Dvorkin v. Soderquist

Plaintiff brought suit alleging fraud, conspiracy to commit fraud, and violation of the Illinois Securities Law of 1953 against three defendants. The trial court granted a motion to dismiss with prejudice against two of the defendants and entered a SCR 304(a) finding. The appellate court affirmed, finding that the trial court did not err when it concluded that a loan agreement and promissory note were not a security under the Securities Law and that plaintiff’s allegations failed to plead facts sufficient to allege fraud. The appellate court remanded for further proceedings against the remaining counts of the complaint. (PIERCE and ODEN JOHNSON, concurring)