Fed. Sec. L. Rep. P 95,351 Billie Jean Woodward v. Metro Bank of Dallas

GOLDBERG, Circuit Judge:

This case brings before us the unfortunate predicament of one who claims she was defrauded in connection with the purchase and sale of a security and who accordingly seeks to invoke the broad, but not unbounded, protection of section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1970), and its implementing Rule 10b-5, 17 C.F.R. § 240.10b-5 (1975). 1 This is not a difficult case decisionally, but it is thicketed with explicatory thorns. We must be certain that neither all commercial banking transactions, nor accommodation loans, nor notes are beyond…