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Kemmerer v. Weaver

445 F.2d 76 (1971)

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Kemmerer v. Weaver

United States Court of Appeals for the Seventh Circuit
445 F.2d 76 (1971)

Facts

Members of the Weaver family (the Weavers) (defendants) operated a beaver-breeding business. The Weavers entered into contracts with Harold Kemmerer, Gordon Gregory, and Robert Albrecht (investors) (plaintiffs), whereby the Weavers agreed to sell exclusively domestic beavers, cared for by the Weavers using the capital supplied by the investors, to the investors. The Weavers guaranteed a 100 percent return on the investment within one year. Rather than selling the domestic beavers called for in the contracts, the Weavers sold a different kind of beaver to the investors without disclosing that the beavers actually sold were less valuable than the domestic beavers called for in the contracts. The investors filed suit, claiming that the Weavers made material misrepresentations and omissions about the investment contracts in violation of the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The district court entered judgment in favor of the investors. The Weavers appealed.

Rule of Law

Issue

Holding and Reasoning (Duffy, J.)

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