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Case Status:    DISMISSED    
On or around 02/04/2011 (Court's order of dismissal)

Filing Date: July 26, 2010

According to the complaint, this case arises out of Defendants' offer and sale of securities in the form of Tenant-in-Common interests to investors in an apartment complex know as Beamer Place Apartments ("Beamer Place TICs"). The sale was part of a investment scheme in which the promoter and issuer, Geneva Exchange, Inc. an Geneva Exchange LLC (together as "Geneva"), their sole owner, Duane H. Lund Lund"), and underwriter Berthel Fisher & Company Financial Services, Inc. ("Berthel Fisher") sought to inflate the value of the Beamer Place TICs by misrepresenting and/or concealing material facts as part of an exit strategy in which Defendants reaped millions of dollars in investment proceeds, as well as fees and commissions, from unsuspecting investors. Moreover, investors assumed millions of dollars in loans Geneva and Lund would otherwise have had to pay.

On September 24, 2010, the Defendant Berthel Fisher & Company Financial Services, Inc., filed a motion to dismiss the case. On October 15, 2010, the plaintiffs filed First Amended Class Action Complaint for Damages. Another First Amended Complaint was filed on October 25, 2010. The defendants filed two motions to dismiss the case on November 19, 2010. On February 4, 2011, Judge Jacqueline H. Nguyen granted the defendants' motions to dismiss. The Court dismisses the First Amended Complaint in its entirety with prejudice.

On February 25, 2011, the plaintiff filed a Notice of Appeal. The appeal is currently pending in the Ninth Circuit Court of Appeals.

Judgment was entered on March 23, 2011.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 10-CV-5491
JUDGE: Hon. Mariana R. Pfaelzer
DATE FILED: 07/26/2010
CLASS PERIOD START: 03/25/2008
CLASS PERIOD END: 09/18/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Krause Kalfayan Benink & Slavens, LLP (San Diego)
    1010 Second Avenue, Suite 1750, Krause Kalfayan Benink & Slavens, LLP (San Diego), CA 92101
    619.232.0331 619.232.4019 · info@krausekalfayan.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 10-CV-5491
JUDGE: Hon. Mariana R. Pfaelzer
DATE FILED: 10/25/2010
CLASS PERIOD START: 03/25/2008
CLASS PERIOD END: 09/18/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Krause Kalfayan Benink & Slavens, LLP (San Diego)
    1010 Second Avenue, Suite 1750, Krause Kalfayan Benink & Slavens, LLP (San Diego), CA 92101
    619.232.0331 619.232.4019 · info@krausekalfayan.com
No Document Title Filing Date