A.S. Goldmen & Co., Inc. v. New Jersey Bureau of Securities
United States Court of Appeals for the Third Circuit
163 F.3d 780 (1999)
Relevant factsFree
New Jersey's securities bureau (defendant) issued a cease-and-desist order barring Goldmen (plaintiff) from offering securities to out-of-state purchasers from within New Jersey, after declining to approve an IPO that many other states had approved; Goldmen argued this violated the Commerce Clause by effectively barring it from offering securities in states that had approved the deal.
IssueFree
Whether the regulation of in-state sales of securities to out-of-state purchasers violates the Commerce Clause of the United States Constitution.