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GRAINGER v. STATE SEC. LIFE INS. CO.

No. 75-3061.

547 F.2d 303 (1977)

Charles S. GRAINGER et al., on behalf of themselves and all other similarly situated Purchasers of "Variable Investment Plan" Contracts Issued and Sold by Great States Life Insurance Company, Plaintiffs-Appellants, v. STATE SECURITY LIFE INSURANCE COMPANY et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

February 18, 1977.

Attorney(s) appearing for the Case

Marvin Cherner, J. Vernon Patrick, Jr., James W. May, Birmingham, Ala., for plaintiffs-appellants.

John H. Morrow, Robert R. Reid, Jr., George R. Stuart, III, John W. Haley, Birmingham, Ala., for defendants-appellees.

Before GODBOLD, McCREE and TJOFLAT, Circuit Judges.

GODBOLD, Circuit Judge:

This case involves the issue of whether contracts sold by an insurance company are "securities" for purposes of the Securities Acts of 1933 and 1934.1 The district court held that as a matter of law the contracts were insurance and not securities and therefore were not within the purview of the Securities Acts, and entered a Rule 54(b) judgment for defendants. Also the court denied the request of plaintiffs to certify...

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