Case: 2:10-cv-01160-ALM-TPK Doc #: 1 Filed: 12/22/10 Page: 1 of ...
Case: 2:10-cv-01160-ALM-TPK Doc #: 1 Filed: 12/22/10 Page: 1 of ...
Case: 2:10-cv-01160-ALM-TPK Doc #: 1 Filed: 12/22/10 Page: 1 of ...
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<strong>Case</strong>: 2:<strong>10</strong>-<strong>cv</strong>-<strong>01160</strong>-<strong>ALM</strong>-<strong>TPK</strong> <strong>Doc</strong> #: 1 <strong>Filed</strong>: <strong>12</strong>/<strong>22</strong>/<strong>10</strong> <strong>Page</strong>: 34 <strong>of</strong> 36 PAGEID #: 34<strong>10</strong>7. Wachovia violated its fiduciary duties to SERS under the Ohio SecuritiesAct and Wachovia also violated R.C. 1707.44(M)(3) and R.C. 1707.44(B)(5) in advisingSERS regarding the suitability <strong>of</strong> the Sigma investment and the Other Investments.<strong>10</strong>8. As a result <strong>of</strong> Wachovia’s violations <strong>of</strong> the Ohio Securities Act,including breaches <strong>of</strong> fiduciary duties arising thereunder, SERS has been damaged and itis entitled to recover from Wachovia all damages available to SERS under the OhioSecurities Act.X. FIFTH CAUSE OF ACTION: NEGLIGENT MISREPRESENTATION<strong>10</strong>9. Plaintiff repeats and re-alleges each and every allegation contained aboveas if fully set forth herein.1<strong>10</strong>. Wachovia, in the course <strong>of</strong> its business, supplied false informationregarding the Sigma investment and the Other Investments to SERS for the guidance <strong>of</strong>SERS in its business transactions.111. Wachovia failed to exercise reasonable care and competence in obtaininginformation about the Sigma investment and the Other Investments and communicating itto SERS.1<strong>12</strong>. Wachovia at all relevant times intended SERS to rely on the information itprovided to SERS regarding the Sigma investment and the Other Investments andWachovia knew that SERS, as Wachovia’s client, was relying on information supplied byWachovia.113. SERS justifiably relied on information provided by Wachovia inpurchasing and retaining the Sigma investment and the Other Investments.34
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