NY High Court Says Martin Act Covers Co-Op Privatizations

Law360, New York (November 19, 2012, 10:40 PM EST) -- New York's highest court said Friday that the state's Martin Act, which involves regulation over fraudulent conduct with securities, could be applied to the privatization of cooperative housing complexes because such a deal would significantly change what its shareholders own.

The New York State Court of Appeals' ruling was a blow to East Midtown Plaza Housing Co. Inc., whose argument the court rejected Friday after it argued that its revised privatization plan had not involved the transfer of shares and was therefore not controlled by the...
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