Anderson v. Grand Bahama Development Co.

Plaintiffs, purchasers of unimproved real property in Lucaya, Grand Bahama Island, appeal the trial court’s dismissal of three counts of their four-count complaint for failure to state a cause of action under either the Illinois Securities Law of 1953 (Ill. Rev. Stat. 1975, ch. 121½, par. 137.1 et seq.) or under the Securities Act of 1933 (15 U.S.C. §77a et seq. (1976)). The fourth count of the complaint involved a violation of the Interstate Sales Act (15 U.S.C. §1709 (1976)). That count is not involved in this appeal. The sole issue raised is whether plaintiffs’ complaint states a violation…