Fed. Sec. L. Rep. P 98,806 Dale F. Meyer, on Behalf of Himself and All Others Similarly Situated v. Thomas & McKinnon Auchincloss Kohlmeyer, Inc.

Meyer appeals a summary judgment and dismissal of his complaint against UCA Systems, Inc. (UCA), a commodities advisor, Thomson McKinnon Securities, Inc. (Thomson), a securities and commodities brokerage firm formerly known as Thomson & McKinnon Auchincloss Kohlmeyer, Inc., and two individuals associated with those companies.

Thomson sold Meyer a discretionary commodities trading account that was to be managed by UCA. When the account proved unsuccessful, Meyer withdrew his funds. He later brought a complaint, as serted as a class action, alleging that the accounts sold by Thomson and UCA to himself and other members of his putative class were securities under 15 U.S.C. § 77b, that these securities were not registered as required by 15 U.S.C. § 77e, and that Meyer and other members of the putative class were therefore entitled to rescission' under 15 U.S.C. § 771 . Various other claims were raised whose validity depended upon a determination that the commodities accounts were “securities” under the federal securities law. The district court held that they were not. We affirm.

Jurisdiction

Appellees claim that the matter was not properly before the district court because…