Bernard Gerstner, Jr., et al v. Sebig, LLC, et al, No. 11-1176 (8th Cir. 2011)
Annotate this CaseCourt Description: Civil case - Securities. For the court's earlier opinion in the matter, see Gerstner v. Sebig, LLC, 386 Fed. Appx. 573 (8th Cir. 2010). District court did not err in dismissing plaintiffs' unregistered securities claim as untimely.
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United States Court of Appeals FOR THE EIGHTH CIRCUIT ___________ No. 11-1176 ___________ Bernard Gerstner, Jr.; Dale Sprague; Ronald Cornelius, * * * Appellants, * * Appeal from the United States v. * District Court for the * Western District of Missouri. Sebig, LLC; Arlo W. Erickson, in his * individual capacity only; Donald * [UNPUBLISHED] Roberts, in his individual capacity only; * B. A. Schawinsky, in his individual * capacity only; Pat Stewart, in her * individual capacity only, * * Appellees. * ___________ Submitted: June 28, 2011 Filed: July 5, 2011 ___________ Before LOKEN, BYE, and SHEPHERD, Circuit Judges. ___________ PER CURIAM. Bernard Gerstner, Dale Sprague, and Ronald Cornelius (collectively, appellants) previously appealed the dismissal of their civil complaint alleging securities violations. We affirmed the dismissal, except as to their claim based on the sale of unregistered securities under 15 U.S.C. § 77e(a). See Gerstner v. Sebig, LLC, 386 Fed. Appx. 573 (8th Cir. 2010) (unpublished per curiam). They now appeal the district court s1 dismissal of the unregistered-securities claim as untimely. After careful review, we agree with the district court that the claim was not timely filed, and conclude that appellants were not entitled to equitable tolling. See 15 U.S.C. § 77l(a)(1) (allowing private cause of action for violations of § 77e); 15 U.S.C. § 77m (providing limitations period for actions to enforce liability created under § 77l(a)(1)); Firstcom, Inc. v. Qwest Corp., 555 F.3d 669, 674-75 (8th Cir. 2009). We also conclude that the district court did not abuse its discretion in denying appellants motion for reconsideration. See United States v. Metro. St. Louis Sewer Dist., 440 F.3d 930, 933-34 (8th Cir. 2006). Accordingly, we affirm. See 8th Cir. R. 47B. ______________________________ 1 The Honorable Ortrie D. Smith, United States District Judge for the Western District of Missouri. -2-
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