Hastie v. American Agri-Corp.

MEMORANDUM OPINION

TAYLOR, District Judge.

In the absence of published Ninth Circuit authority, the issue presented in this case is whether to apply retroactively the Supreme Court’s recent Lampf decision concerning the applicable statute of limitations for Securities Exchange Act of 1934 section 10(b) securities fraud cases. This court concludes that the Lampf rule is retroactive.

I. BACKGROUND

During the years 1982 to 1986 plaintiffs invested in a series of farming tax shelter arrangements promoted by defendant Am-cor. The Internal Revenue Service later disallowed all deductions on these…