Jain v. J.P. Morgan Securities, Inc.

¶[1 — Naveen and Anuradha Jain were found by a federal district court to have violated section 16(b) of The Securities Exchange Act of 1934.1 The case was settled pending appeal. The Jains then brought state tort claims against a brokerage and two law firms involved in the securities case. The superior court dismissed those claims, finding that they constituted de facto indemnity claims barred under federal securities law. We affirm.

Baker, J.

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¶2 Naveen Jain founded InfoSpace, Inc., in 1996 and served as an officer and director of the company until 2002. In 1998, InfoSpace went public and sold…