Legal Opinion
Collins v. Signetics Corp.
Court of Appeals for the Third Circuit
Decided August 31, 1979No. Nos. 78-2500 to 78-2503PublishedCited by 60 opinions
1Opinion of the Court
OPINION OF THE COURT
ALDISERT, Circuit Judge.
The major question for decision is whether absence of buyer-seller privity is fatal to a claim based on § 12(2) of the *112Securities Act of 1933.1 The district courts in this circuit that have addressed the question, including Judge McGlynn, the trial judge here, have ruled that unless some special relationship exists between the issuer and the actual seller of the securities, such as control of the seller by the issuer, a purchaser not in privity with the issuer has no claim under § 12(2) against the issuer.2 We agree with this interpretation and,…
2Cases cited13 opinions
- Ernst & Ernst v. HochfelderSupreme Court of the United States · 1976
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Santa Fe Industries, Inc. v. GreenSupreme Court of the United States · 1977
- Piper v. Chris-Craft Industries, Inc.Supreme Court of the United States · 1977
- International Brotherhood of Teamsters v. DanielSupreme Court of the United States · 1979
8 more not listed; retrieve them via the Exa API.
3Cited by60 opinions
- Pinter v. DahlSupreme Court of the United States · 1988
- Haberman v. Washington Public Power Supply SystemWashington Supreme Court · 1988
- Craftmatic Securities Litigation v. KraftsowCourt of Appeals for the Third Circuit · 1989
- SHARP, Stanley L. v. COOPERS & LYBRAND, AppellantCourt of Appeals for the Third Circuit · 1981
- Black, Elwood W., Sr. And Black, Joyce v. Stephens, Wayne and City of Allentown and Gable, CarsonCourt of Appeals for the Third Circuit · 1981
55 more not listed; retrieve them via the Exa API.