Butcher v. United States Investment Corp.

Opinion by

Hoffman, J.,

This appeal is taken from an order dismissing appellant’s counterclaim on the grounds that it was barred by the Statute of Frauds contained in Article 8 of the Uniform Commercial Code, dealing with investment securities.1

The plaintiffs-appellees are two firms engaged, inter alia, in the business of underwriting the sale of secu*10rities; the defendant-appellant is a Pennsylvania corporation. In 1972, the parties entered into negotiations regarding the underwriting of a proposed public offering of the company’s common stock. On June 6, 1972, the parties signed a “letter of…