Lerman v. Tenney

Plaintiffs, limited partners in a real estate syndication which had over 400 other participants, commenced this action against various defendants, including the limited partnership and three general partners. The complaint contained three separate counts. The first alleged a class action on behalf of plaintiffs and other purchasers of limited partnership interests and charged violations of the Securities Act of 1933, section 17(a),1 the Securities Exchange Act of 1934, section 10(b),2 and SEC Rule 10b-5.3 The second, also a class action brought on behalf of the same claimants, was based upon…