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RANDALL v. LOFTSGAARDEN

No. 85-519.

478 U.S. 647 (1986)

RANDALL ET AL. v. LOFTSGAARDEN ET AL.

Supreme Court of United States.

Decided July 2, 1986

Attorney(s) appearing for the Case

Robert Arthur Brunig argued the cause for petitioners. With him on the brief were Terence M. Fruth and Ted S Meikle.

Deputy Solicitor General Wallace argued the cause for the United States et al. as amici curiae urging reversal. With him on the brief were Solicitor General Fried, Acting Assistant Attorney General Olsen, Albert G. Lauber, Jr, Ann Belanger Durney, Teresa E. McLaughlin, Daniel L. Goelzer, Paul Gonson, Jacob H. Stillman, Richard A. Kirby, and Martha H. McNeely.

John M. Friedman, Jr., argued the cause and filed a brief for respondents.*

Edward Brodsky and Thomas H. Sear filed a brief for Envitex Realty Corp. as amicus curiae urging affirmance.

JUSTICE O'CONNOR delivered the opinion of the Court.

The question presented is whether the recovery available to a defrauded tax shelter investor, entitled under § 12(2) of the Securities Act of 1933 or § 10(b) of the Securities Exchange Act of 1934 to rescind the fraudulent transaction or obtain rescissory damages, must be reduced by any tax benefits the investor has received from the tax shelter investment.

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