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CANADIAN IMPERIAL BANK OF COMMERCE TRUST v. FINGLAND

No. 79-1477.

615 F.2d 465 (1980)

CANADIAN IMPERIAL BANK OF COMMERCE TRUST COMPANY (Bahamas) Limited as Successor Trustee under Trusts 1 through 40 of Deed of Settlement for 1740 Trusts, Plaintiff-Appellant, v. E. R. FINGLAND et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided February 22, 1980.

Attorney(s) appearing for the Case

Lionel G. Gross, Altheimer & Gray, Chicago, Ill., for plaintiff-appellant.

James C. Munson, Kirkland & Ellis, Sheldon Karon, Karon, Morrison & Savikas, Chicago, Ill., for defendants-appellees.

Before CASTLE, Senior Circuit Judge, and PELL and SPRECHER, Circuit Judges.

SPRECHER, Circuit Judge.

Plaintiff appeals from the lower court's dismissal of its complaint for lack of subject matter jurisdiction. We affirm the dismissal and determine that the complaint did not allege sufficient facts to conclude that a certificate of deposit of a Bahamian banking and trust entity was a security under the Securities Exchange Act of 1934.

I

The plaintiff, the current trustee of several trusts, brought this action against several...

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