Wright v. Richards

Seven plaintiffs brought this action against four defendants after learning that working interests in various oil and gas leases which they had purchased from defendants were unprofitable. Plaintiffs sought rescission of the sales and recovery of the amounts they had paid with interest as well as attorney fees under the Illinois Securities Law of 1953 (Ill. Rev. Stat. 1985, ch. 121V2, par. 137.1 et seq.) (the Securities Law). Plaintiffs also sought actual and punitive damages under a separate count of common law fraud. The circuit court of Marion County, after a bench trial, ordered…