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TREGENZA v. GREAT AMERICAN COMMUNICATIONS CO.

No. 93-2341.

12 F.3d 717 (1993)

W. Kenneth TREGENZA, James E. Haas, and Erwin B. Seegers, Plaintiffs-Appellants, v. GREAT AMERICAN COMMUNICATIONS COMPANY and Shearson Lehman Brothers, Incorporated, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided December 23, 1993.

Attorney(s) appearing for the Case

Arthur T. Susman, Terry Rose Saunders, Robert E. Williams, Terrence Buehler (argued), Susman, Saunders & Buehler, Chicago, IL, for plaintiffs-appellants.

Steven J. Rotunno, Timothy J. Murphy, J. Patrick Sexton, Sedgwick, Detert, Moran & Arnold, Chicago, IL, James E. Burke (argued), James R. Matthews, Keating, Muething & Klekamp, Cincinnati, OH, for Great American Communications Co.

H. Nicholas Berberian (argued), Jerry M. Santangelo, Robert J. Mandel, Neal, Gerber & Eisenberg, Chicago, IL, for Shearson Lehman Bros., Inc.

Before POSNER, Chief Judge, and BAUER and EASTERBROOK, Circuit Judges.

POSNER, Chief Judge.

Section 9(e) of the Securities Exchange Act of 1934, 15 U.S.C. § 78i(e), requires that suits to enforce the substantive provisions of section 9 be brought "within one year after the discovery of the facts constituting the violation and within three years after such violation." The Supreme Court has held that section 9(e) supplies, as well, the statute of limitations (more properly called, in the case of the three-year cutoff, a statute of...

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