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FORKIN v. ROONEY PACE, INC.

Nos. 86-1258, 86-1416.

804 F.2d 1047 (1986)

Patrick J. FORKIN, Appellant, v. ROONEY PACE, INC., a Nevada Corporation; Artel Communications Corporation, a Massachusetts Corporation; Bear Stearns & Company, Inc., a New York Corporation; David Morse, Appellees. Jack A. YEAGER, Appellant, v. ROONEY PACE, INC.; Artel Communications Corporation; Bear Stearns & Company, Inc.; and David Morse, Appellees.

United States Court of Appeals, Eighth Circuit.

Decided November 4, 1986.

Attorney(s) appearing for the Case

H. Clay Billingsley, St. Louis, Mo., for appellant.

James E. Beckley, Chicago, Ill., for Rooney Pace.

Thomas C. Walsh, St. Louis, Mo., for Artel Communications.

Before HEANEY, Circuit Judge, HENLEY, Senior Circuit Judge, and BOWMAN, Circuit Judge.

HEANEY, Circuit Judge.

This appeal raises the issue whether a broker-dealer's unauthorized rescission of a securities transaction is actionable under section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The district court held that neither section 10(b) nor Rule 10b-5 will support such an action. For the reasons set forth below, we affirm.

I. BACKGROUND.

This appeal concerns separate actions by Patrick J. Forkin...

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