Securities

A survey of contemporary Fifth Circuit decisions involving securities law. During the survey period, the court was presented with such fundamental issues as what constitutes a “security,” the definition of a “seller” of securities, and what duties brokers owe to their customers. Relative to remedies, the survey examines court decisions on the arbitrability of securities fraud claims and established measures for damages for securities fraud actions. The author concludes that the court’s holdings in securities cases decisions during the survey period may suggest a reversal of the court’s inclination toward heightened safeguards for parties alleging injury in securities transactions.