Robert M. anderson v. Aon Corporation

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SUBMITTED MARCH 10, 2012

Before EASTERBROOK, Chief Judge, and WILLIAMS and TINDER, Circuit Judges.

The first time this case was here, we held that California law applies and remanded for consideration of Anderson’s “holder” claims-because California, unlike federal securities law, permits a person who did not purchase or sell stock in reliance on a fraudulent representation to maintain a suit for dam-ages. 614 F.3d 361 (7th Cir. 2010). On remand the district court dismissed the complaint, ruling that it did not adequately allege defendants’ state of mind and Anderson’s reliance on any particular false statements Aon had made. 2011 U.S. Dist. LEXIS 111217 (N.D. Ill. Sept. 29, 2011). The judge also suggested that Anderson had not shown a plausible way to disentangle the effects of corporate mismanagement (which is actionable only through derivative litigation) from the effects of delay in disclosing that mismanagement to the public.

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