United States District Court, E.D. Tennessee, Knoxville
PAMELA L. REEVES, District Judge.
Plaintiff Rodney Rzezutko filed this action on March 14, 2014, in the Circuit Court for Knox County, Tennessee, and the action was timely removed to this court on April 22, 2014, by defendants SunTrust Bank & SunTrust Investment Services, Inc. (collectively SunTrust) [R. 1]. Rzezutko seeks to recover damages resulting from his purchase of shares in IdleAire, Inc. IdleAire filed bankruptcy in 2008, and Rzezutko alleges he lost his investment.
This matter is before the court on SunTrust's motion to dismiss the Complaint on the grounds that Rzezutko's claims are barred by the three-year statute of limitations contained in Tenn. Code Ann. § 28-3-105; in the alternative, SunTrust avers that Rzezutko has failed to allege any specific tort or violation of law by a SunTrust employee that caused him loss and that could have been prevented by adequate supervision by SunTrust. Because Rzezutko's claims are time-barred, SunTrust's motion to dismiss will be granted, and this action will be dismissed.
Rzezutko's Complaint alleges that he began a business relationship with SunTrust in December 2003, and that SunTrust employee Brian Miller suggested that he purchase shares of stock of a company formerly known as IdleAire. Rzezutko alleges he made a number of purchases of IdleAire stock through Miller, including the following:
December 5, 2003, purchase of 2, 500 shares in the value of $10, 000, in the name of Michael D. Rzezutko.
December 8, 2003, purchase of 7, 500 shares in the value of $30, 000, in the name of Michael D. Rzezutko.
December 9, 2003, purchase of 12, 500 shares in the value of $50, 000.
December 9, 2003, purchase of 12, 500 shares in the value of $50, 000, in the name of Sandra Rzesutko.
February 5-6, 2004, purchase of 10, 000 shares in the value of $50, 000.
February 6, 2004, purchase of 10, 000 shares in the value of $50, 000, in the name of Sandra Rzezutko.
April 1, 2005, purchase of 1, 002 shares in the value of $5, 010 in the names of Rodney Rzezutko and Sandra Rzezutko.
April 4, 2005, purchase of 10, 000 shares in the value of $50, 000, in the names of Rodney Rzezutko and Sandra Rzezutko.
Rzezutko alleges that these transactions were "made illegally or otherwise improperly as the stocks were unregistered and misappropriated for the benefit of" Miller. Rzezutko further alleges that the "selling and offering of these unregistered stocks was a prohibited action under federal and state law... [as] set forth by the Securities and Exchange Commission." Rzezutko further alleges that the "selling and offering of these unregistered stocks was a prohibited action under the rules set forth by SunTrust for its employee, " Miller. The Complaint goes on to allege that SunTrust terminated Miller's "employment relationship" in August 2005, but SunTrust did not "sufficiently contact" Rzezutko regarding the "reasoning of the termination." Rzezutko also alleges that on March 16, 2011, ...