Union Pacific Resources Group, Inc. v. Rhône-Poulenc, Inc.

WIENER, Circuit Judge:

Union Pacific Resources Group, Inc. (“UPRG”) and its wholly owned subsidiary, Big Island Trona Co. (“Big Island”),1 brought this diversity action against Rhone-Poulenc, Inc. (“RPI”), asserting claims of conversion, securities fraud, negligent misrepresentation, and fraud. The district court granted summary judgment for RPI, dismissing all claims, and UPRG timely appealed. We conclude that summary judgment was properly granted on the conversion, negligent misrepresentation, and securities fraud claims and affirm for essentially the reasons assigned in the district court’s…