Sanders v. John Nuveen & Co.
United States Court of Appeals for the Seventh Circuit
463 F.2d 1075, cert denied, 409 U.S. 1009 (1972)
- Written by Daniel Clark, JD
Facts
Henry Sanders (plaintiff) purchased short-term, unsecured debt instruments from John Nuveen & Company, Inc. (Nuveen) (defendant). The instruments were originally issued by another corporation as commercial paper purchased by Nuveen. Sanders filed a class-action suit against Nuveen alleging violations of the anti-fraud provisions of several statutes, federal regulations, and self-regulatory organizations’ rules. Among the statutes under which Sanders sued was the Securities Exchange Act of 1934 (Exchange Act). Nuveen argued that the district court did not have jurisdiction to adjudicate the Exchange Act claim because, according to Nuveen, the debt instruments did not fall under the statute’s definition of a security. The district court disagreed, and Nuveen appealed.
Rule of Law
Issue
Holding and Reasoning (Sprecher, J.)
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