Keimer v. Buena Vista Books, Inc.
California Court of Appeal
75 Cal. App. 4th 1220, 89 Cal. Rptr. 2d 781 (1999)
- Written by Sharon Feldman, JD
Facts
A group of retired women in an investment club known as the Beardstown Ladies claimed annual investment returns substantially higher than those obtained by mutual funds and professional money managers. A videotape was produced, and five books were published, about the Beardstown Ladies. Displayed on the front and back covers and the packaging were statements such as “23.4% ANNUAL RETURN,” “59.5% returns in 1991,” and “learn how to outperform mutual funds and professional money managers 3 to 1.” On behalf of the public, Russell Keimer (plaintiff) sued the publishers and related entities, all of whom were subsidiaries or affiliates of the Walt Disney Company (collectively, Disney) (defendants) for false advertising and unfair trade practices. Keimer alleged that the statements on the covers and packaging were used to market the books and videotape and were false and misleading because the investment club’s average rate of return was 9.1 percent and the club did not outperform mutual funds and professional money managers 3-to-1. Disney argued that the statements were noncommercial speech entitled to First Amendment protection because they repeated statements contained in the books and videotape. Disney’s demurrers were sustained. Keimer appealed.
Rule of Law
Issue
Holding and Reasoning (Walker, J.)
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