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In re Washington Public Power Supply System Securities Litigation
United States Court of Appeals for the Ninth Circuit
823 F.2d 1349 (9th Cir. 1987)
The Washington Public Power Supply System (WPPSS) (defendant) sold bonds to help finance the construction of nuclear power plants. However, WPPSS never completed the construction and defaulted on the bond payments. The purchasers of the bonds (plaintiffs) filed a class action against WPPSS under § 17(a) of the Securities Act of 1933, 15 U.S.C. § 77q(a), claiming that the bonds were sold under false pretenses. The district court dismissed the bond purchasers’ claim. On appeal, the court of appeals reversed the order of the district court. Following this action, the court of appeals held a rehearing en banc to determine if the precedent mandating reversal should be overturned.
Rule of Law
Holding and Reasoning (Hall, J.)
Dissent (Tang, J.)
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