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SCHICK v. STEIGER

Civ. No. 83-0474.

583 F.Supp. 841 (1984)

John SCHICK, Jr., et al., Plaintiffs, v. Herbert STEIGER, Defendant.

United States District Court, E.D. Michigan, S.D.

March 23, 1984.

Attorney(s) appearing for the Case

Wilber M. Brucker and Wayne Wegner, Detroit, Mich., for plaintiffs.

Grady Avant, Detroit, Mich., for defendant.

MEMORANDUM OPINION

RALPH M. FREEMAN, Senior District Judge.

This motion for summary judgment, brought by the defendant, raises an important issue in the area of securities regulation. The question is whether a person who gives misleading information to investors may assert the defense of in pari delicto in an action for fraud brought by the investors because the investors believed they were receiving material nonpublic information and traded upon...

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