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DECKERT v. INDEPENDENCE CORP.

No. 17.

311 U.S. 282 (1940)

61 S.Ct. 229

85 L.Ed. 189

DECKERT ET AL. v. INDEPENDENCE SHARES CORP. ET AL.

Supreme Court of United States.

Decided December 9, 1940.

Attorney(s) appearing for the Case

Mr. Harry Shapiro for petitioners.

Mr. Robert F. Irwin, Jr., with whom Mr. George M. Kelvin was on the brief, for respondents in No. 17.

Mr. Walter Biddle Saul, with whom Mr. Francis H. Bohlen, Jr., was on the brief, for respondent in No. 18.

MR. JUSTICE MURPHY delivered the opinion of the Court.

Two important questions are presented by these petitions. The first is whether the Securities Act of 1933 (48 Stat. 74) authorizes purchasers of securities to maintain a suit in equity to rescind a fraudulent sale and secure restitution of the consideration paid, and to enforce the right to restitution against a third party where the vendor is insolvent and the third party has assets in its possession belonging...

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