United Housing Foundation, Inc. v. Forman
United States Supreme Court
421 U.S. 837 (1975)
Relevant factsFree
United Housing (defendant) required Co-op City tenants to purchase repurchasable stock (at the original price) as a condition of renting an apartment, with no promise of profit or appreciation; when United Housing raised rents, tenant Forman (plaintiff) sued claiming he was misled in purchasing the stock in violation of the Securities Act, and the court of appeals reversed the district court's ruling for United Housing.
IssueFree
Whether shares of stock entitling a person to lease an apartment, with no further opportunity for profit, are securities subject to federal securities laws.
Related cases
Securities and Exchange Commission v. Edwards540 U.S. 389 (2004)Securities and Exchange Commission v. Ralston Purina Co.346 U.S. 119 (1953)Securities and Exchange Commission v. First City Financial Corp., Ltd.890 F.2d 1215 (1989)Securities and Exchange Commission v. Variable Annuity Life Insurance Co. of America359 U.S. 65 (1959)Kern County Land Company v. Occidental Petroleum Corporation411 U.S. 582 (1973)