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042078P.pdf   08/29/2005  Jerome S. Richman  v.  Acceptance Ins. Co.
   U.S. Court of Appeals Case No:  04-2078
   District of Nebraska   
   [PUBLISHED] [Melloy, Author, with Heaney and Fagg, Circuit 
   Judges] 
   Civil Case - securities. Dismissal of Section 11 and 15 of the Securities 
   Act claims in shareholder liability suit regarding the adequacy of reserves 
   by insurer are affirmed, as the shareholders failed to assert facts that the 
   reserves were in adequate in light of the Montrose decision. Denial of 
   motion to amend complaint was not an abuse of discretion, as amendment 
   would be futile. Grant of summary judgment on Exchange Act claim was 
   also proper, as scienter requirements were not met. Evidence supporting 
   scienter was inadmissible.