IILE Case Study 2

This case study is included in Introduction to International Legal English and relates to IILE Unit 5 on Company law The decision delivered by Justice Kennedy (see text 2) in Gustafson v. Alloyd already makes it unlikely that Cordeaux Gabelle can claim under s12 of the US Securities Act. (In spite of the dissenting argument of Justice Ginsberg, who notes that the phrase "offering to the public" was not included in the US Act) However the article in text 3 notes that courts are still interpreting s.11 as providing "standing" for purchasers "in the secondary market". The full text of the Securities Act is available as a pdf file here