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ALTAIR CORP. v. HARRIS

No. 81-2935.

110 Ill. App.3d 993 (1982)

443 N.E.2d 631

ALTAIR CORPORATION et al., Plaintiffs-Appellants, v. CHARLES E. HARRIS et al., Defendants-Appellees.

Appellate Court of Illinois — First District (4th Division).

Opinion filed December 2, 1982.

Attorney(s) appearing for the Case

Donald L. Bertelle, of Collins & Amos, of Chicago, for appellants.

Francis X. Grossi, Jr., Lee Ann Watson, and Steven M. Rasher, all of Katten, Muchin, Zavis, Pearl & Galler, of Chicago, for appellees.

Reversed and remanded.

JUSTICE JIGANTI delivered the opinion of the court:

The plaintiffs' complaint was dismissed by the trial court on the grounds that the Federal court had exclusive jurisdiction over this cause of action. The defendants contend that this is an action under the Securities Exchange Act of 1934 (15 U.S.C.A. sec. 78aa (1981)), which preempts State court action. The plaintiffs claim that this is an action for common law fraud cognizable in...

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