EXCHANGE NAT. BANK OF CHICAGO v. TOUCHE ROSS & CO.

No. 795, Docket 75-7633.

544 F.2d 1126 (1976)

The EXCHANGE NATIONAL BANK OF CHICAGO, Plaintiff-Appellee, v. TOUCHE ROSS & CO., Defendant-Appellant.

United States Court of Appeals, Second Circuit.

Decided June 9, 1976.


Attorney(s) appearing for the Case

Arnold I. Roth, New York City (John C. Fleming, Jr., Arthur Linker, and Rosenman, Colin, Kaye, Petschek, Freund & Emil, New York City of counsel), for defendant-appellant.

Paul J. Newlon, New York City (Steven B. Rosenfeld, Sidney H. Stein, and Paul, Weiss, Rifkind, Wharton & Garrison, New York City, of counsel), for plaintiff-appellee.

Before FRIENDLY, MANSFIELD and MULLIGAN, Circuit Judges.


FRIENDLY, Circuit Judge:

This appeal raises the vexing question how far instruments bearing the form of promissory notes are securities within the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.

The Facts and the Proceedings in the District Court

This action by The Exchange National Bank of Chicago (the Bank) against the well-known accounting firm of Touche, Ross & Company (Touche) was brought...

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