Question: The Farmer s Cooperative of Arkansas and Oklahoma Co Op was
The Farmer’s Cooperative of Arkansas and Oklahoma (Co Op) was an agricultural cooperative that had approximately 23,000 members. To raise money to support its general business operations, Co Op sold promissory notes to investors that were payable on demand. Co Op offered the notes to both members and nonmembers, advertised the notes as an “investment program,” and offered an interest rate higher than that available on savings accounts at financial institutions. More than 1,600 people purchased the notes, worth a total of $ 10 million. Subsequently, Co Op filed for bankruptcy. A class of holders of the notes filed suit against Ernst & Young, a national firm of certified public accountants that had audited Co Op’s financial statements, alleging that Ernst & Young had violated Section 10(b) of the Securities Exchange Act of 1934. Are the notes issued by Co Op securities? Reeves v. Ernst & Young, 494 U. S. 56, 110 S. Ct. 945, 1990 U. S. Lexis 1051 (Supreme Court of the United States)
Relevant QuestionsDare To Be Great, Inc. (Dare), was a Florida corporation that was wholly owned by Glenn W. Turner Enterprises, Inc. Dare offered self improvement courses aimed at improving self motivation and sales ability. In return for an ...James O’Hagan was a partner in the law firm Dorsey & Whitney in Minneapolis, Minnesota. Grand Metropolitan PLC (Grand Met), a company based in London, England, hired Dorsey & Whitney to represent it in a secret tender ...George Carlin, a satiric humorist, recorded a 12 minute monologue called “Filthy Words.” He began by referring to his thoughts about “the words you couldn’t say on the public airwaves” and then proceeded to list ...Douglas Hoflin was the director of the Public Works Department for Ocean Shores, Washington. During a period of seven years, the department purchased 3,500 gallons of paint for road maintenance. As painting jobs were ...Victor Gruen was a successful architect. Victor purchased a painting titled Schloss Kammer am Attersee II by a noted Austrian modernist, Gustav Klimt, and paid $ 8,000 for the painting. Four years after acquiring the ...
Post your question