Jenner & Block

Firm Achieves Far-Reaching Appellate Ruling That Stockholder Fraud Suit is Barred by Non-Reliance Clause

Jenner & Block recently achieved a noteworthy Illinois Appellate Court victory on behalf of its investment firm client, Advanced Equities, Inc. (AEI).  On AEI's application, the court accepted a certified question for review and held that a stock purchaser who signs a subscription agreement containing a non-reliance clause is barred as a matter of law from bringing an action for common law fraud based on the defendant's alleged oral misrepresentations. 

The court's decision received extensive media coverage in business and securities publications, including in Bloomberg BNA.  Representing AEI are Partners John B. Simon and Howard S. Suskin, Of Counsel Marc D. Sokol, and Associates Nicole A. Allen and Som P. Dalal, assisted by Senior Paralegal Cheryl J. Kras.