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Securities Regulation Keyed to Coffee
Kauthar SDN BHD v. Sternberg
Facts
A Malaysian corporation, Kauthar SDN BHD (Plaintiff),made a $38 million investment in Rimsat, Ltd. (Rimsat) (Defendant), a Nevis corporation with Fort Wayne, Indiana as its principal place of business. Rimsat was incorporated for the purpose of offering satellite communication services to its Pacific Rim region customers. Rimsatmade phone calls from its base in Fort Wayne and prepared documents in the United States for transmission to Kauthar in order to secure Kauthar’s investment in this capital-intensive venture.Subsequent these solicitations and meetings in the United States, Kauthardecided to invest and sent installments to Rimsat’s bank; then in January 1995, many of Rimsat’s creditors forced it into bankruptcy. This fraud suit was filed by Kautharunder the U.S. securities laws. The suit was dismissed by the district court and the Seventh Circuit reversed.
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