WILKO v. SWAN.

No. 39.

346 U.S. 427 (1953)

WILKO v. SWAN ET AL., DOING BUSINESS AS HAYDEN, STONE & CO., ET AL.

Supreme Court of United States.

Decided December 7, 1953.


Attorney(s) appearing for the Case

Richard H. Wels argued the cause for petitioner. With him on the brief was Henry E. Mills.

By special leave of Court, William H. Timbers argued the cause for the Securities and Exchange Commission, as amicus curiae, urging reversal. With him on the brief were Acting Solicitor General Stern, Roger S. Foster and Alexander Cohen.

Horace G. Hitchcock argued the cause for respondents. With him on the brief were Ralph D. Ray and Francis E. Koch.


MR. JUSTICE REED delivered the opinion of the Court.

This action by petitioner,* a customer, against respondents, partners in a securities brokerage firm, was brought in the United States District Court for the Southern District of New York, to recover damages under § 12 (2) of the Securities Act of 1933.1 The complaint alleged that on or about January 17, 1951, through the instrumentalities of interstate...

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