Kellman v. ICS, Inc.

PHILLIPS, Chief Judge.

The issue in this case is whether plaintiffs have stated a claim upon which relief can be granted under the Securities Act of 1933, 15 U.S.C.A. § 77a et seq., or the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq. We agree with the District Court that no such claim is stated and affirm the dismissal of the complaint.

' The original plaintiffs in this action were Harold Kellman as trustee for Barbara Kellman, Ira Kellman, and Stewart Kellman; Ann Kellman; Elliel G. Red-stone and Daniel Redstone; and V.S.D. Clothing Co., Inc. Subsequently, Harold Kellman was added…