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UNITED HOUSING FOUNDATION, INC. v. FORMAN

No. 74-157.

421 U.S. 837 (1975)

UNITED HOUSING FOUNDATION, INC., ET AL. v. FORMAN ET AL.

Supreme Court of United States.

Decided June 16, 1975.

Attorney(s) appearing for the Case

Simon H. Rifkind argued the cause for petitioners in No. 74-157. With him on the briefs was Martin London. Daniel M. Cohen, Assistant Attorney General of New York, argued the cause for petitioners in No. 74-647. With him on the briefs were Louis J. Lefkowitz, Attorney General, and Samuel A. Hirshowitz, First Assistant Attorney General.

Louis Nizer argued the cause for respondents in both cases. With him on the brief were George Berger, Jay F. Gordon, Ira B. Rose, and Janet P. Kane.

Paul Gonson argued the cause for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Solicitor General Bork, Lawrence E. Nerheim, and Richard E. Nathan.†

MR. JUSTICE POWELL delivered the opinion of the Court.

The issue in these cases is whether shares of stock entitling a purchaser to lease an apartment in Co-op City, a state subsidized and supervised nonprofit housing cooperative, are "securities" within the purview of the Securities Act of 1933 and the Securities Exchange Act of 1934.

I

Co-op City is a massive housing cooperative in New York City. Built between 1965 and 1971, it presently houses...

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