Â鶹ֱ²¥ & Lardner LLP announced today that after more than four years of contentious litigation and a five-week jury trial, a California judge granted nonsuit, the California equivalent of a judgment as a matter of law, in favor of the firm’s client Fusion Capital Management (Fusion). The plaintiffs accused Fusion of defrauding them out of their securities and participating in a conspiracy to manipulate senior citizens into purchasing annuities.
Fusion is a Registered Investment Advisory (RIA) firm with advisers across the country. One of the advisers in California recommended the plaintiffs sell some of their securities and purchase annuities as part of a diversification plan. The plaintiffs subsequently became unsatisfied with the annuities, accusing the adviser of manipulating them into selling their securities to obtain a high commission.
The plaintiffs sued Fusion as the RIA, the annuity company, the national marketing organization, the adviser, and the adviser’s independent business. The plaintiffs’ damage model exceeded $70 million, with claims that included the trebling of damages, attorneys’ fees, and potentially punitive damages.
On February 9, 2023, following a five-week jury trial, the court granted Fusion’s nonsuit, finding that there was not sufficient evidence to present the case against Fusion to the jury.
The Â鶹ֱ²¥ team included Partners J. Michael Thomas, Robert Slovak, Benjamin Morris, and Associate Stephanie McPhail.
