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Securities Regulation Keyed to Coffee
Randall v. Loftsgaarden
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- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
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- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Investors bought interests in Alotel Associates, a limited partnership created to build and supervise a hotel. Loftsgaarden sold the interests, who promoted their sale as a “tax shelter” that would provide limited partners with significant tax savings. Investors contributed between $35K and $52K each to the venture and when Associates started to experience financial difficulties, Loftsgaarden requested the investors contribute additional money. The investors gave the extra money but at the same time started an investigation into Associates. The motel was foreclosed due to Associates not meeting their requirements so the investors began suit alleging violations of § 12(2) of the Securities Act of 1933, § 10(b) of the Act of 1934 and securities fraud. The district court ruled in favor of investors and awarded rescission. The court of appeals reversed the award and remanded on the issue of damages. The district court, on remand, held the appropriate recovery for to consist of the price paid plus interest, less any tax benefits gleaned. Both parties appealed. The court of appeals held that granting rescissory damages to a tax shelter investor in an action for fraud should be lessened by the tax benefits the investor gleaned from said investment. The Supreme Court granted review.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
- Policy: Identifies the Policy if any that has been established by the case.
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