(DOWNLOAD) "Korn v. Franchard Corp." by United States Court of Appeals for the Second Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Korn v. Franchard Corp.
- Author : United States Court of Appeals for the Second Circuit
- Release Date : January 06, 1972
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
DAVIS, Judge: In 1961 plaintiff-appellant Ruth Korn and her late husband purchased two units of limited partnership (which have been retained) in a real estate syndication, known as 63 Wall Associates, for $10,000 (the total issue amounted to $5,200,000). In this action in the Southern District of New York, Mrs. Korn1 seeks to recover damages and additional relief from the general partners (and others) for an allegedly misleading prospectus which is said to have been tainted by more than a hundred omissions and several misstatements, in violation of § 17(a) of the Securities Act of 1933, 15 U.S.C. § 77q(a), § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), S.E.C. Rule 10b-5, and §Â§ 352-c and 352-e of the New York General Business Law, McKinney's Consol. Laws, c. 23-A.2 In March 1970, Judge Mansfield conditionally granted the plaintiff's unopposed request for class suit designation under Rule 23, Fed.R.Civ.P. (50 F.R.D. 57), ordering that forms for an optional ""proof of claim"", in addition to the regular notice under Rule 23, be sent to the more than 1,000 other purchasers of units in the limited partnership. Later, on the basis of the returns, the plaintiff moved that these proofs of claim be declared of no effect, and the defendants cross-moved to strip the suit of its class suit status. In the fall of 1970, the District Court revoked the designation. CCH Fed.Sec.L.Rep. para. 92,845. This appeal followed, and the court, denying a motion to dismiss, ruled that the order cutting off class suit status was appealable because ""we are convinced that at this stage Mrs. Korn's action will go no further without class suit designation."" 443 F.2d 1301, 1306 (1971). The case is now before us on the merits of the appeal.
 "Korn v. Franchard Corp." by United States Court of Appeals for the Second Circuit * eBook PDF Kindle ePub Free){kind=link}