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RAY v. KARRIS

No. 84-2382.

780 F.2d 636 (1985)

Russell V. RAY, et al., Plaintiffs-Appellants, v. Nicholas A. KARRIS, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided December 16, 1985.

Attorney(s) appearing for the Case

Michael J. Freed, Much, Shelist, Freed, Denenberg, Ament & Eiger, Chicago, Ill., for plaintiffs-appellants.

N.A. Giambalvo, Boodell, Sears, Giambalvo & Crowley, Chicago, Ill., for defendants-appellees.

Before COFFEY and FLAUM, Circuit Judges, and WRIGHT, Senior Circuit Judge.

FLAUM, Circuit Judge.

Appellants, the minority shareholders of Water Tower Trust & Savings Bank, appeal from the district court's granting of appellees' motion pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure for failure to state a cause of action under section 10(b) and Rule 10(b)(5) of the Securities Exchange Act of 1934, 15 U.S.C. § 78a, et seq., section 17(a) of the Securities Exchange Act of 1933, 15 U.S.C. § 77a, et seq...

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