Meyers v. C&M Petroleum Producers, Inc.

476 F.2d 427 (1973)

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Meyers v. C&M Petroleum Producers, Inc.

United States Court of Appeals for the Fifth Circuit
476 F.2d 427 (1973)

Facts

Georgia-based C&M Petroleum Producers, Inc. (C&M) (defendant) sold mineral leases in gas and oil wells located in Ohio to investors in Georgia and Ohio. The leases were not registered with the Securities and Exchange Commission (SEC), as required by § 5 of the Securities Act of 1933 and Georgia law. Under §§ 5 and 12(1) of the act, the purchasers of the leases were entitled to return the leases for a refund of the prices they paid for the leases . Upon learning that the leases should have been registered, C&M offered to buy them back and refund the purchase prices. C&M gave the purchasers 10 days to decide whether to accept its offer. Meyers and certain other purchasers (collectively, Meyers purchasers) (collectively, plaintiffs) rejected C&M’s offer, stating that they had insufficient information about the lease values to decide how to proceed. Several months later, the Meyers purchasers sued C&M pursuant to § 12(1) of the act, seeking a refund of the amounts they paid for the leases. C&M responded that the Meyers purchasers waived their right to a refund. After a trial, the jury agreed that the Meyers purchasers waived their rights. The Meyers purchasers appealed, arguing that (1) under § 14 of the act, waiver is not a defense to a suit under § 12(1) and (2) C&M’s offer to repurchase the leases should have been registered.

Rule of Law

Issue

Holding and Reasoning (Coleman, J.)

Concurrence (Roney, J.)

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