The plaintiff invested in a limited partnership that purchased shares of a private corporation.
The investment failed, and the plaintiff sued the promoters, a minority shareholder who sold his shares, and the valuators who appraised the shares.
The minority shareholder and the valuators brought motions for summary judgment.
The court granted the motions, finding no evidence that the minority shareholder participated in any conspiracy or breached securities laws.
The court also found that the valuators owed no duty of care to the plaintiff, the plaintiff did not rely on the valuation, and any claim for negligent valuation belonged to the limited partnership under the rule in Foss v. Harbottle.