Landry v. All American Assurance Co.
United States Court of Appeals for the Fifth Circuit
688 F.2d 381 (1982)
Dr. W. B. Landry, Curtis Chauvin, and Bryan Zeringue (plaintiffs) all banked with St. Charles Bank and Trust Company (the bank). In 1974, common stock of the bank was available for purchase. Landry, Chauvin, and Zeringue each bought 1,500 shares of the bank’s common stock at $60 per share. Later, investigations revealed the financial structure of the bank to be inadequate. In January 1976, the bank’s common stock was valued at $4 per share. Landry, Chauvin, and Zeringue filed suit against All American Assurance Company, Republic Securities Corporation, and several individuals associated with the bank (defendants) for violations of § 10(b) of the Securities Exchange Act of 1934. Landry, Chauvin, and Zeringue amended their complaint to include violations of § 17(a) of the Securities Act of 1933. All American Assurance, Republic Securities, and the individual defendants filed motions to dismiss and for summary judgment, arguing that § 17(a) did not create a private cause of action. The district court ruled in favor of All American Assurance, Republic Securities, and the individual defendants. Landry, Chauvin, and Zeringue appealed.
Rule of Law
Holding and Reasoning (Garza, J.)
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