Court Opinion

ID: 9779227
Source: CourtListenerOpinion
Date Created: 2023-08-29 21:40:42.560833+00
Date Added: 2024-06-11T07:33:23.865278
License: Public Domain

Conley Byrd, Justice. On rehearing Williams correctly points out that the trial court’s docket sheet does show that his motion for judgment notwithstanding the verdict was overruled by the trial court. However, we still find no merit in his contention that punitive damages cannot be recovered where the Securities Act applies. The Securities Act, Ark. Stat. Ann. § 67-1256(h), provides that “the rights and remedies provided by this act are in addition to any other rights or remedies that may exist at law or in equity ... .” The authorities generally recognize that where an action is brought and sustained both under the Securities Act and common law fraud, punitive damages are recoverable. See Coffee v. Permian Corporation, 474 F. 2d 1040 (5th Cir. 1973) and Young v. Taylor, 466 F. 2d 1329 (10th Cir. 1972). The proof here was amply sufficient to sustain the common law allegation of fraud. Petition for rehearing denied.