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HESS v. I.R.E. REAL ESTATE INCOME FUND

Nos. 1-90-0107, 1-90-0177 to 1-90-0185, 1-90-0373 and 1-90-0374.

629 N.E.2d 520 (1993)

255 Ill. App.3d 790

195 Ill.Dec. 935

Martha HESS; Donald Arceri; Robert & Jeanette Kotowski; Sharon Menely; Paul Kimbrough; John Muccianti; James Pamela Nicpon; Marilyn Barkulis, Plaintiffs-Appellants, v. I.R.E. REAL ESTATE INCOME FUND, LTD.; Southmark Income Investors, Ltd.; Southmark Equity Partners, Ltd.; I.R.E. Pension Investors, Ltd.; Equitec Capital Appreciation; Balcor Pension Investors VI; Equitec Real Estate Investors Fund XVI; Equitec Income Real Estate Investors; I.R.E. Pension Investors; I.R.E. Real Estate Growth Fund, Ltd., Series 29; I.R.E. Real Estate Growth Fund, Ltd., Series 28; I.R.E. Real Estate Fund, Ltd., Series 27, Defendants-Appellees.

Appellate Court of Illinois, First District, Fifth Division.

Rehearing Denied April 13, 1993.

Attorney(s) appearing for the Case

Roland Burris, Atty. Gen. (Joseph M. Claps, Michael J. Ditore, Thomas L. Ciecko, of counsel), Kevin M. Forde, Ltd. (Kevin M. Forde, Mary Anne Mason, of counsel), Beeler, Schad & Diamond, P.C. (Stephen B. Diamond, Lawrence W. Schad, David J. Philipps, William H. London, of counsel), Fishman & Merrick, P.C. (David A. Genelly, of counsel), Chicago, for plaintiffs-appellants.

Gardner, Carton & Douglas (Michael J. Koenigsknecht, Karen M. Dorff, of counsel), Jenner & Block (Keith F. Bode, Charles B. Sklarsky, James L. Thompson, of counsel), Arnstein & Lehr, Carol McHugh, of counsel), Chicago, for defendants-appellees.

Justice COUSINS delivered the opinion of the court:

The consolidated appeals before this court involve class actions. Twelve consolidated appeals arose from a violation of § 12C of the Illinois Securities Law of 1953 (Ill.Rev. Stat.1985, ch. 121½, par. 137.1 et seq.), which requires all persons who sell securities to register with the Secretary of State. Each of the defendants sold securities to at least one of the plaintiffs through unregistered...

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