SUPT. OF INSURANCE v. BANKERS LIFE & CAS. CO.

No. 70-60.

404 U.S. 6 (1971)

SUPERINTENDENT OF INSURANCE OF NEW YORK v. BANKERS LIFE & CASUALTY CO. ET AL.

Supreme Court of United States.

Decided November 8, 1971


Attorney(s) appearing for the Case

Arnold Bauman argued the cause for petitioner. With him on the briefs was Morton J. Schlossberg.

William W. Karatz argued the cause and filed a brief for respondent Irving Trust Co. Irving Parker argued the cause for respondent Bankers Life & Casualty Co. With him on the brief were William T. Kirby and Isaac M. Bayda. William E. Willis and Michael M. Maney filed a brief for respondents Belgian-American Banking Corp. et al. William Heller filed a brief for respondents Garvin, Bantel & Co. et al.

Walter P. North argued the cause for the Securities and Exchange Commission as amicus curiae urging reversal. With him on the brief were Solicitor General Griswold, Peter L. Strauss, Philip A. Loomis, Jr., and Theodore Sonde.


MR. JUSTICE DOUGLAS delivered the opinion of the Court.

Manhattan Casualty Co., now represented by petitioner, New York's Superintendent of Insurance, was, it is alleged, defrauded in the sale of certain securities in violation of § 17 (a) of the Securities Act of 1933, 48 Stat. 84, 15 U. S. C. § 77q (a), and of § 10 (b) of the Securities Exchange Act of 1934, 48 Stat. 891, 15 U. S. C. § 78j (b). The District Court dismissed the complaint,

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