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Appeal from the United States District Court for the Northern District of Texas

Union Pacific Resources Group, Inc. (“UPRG”) and its wholly owned subsidiary, Big Island Trona Co. (“Big Island”),*fn1 brought this diversity action against Rh�ne-Poulenc, Inc. (“RPI”), asserting claims of conversion, securities fraud, negligent misrepresentation, and fraud. The district court granted summary judgment for RPI, dismissing all claims, and UPRG timely appealed. We conclude that summary judgment was properly granted on the conversion, negligent misrepresentation, and securities fraud claims and affirm for essentially the reasons assigned in the district court’s well-reasoned opinion.*fn2 Concluding that UPRG has presented sufficient evidence to defeat RPI’s summary judgment motion on the fraud claim, however, we reverse the district court’s dismissal of that claim and remand for proceedings consistent with this opinion.

I. Facts and Proceedings

 
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