The Fifth Circuit yesterday sent a securities case back to the district court for trial.  The decision reversed a summary judgment for Terrebonne Parish on its statute of limitations defense.  The court held that disappointing financial results didn’t give the securities purchasers "inquiry notice" of possible fraud.  They didn’t get notice, the court concluded, until they heard a tape recording in which the Parish admitted misleading them because it desperately needed a tenant for the Parish’s civic center.  Sudo Properties, Inc. v. Terrebonne Parish Consol. Gov’t, No. 06-30632 (5th Cir. Oct. 3, 2007).

The civic center’s website reveals that the Lewis & Clark Circus will play the hall on October 24 and 25.  But Blawgletter didn’t see any football games on calendar.

Barry Barnett

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