Partnership Interests Qualify As Securities: DC Circ.

Law360, New York (August 24, 2009, 4:05 PM EDT) -- A federal appeals court has found that limited partnership interests sold to real estate investment company Republic Properties Corp. from an affiliate qualify as securities for the purposes of fraud claims, reviving a suit alleging misrepresentations related to the entities’ dealings with a Florida official who pled guilty to accepting bribes.

The U.S. Court of Appeals for the District of Columbia Circuit on Friday reversed a lower court’s decision to dismiss the case on the grounds that security fraud could not be alleged.

One judge dissented,...
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