Plaintiffs win central point, but lose case

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted August 25, 2016 12:56 PM

The good news for 34 plaintiffs who sued William J. Turner under Sections 12(F), (G) and (H) of the Illinois Securities Law of 1953 — after they lost investments totaling $4.61 million in a high-tech startup called Eggs Overnight Inc. — was that the Illinois Appellate Court agreed with their argument that Section 12(H) did not require “proof of reliance” on allegedly false statements in documents mandated by the securities act.The bad news was that the 1st District affirmed the judgment for Turner …

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