Western Bankers Capital, Inc. v. Kirton McConkie, P.C. et al.

CourtDistrict Court, E.D. Louisiana
DecidedMarch 23, 2026
Docket2:23-cv-05124
StatusUnknown

This text of Western Bankers Capital, Inc. v. Kirton McConkie, P.C. et al. (Western Bankers Capital, Inc. v. Kirton McConkie, P.C. et al.) is published on Counsel Stack Legal Research, covering District Court, E.D. Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Western Bankers Capital, Inc. v. Kirton McConkie, P.C. et al., (E.D. La. 2026).

Opinion

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF LOUISIANA WESTERN BANKERS CAPITAL, INC. CIVIL ACTION VERSUS NO. 23-5124 KIRTON MCCONKIE, P.C. ET AL. SECTION “O”

ORDER AND REASONS Before the Court is a motion1 to dismiss the Third-Party Demand filed by Third-Party Defendants Joseph D. Jordan, Roger Leon Fidler, Simon Piers Thurlow, and Richard Oravec. Third-Party Defendants Fidler, Thurlow, and Oravec seek to dismiss Third-Party Plaintiffs Kirton McConkie, P.C.’s and Charles Lloyd’s claim

against them for lack of personal jurisdiction pursuant to Fed. R. Civ. P. 12(b)(2). Further, all Third-Party Defendants seek to dismiss Kirton and Lloyd’s Third-Party Demand for failure to state a claim pursuant to Fed. R. Civ. P. 12(b)(6). For the following reasons, the Court DENIES the motion. I. BACKGROUND This legal-malpractice action arises from the representation of Plaintiff Western Bankers Capital (“WBC” or “Plaintiff”) by Utah law firm Kirton McConkie,

P.C. (“Kirton McConkie”), and one of its attorneys, Charles Parkinson Lloyd (“Lloyd”), in connection with the sale of certain shares of stock.2 On September 7, 2023, Plaintiff WBC filed a Complaint in this Court against Kirton McConkie and Lloyd, setting

1 ECF No. 45. 2 See generally ECF No. 1. forth three claims for relief: (1) breach of contract; (2) professional negligence (legal malpractice); and (3) breach of fiduciary duty.3 At the core of this case is an April 2017 opinion letter (the “Opinion Letter”)

that Kirton McConkie and Lloyd drafted to advise a broker about the sale of shares of common stock that WBC owned in Dolat Ventures, Inc. (“DOLV”).4 In its Complaint, Plaintiff WBC alleges that, in the Opinion Letter, Kirton McConkie and Lloyd represented that they had “conducted all required due diligence” and opined that WBC could sell the DOLV stock without violating Securities and Exchange Commission (“SEC”) Rule 144, a safe-harbor exemption from SEC registration requirements.5 WBC alleges that it in turn sold the DOLV stock in reliance on the

Opinion Letter.6 After WBC sold the stock in reliance on the Opinion Letter, in 2018 the SEC began investigating the transaction.7 WBC alleges that Kirton McConkie and Lloyd eventually submitted an offer of settlement (the “Offer of Settlement”) to the SEC “[i]n or about 2021.”8 According to the Complaint, the Offer of Settlement consented to the SEC’s allegations and to certain relief and penalties—without notifying WBC

about the allegations.9 WBC adds that, in connection with the investigation, Kirton

3 Id. 4 Id. ¶¶ 11, 14. 5 Id. ¶ 14. 6 Id. ¶ 15. 7 Id. ¶ 17. 8 Id. ¶ 18. 9 Id. ¶¶ 18–19. McConkie and Lloyd gave the SEC attorney-client privileged materials without notifying WBC or giving WBC a chance to object.10 According to the Complaint, the SEC accepted the Offer of Settlement in

September 2021 and issued a public cease and desist order (the “Cease and Desist Order”). On the same day the Cease and Desist Order issued, the SEC brought an enforcement action against WBC and others in the United States District Court for the Southern District of New York.11 See Complaint, SEC v. Thurlow, No. 1:21-CV- 7700 (Sept. 25, 2021), ECF No. 1. According to the Complaint, the SEC’s enforcement action against WBC and others alleges that the DOLV stock-share transaction violated the Securities Act.12

