Kauthar SDN BHD v. Sternberg

149 F.3d 659 (1998)

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Kauthar SDN BHD v. Sternberg

United States Court of Appeals for the Seventh Circuit
149 F.3d 659 (1998)

Facts

Rimsat, Ltd. (Rimsat) (defendant) was a corporation from the island of Nevis, with its principal place of business in Fort Wayne, Indiana. Rimsat’s business plan involved providing satellite television to island nations in the Pacific Ocean. Kauthar SDN BHD (Kauthar) (plaintiff), a Malaysian corporation, invested $38 million in Rimsat. This investment was provided through a wire transfer to a bank in Indiana. Rimsat filed for bankruptcy soon after Kauthar’s investment. Kauthar brought suit, alleging that Rimsat had made several misrepresentations in violation of federal securities laws. The district court dismissed the action for lack of jurisdiction. Kauthar then appealed to the Seventh Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Ripple, J.)

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Casebooks

Securities Regulation