John Curtis Smith, Appellants-Cross v. Jackson Tool & Die, Inc., Defendants-Appellees-Cross

CARSWELL, Circuit Judge:

This case comes to this Court for the second time. In our first decision, we reversed the summary judgments granted below because complicated issues of material fact existed that only a trial could resolve. Jackson Tool & Die, Inc. v. Smith, 339 F.2d 88 (5th Cir. 1964).

Upon remand, the issue before the District Court was whether defendant corporation was liable to plaintiffs under the provisions of section 12(1) of the Securities Act of 1933, 15 U.S.C. § 771 (1) . This section imposes civil liabilities, even in the absence of fraud, upon any person who offers or sells…