No. 89-1936.

906 F.2d 315 (1990)

Wayne CARLSON, et al., Plaintiffs-Appellants, v. BEAR, STEARNS & COMPANY INCORPORATED, a foreign corporation, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 5, 1990.

Attorney(s) appearing for the Case

William N. Twohey, George Mueller, Hoffman, Mueller, Creedon & Twohey, Ottawa, Ill., for plaintiff-appellant.

James E. Beckley, Christopher J. Barber, Marsha A. Tolchin, Adler, Kaplan & Begy, Melvin L. Segal, Chicago, Ill., for defendant-appellee.

Before BAUER, Chief Judge, CUMMINGS and WOOD, Circuit Judges.

BAUER, Chief Judge.

This diversity action concerns the rescission of certain stock transactions pursuant to the Illinois Securities Act, ch. 121 1/2, § 137.13. Following a bench trial, the district court entered judgment for plaintiffs, 19 individuals and one corporation, and against their broker, Patten Securities Corporation ("Patten Securities" or "Patten"), and its salesperson, Saul Ring. The court rescinded the transactions due to the defendants' failure...

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