Larochelle v. Allamian

Plaintiffs appeal from the order of the trial court granting the motion to dismiss of defendant Oceanic Bank & Trust Company, Ltd. We reverse and remand.

Plaintiffs are a group of 32 investors, three of whom are citizens of Illinois, owning common shares of defendant M.J. Select Global, Ltd., an investment company organized under the laws of the Bahamas. In August 2002, plaintiffs brought a seven-count complaint against nine defendants, seeking declaratory relief and damages “arising from the wrongful offering, sale, accounting, and management of shares” in M.J. Select. Oceanic, whose…