Legal Opinion
United States v. Leonard
Court of Appeals for the Second Circuit
Decided June 11, 2008No. Docket 05-5523-cr(L), 06-0080-cr(con), 06-2392-cr(con)PublishedCited by 48 opinions
1Opinion of the Court
KATZMANN, Circuit Judge:
Over sixty years ago, the Supreme Court established the test for whether a given financial instrument or transaction constitutes an “investment contract”-and, therefore, a security-for purposes of the federal securities laws. SEC v. W.J. Howey Co., 328 U.S. 293, 66 S.Ct. 1100, 90 L.Ed. 1244 (1946). We write today to underscore that, in applying the Howey factors, courts can (and should) look beyond the formal terms of a relationship to the reality of the parties’ positions to evaluate whether “the reasonable expectation was one of significant investor control.” SEC v.…
2Cases cited38 opinions
- Jackson v. VirginiaSupreme Court of the United States · 1979
- John D. Williamson, Plaintiffs-Appellants-Cross v. Gordon G. Tucker, Defendants-Appellees-CrossCourt of Appeals for the Fifth Circuit · 1981
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- United Housing Foundation, Inc. v. FormanSupreme Court of the United States · 1975
- Tcherepnin v. KnightSupreme Court of the United States · 1967
33 more not listed; retrieve them via the Exa API.
3Cited by48 opinions
- Securities & Exchange Commission v. ShieldsCourt of Appeals for the Tenth Circuit · 2014
- United States v. JosephbergCourt of Appeals for the Second Circuit · 2009
- United States v. WareCourt of Appeals for the Second Circuit · 2009
- United States v. NacchioCourt of Appeals for the Tenth Circuit · 2009
- SEC. & Exch. Comm'n v. Arcturus Corp.Court of Appeals for the Fifth Circuit · 2019
43 more not listed; retrieve them via the Exa API.