Securities Regulation Keyed to Coffee
J.I Case Co. v. Borak
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A proposal of a merger was submitted to the shareholders for their approval by the management of J.I. Case Co. In association with the proposal, management solicited shareholder proxies approving of the merger. Borak argued that the proxy solicitations were fake and deceiving in violation of § 14(a) of the Securities Exchange Act and he desired rescission of the consummated merger plus damages for himself and all the other shareholders in similar situations and any other suitable equitable relief. The trial court held that the federal statute approved only declaratory relief and all other remedies must be sought under state law. The Wisconsin statute applied here required the posting of security for expenses. Borak declined to post security and all counts of the complaint were dismissed except the section which would result in a judgment of declaratory relief. Borak appealed, arguing that the Securities Exchange Act approved a private right of action by implication and he was not restricted to the state courts for other than declaratory relief.
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