(DOWNLOAD) "Carothers v. Rice" by Sixth Circuit. United States Court Of Appeals ~ eBook PDF Kindle ePub Free
eBook details
- Title: Carothers v. Rice
- Author : Sixth Circuit. United States Court Of Appeals
- Release Date : January 15, 1980
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 62 KB
Description
We permitted an interlocutory appeal in this case to decide what statute of limitations should be applied to a claim under § 10(b) of the Securities and Exchange Act of 1934 (1934 Act) (15 U.S.C. § 78j(b)) and rule 10b-5 of the Securities and Exchange Commission filed in Kentucky. Appellees filed their complaint in the United States District Court for the Western District of Kentucky alleging that they were fraudulently induced to sell their stock in Cybernetics Systems, Inc. by appellants misrepresentations and omissions in a tender offer in violation of § 10(b) and rule 10b-5 and the laws of Kentucky, Delaware, and Virginia. They prayed for damages or, alternatively, rescission. Appellants moved to dismiss on the ground that the action was time-barred by the three year statute of limitations in Kentuckys Blue Sky Law, Ky.Rev.Stat.Ann. § 292.480(3). The District Court denied the motion, holding that the action was timely under Kentuckys five year statute of limitations for claims based on fraud, Ky.Rev.Stat.Ann. § 413.120(12). He certified the choice of the five year statute under 28 U.S.C. § 1292(b) as a controlling question of law as to which there is substantial ground for difference of opinion.
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