William Leighton v. Securities and Exchange Commission

William Leighton, the petitioner, sought to persuade the Securities and Exchange Commission to assume jurisdiction to investigate and regulate the issuance and sale by the American Express Company of travelers checks, contending they are securities within the meaning of the Securities Act of 1933. 1 The Commission refused. Leighton then petitioned this court to review the Commission’s refusal, contending jurisdiction resides in this court under Section 9(a) of the Securities Act 2 and Section 10 of the Administrative Procedure Act. 3 The Commission has moved that we dismiss the petition for…