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WOLF v. BANCO NACIONAL de MEXICO, S.A.

No. 84-1693.

739 F.2d 1458 (1984)

R.J. WOLF, Plaintiff-Appellee, v. BANCO NACIONAL de MEXICO, S.A., a/k/a Banamex, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided August 10, 1984.

Attorney(s) appearing for the Case

R.J. Wolf, San Rafael, Cal., for plaintiff-appellee.

David W. Steuber, Philip Heller, Paul, Hastings, Janofsky & Walker, Los Angeles, Cal., for defendant-appellant.

Before DUNIWAY, WALLACE, and PREGERSON, Circuit Judges.

DUNIWAY, Circuit Judge:

The main issue in this appeal is whether a certificate of deposit for pesos, issued through interstate commerce to a United States resident by a Mexican bank, is a "security" for purposes of the federal securities laws. The holder of the certificate sued the bank after a devaluation of the Mexican currency shrank the dollar value of his investment. The district court found that the certificate was a security within the Securities Act of 1933...

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