Securities & Exchange Commission v. American Board of Trade, Inc.

This appeal is a sequel to our decision in Securities and Exchange Commission v. American Board of Trade, Inc., 751 F.2d 529 (2d Cir.1984), familiarity with which is assumed. In that case we stayed the district court’s injunction against further sales of commercial paper by appellants and remanded to give appellants the opportunity to register The American Board of Trade Service Corp.’s (“ABT Service’s”) commercial paper program with the Securities and Exchange Commission (“SEC”) pursuant to the Securities Act of 1933 (the “1933 Act”).

After the remand to the district court the SEC and…