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Potier v. JBS Liberty Securities Inc.

United States District Court, Western District of Louisiana, Lafayette Division

May 7, 2015

JOSEPH CLYDE POTIER, ET AL.
v.
JBS LIBERTY SECURITIES, INC., ET AL.

HANNA MAGISTRATE JUDGE

MEMORANDUM RULING

REBECCA F. DOHERTY UNITED STATES DISTRICT JUDGE

Pending before the Court is the "Motion for Summary Judgment Pursuant to Rule 56" [Doc. 90] filed by defendant JBS Liberty Securities, Inc., d/b/a JBS Investment Group, LLC ("JBS"), wherein JBS seeks dismissal of all claims brought against it by the plaintiffs under Rule 56 of the Federal Rules of Civil Procedure on grounds all of plaintiffs' claims are time-barred. The motion is opposed by the plaintiffs Joseph Clyde and Glenda Potier ("plaintiffs") [Doc. 94], and JBS has filed a "Motion for Leave to File Reply Memorandum to Plaintiffs' Memorandum in Opposition RE: Motion for Summary Judgment Pursuant to Rule 56" [Doc. 95], which is herein GRANTED.

For the following reasons, the motion for summary judgment is GRANTED IN PART and DENIED IN PART, as discussed herein.

I. Factual and Procedural History

The crux of the instant lawsuit is plaintiffs' allegation that Roger Dale Lanclos - alleged to be a securities "broker" - and certain brokerage firms, including JBS, are liable to the plaintiffs for losses suffered as a result of certain securities transactions. As this Court has noted in previous rulings in this matter, notwithstanding this Court's succinct summary of the plaintiffs' allegations, the plaintiffs' Second Amended Complaint is inartfully drafted and vaguely worded, and this Court has had difficulty determining which specific claims are pled against which specific defendant, which has made adjudication of the instant motion and other motions in this case problematic. Nevertheless, as it has done in the past, the Court has parsed the arguments of the parties as best it can and will address the motion, as follows.

Jurisdiction of the entire action is alleged under 28 U.S.C. §1331 (federal question), the provisions of the Securities Act of 1933, 15 U.S.C. §77a, et seq., and the provisions of the Securities Exchange Act of 1934, 15 U.S.C. §78a. The plaintiffs' claims primarily focus on the actions of Mr. Lanclos. The dates of Mr. Lanclos's employment with JBS - where plaintiffs allege Mr. Lanclos was a "brokerage agent and financial advisor" - are disputed. Plaintiffs allege Mr. Lanclos was employed by JBS from March 2007 to December 2010.[1] However, in its opposition brief, JBS avers Mr. Lanclos was employed by the company from November 2006 through December 2010.[2]

The following facts appear to be undisputed:

• Lanclos was licensed by the National Association of Securities Dealers ("NASD"), now "FJNRA, " between November of 1986 and May of 2001.
•Two annuity /insurance contracts were purchased by plaintiffs through JB S: RJBC Variable Universal Life Insurance Policy No. 1002003778 and RBC Variable Universal Life Insurance Policy No. 1002003779.
• The purchase date of both annuities was March 6, 2008.
• Plaintiffs paid the premium for the two annuities on June 2, 2008.

In the instant motion, JBS seeks dismissal of all claims against it under Fed.Riv.Civ.P. 56 on grounds the plaintiffs' claims are time-barred under both federal and state law, all as more fully set forth below. JBS also argues by way of its reply brief that, for the first time in its opposition brief, plaintiffs specifically claim JBS is liable for conduct related to the sale or surrender of four Allianz insurance products surrendered by the Potiers in 2008 and an "RBC single premium deferred annuity" sold or surrendered by the Potiers on March 3, 2010 through Liberty Life Insurance Company, none of which were sold or surrendered through JBS. Therefore, JBS argues ...


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