.E.2d 37, 03 FCDR 1560
View Case »
Denney v. Jenkens & Gilchrist, 230 F.R.D. 317, RICO Bus.Disp.Guide 10,837
View Case »
Wright by Wright v. Group Health Hosp., 103 Wash.2d 192, 691 P.2d 564, 50 A.L.R.4th 641, 53 USLW 2309
View Case »
Kourouvacilis v. American Federation of State, County and Municipal Employees, 65 Mass.App.Ct. 521, 841 N.E.2d 1273
View Case »
Kleiner v. First Nat. Bank of Atlanta, 751 F.2d 1193, 53 USLW 2394, 40 Fed.R.Serv.2d 1390
View Case »
Justia Law Link
LexisNexis Link
Westlaw Link
CourtListener Link
Oyez Link

Oetting v. Norton, 795 F.3d 886

Facts

After the merger of NationsBank Corporation and BankAmerica Corporation, shareholders filed class action lawsuits alleging violations of federal securities laws, which were transferred to the Eastern District of Missouri. David Oetting was appointed as a lead plaintiff for the NationsBank class, and the litigation resulted in a $333 million settlement. Oetting later filed a separate class action against Green Jacobson, alleging malpractice and breach of fiduciary duty, claiming damages for a $5.87 million fraud loss to the settlement fund and seeking disgorgement of attorney's fees.

After the merger of NationsBank Corporation and BankAmerica Corporation, shareholders filed class action lawsuits alleging violations of federal securities laws, which were transferred to the Eastern District of Missouri. David Oetting was appointed as a lead plaintiff for the NationsBank class, and the litigation resulted in a $333 million settlement. Oetting later filed a separate class action against Green Jacobson, alleging malpractice and breach of fiduciary duty, claiming damages for a $5.87 million fraud loss to the settlement fund and seeking disgorgement of attorney's fees.

Issue

Did Oetting have standing to bring a separate class action against Green Jacobson for malpractice and breach of fiduciary duty?

Did Oetting have standing to bring a separate class action against Green Jacobson for malpractice and breach of fiduciary duty?

Rule

To satisfy Article III standing requirements, a plaintiff must show actual or threatened injury that can be traced to the allegedly illegal conduct and is capable of being redressed.

To satisfy Article III standing requirements, a plaintiff must show actual or threatened injury that can be traced to the allegedly illegal conduct and is capable of being redressed.

Analysis

The court found that Oetting lacked personal standing because he had not cashed any settlement checks and therefore had not suffered an injury. The claims he sought to assert were tied to the NationsBank class settlement fund, and since he was not a member of the class he sought to represent, he could not maintain the claims in this separate action. The court also noted that the class must be defined in a way that all members have standing.

The court found that Oetting lacked personal standing because he had not cashed any settlement checks and therefore had not suffered an injury. The claims he sought to assert were tied to the NationsBank class settlement fund, and since he was not a member of the class he sought to represent, he could not maintain the claims in this separate action. The court also noted that the class must be defined in a way that all members have standing.

Conclusion

The court affirmed the district court's dismissal of Oetting's complaint, concluding that it lacked jurisdiction over the case due to Oetting's lack of standing.

The court affirmed the district court's dismissal of Oetting's complaint, concluding that it lacked jurisdiction over the case due to Oetting's lack of standing.

Who won?

Green Jacobson prevailed in the case because the court found that Oetting lacked standing to bring the action, which deprived the court of jurisdiction.

Green Jacobson prevailed in the case because the court found that Oetting lacked standing to bring the action, which deprived the court of jurisdiction.

You must be