A big private placements win for broker-dealer J.P. Turner
A judge in Georgia decided this week that J.P. Turner & Co. was not required to perform due diligence on stock from now-bankrupt Provident Royalties. A big deal? It is if the ruling boosts other B-Ds being sued for Reg D offerings that went south.
In what can only be viewed as a surprise outcome, an independent broker-dealer has won a rare legal victory in the ongoing scrum over private placements that has forced several broker-dealers to shut down.
In federal court in Atlanta on Tuesday, a judge dismissed a class action against J.P. Turner
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