District Court Properly Concluded that Class Action Claims of Debenture Holder Against Issuer for Breach of Contract, Fraud and Unjust Enrichment were Barred by Applicable Limitations Periods Eighth Circuit Holds
Plaintiff filed a putative class action against Union Pacific Railroad Company, as successor to the issuer of a debenture, alleging breach of contract, fraud and unjust enrichment for alleging failing to make proper interest payments due plaintiff. Great Plains Trust Co. v. Union Pac. R.R. Co., 492 F.3d 986, 989-90 (8th Cir. 2007). Defense attorneys moved to dismiss the class action complaint on the ground that each of the class action claims was time-barred; the district court agreed with the defense and dismissed the class action. Id., at 990. The Eighth Circuit affirmed, holding that Kansas law applied and that the two-year (fraud), three-year (unjust enrichment) and five-year (breach of contract) limitations periods had expired prior to the filing of the class action complaint.
Because the opinion turns exclusively on its analysis of statutes of limitation under Kansas law, we do not here summarize the opinion in any greater detail. The text of the Eighth Circuit opinion may be found here.