439 U.S. 551 (1979)
- Respondent filed a complaint, alleging that petitioners had misrepresented and omitted to state material facts with respect to the value of a covered employee's interest in a pension plan.
- The complaint alleged violations of, inter alia, § 10 (b) of the Securities Exchange Act of 1934, 15 U.S.C.S. § 78j(b), and § 17(a) of the Securities Act of 1933, 15 U.S.C.S. § 77q.
- Petitioners moved to dismiss on the ground that respondent had no cause of action under the securities law.
- The order denying this motion was affirmed by the court of appeals.
The issue was whether a noncontributory, compulsory pension plan constituted a "security" within the meaning of the federal securities laws.
The Supreme Court reversed, holding that an employee's interest in a pension plan was not an "investment contract," an instrument that was included in the statutory definitions of security.
The decision affirming the denial of petitioners' motion to dismiss was reversed. The federal securities laws were held not to apply to a noncontributory, compulsory pension plan.
Suggested Study Aids For Securities Regulation Law
Securities Regulation in a Nutshell, 10th (Nutshell Series)
Securities Regulation: Examples & Explanations, 5th Edition
Securities Regulations: The Essentials