In response to WBC’s Complaint, Kirton McConkie and Lloyd filed a Rule 12(b)(6) motion13 to dismiss, which this Court denied.14 On March 27, 2025, Kirton McConkie and Lloyd filed an Answer and Third-Party Demand.15 The Third-Party Demand named Joseph D. Jordan (the owner of WBC); Roger Leon Fidler (counsel for WBC); Simon Piers Thurlow (law clerk to Fidler); and Richard Oravec (corporate consultant involved in the DOLV transaction) as Third-Party Defendants.16

The Third-Party Demand alleges that Jordan, Fidler, Thurlow, and Oravec together provided Kirton McConkie and Lloyd false information and documents,

10 Id. ¶ 20. 11 Id. ¶ 23. 12 Id. 13 ECF No. 11. 14 ECF No. 24. 15 ECF No. 30. 16 Id. which Kirton McConkie and Lloyd then relied upon when drafting the Opinion Letter for WBC’s sale of shares in DOLV.17 Kirton McConkie and Lloyd also relied on these documents when they prepared a Representation Letter for WBC, which set out the

pertinent facts and information necessary for Kirton McConkie and Lloyd to render the Opinion Letter. Jordan (owner of WBC) signed and returned the Representation Letter.18 In that Letter, Jordan/WBC “represent[ed] and warrant[ed]” to Kirton McConkie the truthfulness of each material fact related to the transactions at issue and asserted that Kirton McConkie could “rely on the information contained herein.” According to the Third-Party Demand, Jordan/WBC19 made multiple material misrepresentations throughout the Representation Letter, including that DOLV was

not a “shell issuer” and that the transaction was “not a part of a plan or scheme to evade the 1993 Act registration requirements.”20 On April 4, 2017, Lloyd issued the Opinion Letter for WBC’s sale of shares in DOLV. The Opinion Letter incorporated by reference the documents that were provided to and reviewed by Kirton McConkie and Lloyd, including the April 3, 2017 Representation Letter. The Opinion Letter stated that Lloyd’s opinions were “based

solely on representations and warranties made to [Third-Party Plaintiffs] by [WBC/Jordan] with no independent verification . . . .”21

17 ECF No. 30 at 13-15 ¶¶ 14-22. 18 Id. at 15 ¶¶ 24-25. 19 Id. The Third-Party Demand also alleges that WBC is the “nominee company” of Jordan and an alter-ego. Id. at 16 ¶ 26 n.1. 20 Id. at 16 ¶¶ 26-28. 21 Id. at 17-18 ¶¶ 29-37. Over a year later, in May 2018, the SEC contacted Kirton McConkie and Lloyd about a non-public, fact-finding inquiry it was undertaking regarding certain transactions related to the sale of the DOLV shares. The SEC ultimately served three

investigative subpoenas on Third-Party Plaintiffs and a deposition subpoena on Lloyd. Lloyd’s deposition was taken on March 5, 2019. He was represented by counsel and, according to the Third-Party Demand, did not reveal any confidences of his former client, WBC, or information protected by the attorney-client privilege during the deposition.22 The Third-Party Demand alleges that during the course of the SEC’s investigation, Third-Party Plaintiffs learned that they may have been unwittingly

duped into providing the Opinion Letters to Fidler’s clients, including WBC, based on false, fraudulent, and/or forged information provided by or on behalf of the Third- Party Defendants.23 Specifically, Kirton McConkie and Lloyd learned that the SEC believed that Jordan, Thurlow, Fidler and/or Oravec, and other alleged co- conspirators, were part of a scheme to illegally offer unregistered securities for sale in violation of numerous provisions of the Securities Act and the Exchange Act.24

According to the Third-Party Demand, the SEC informed Third-Party Plaintiffs in September 2020 that they too were accused of violating the Securities Act and the Exchange Act, specifically §§ 5(a) and 5(c) of the Securities Act. On July 26, 2021, Lloyd executed an Offer of Settlement, which was accepted by the SEC and

22 Id. at 20 ¶¶ 38-42. 23 Id. at 18-19 ¶¶ 38-43. 24 Id. at 20 ¶ 44. which then issued a Cease-and-Desist Order. Lloyd agreed to disgorgement of $3,150 in fees, plus interest, and a $40,000 civil penalty. In entering the Offer of Settlement and Cease-and-Desist Order, Third-Party Plaintiffs were not required to, and did not,

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Western Bankers Capital, Inc. v. Kirton McConkie, P.C. et al., Counsel Stack Legal Research, https://law.counselstack.com/opinion/western-bankers-capital-inc-v-kirton-mcconkie-pc-et-al-laed-2026.