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Oppenheimer v. Harriman National Bank & Trust Co.
United States Supreme Court
301 U.S. 206 (1937)
In 1930 Henry Oppenheimer (plaintiff) was induced to purchase shares of stock in Harriman National Bank & Trust Co. (the bank) (defendant) based on fraudulent statements made by the bank’s president and vice president. In March 1933, after experiencing financial difficulties, the bank closed. In May 1933, Oppenheimer filed a lawsuit in federal district court against the bank, seeking to rescind his stock purchase. During the litigation, the bank was declared insolvent, and a receiver was appointed. The district court ruled in favor of the bank. The court of appeals reversed, holding in favor of Oppenheimer and ordering the bank to pay damages to Oppenheimer after the bank paid the claims made by its unsecured creditors at the time the bank became insolvent. Oppenheimer appealed, arguing that his judgment should be ranked with the bank’s other unsecured creditors.
Rule of Law
Holding and Reasoning (Butler, J.)
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