Summary - The United States Court of Appeals for the Second Circuit upheld on August 24, 2023, a decision from the District Court to dismiss a securities fraud case.
In LA Developers, LLC and David Byker v. Department of Licensing and Regulatory Affairs, the Michigan Court of Appeals changed the law holiding Michigan courts must now use the family resemblance test to determine if a note is a security under Michigan Uniform Securities Act.
If your Michigan business issues promissory notes or other evidence of indebtedness, or if you purchase such debt instruments, it is important to understand whether those debt.