First Community Bank, N.A. v. First Tennessee Bank, N.A.

Plaintiff brought this action against Defendants for fraud, constructive fraud, negligent misrepresentation, civil conspiracy, unjust enrichment, and violation of the Tennessee Securities Act, codified at Tennessee Code Annotated section 48-1-101, et seq. The claims arose out of the purchase of asset-backed securities. Defendants filed motions to dismiss for failure to state a claim, while Nonresident Defendants also objected to the court’s personal jurisdiction. The court dismissed the complaint as requested for failure to state a claim and for lack of personal jurisdiction. Plaintiff appeals. We affirm the dismissal of the complaint for lack of personal jurisdiction as to Nonresident Defendants but reverse the dismissal of the complaint for failure to state a claim as to the remaining defendants. We remand for proceedings consistent with this opinion.