Securities

During the current survey period the Fifth Circuit decided twenty-three securities-related cases. Ten of those cases are discussed in this Survey under one or more of the following topics: definition of a security, Rule 10(b)-5, controlling persons, and statute of limitations. An attempt was made to discuss the most significant decisions and, in particular, those that involved issues of first impression in the Fifth Circuit, those that clarified prior decisions, and those that involved unsettled areas of the federal securities laws. The recently decided cases are discussed under the relevant topics, following a brief summary of the state of the law prior to the current survey period.