Rein v. David A. Noyes & Co

In Rein v. David A. Noyes & Co., 172 Ill. 2d 325, 334, 665 N.E.2d 1199, 1204, 216 Ill. Dec. 642 (1996), there were two cases and two sets of appeals. In the first case, plaintiffs filed a complaint against a securities dealer and a salesman, alleging that the defendants fraudulently misrepresented the nature of certain securities purchased by the plaintiffs. The complaint contained counts that sought rescission of the purchase pursuant to section 13 of the Illinois Securities Law of 1953 (Ill. Rev. Stat.1989, ch. 121 1/2, par. 137.13) (rescission counts) and other counts seeking common law remedies (common law counts). The trial court granted defendants' motion to dismiss the rescission counts with prejudice as barred by the applicable statute of limitations (see Ill. Rev. Stat.1989, ch. 121 1/2, par. 137.13(D)). Rein, 172 Ill. 2d at 329, 665 N.E.2d at 1202. The trial court refused to make a Rule 304(a) finding (155 Ill. 2d R. 304(a)), which would have allowed an immediate appeal. Rein, 172 Ill. 2d at 330, 665 N.E.2d at 1202. Plaintiffs then voluntarily dismissed the remainder of the case, i.e., the common law counts, for the purpose of filing an appeal, under Rule 301 (155 Ill. 2d R. 301), as to the dismissal of the rescission counts. Rein, 172 Ill. 2d at 330, 665 N.E.2d at 1202. The appellate court determined that the rescission counts were barred by the applicable statute of limitations and affirmed the decision of the trial court. Rein, 172 Ill. 2d at 330, 665 N.E.2d at 1202. In Rein, the supreme court stated that the failure of the defendants to object to the voluntary dismissal did not constitute an acquiescence in the refiling of plaintiffs' common law counts. Rein, 172 Ill. 2d at 342, 665 N.E.2d at 1207. The court said that the appropriate time for the defendant to object was when plaintiffs attempted to refile the common law counts. Rein, 172 Ill. 2d at 342, 665 N.E.2d at 1207.