Securities – Unfair Trade Practices – ‘In or Affecting Commerce’ – Banks & BankingDeGorter v. Capitol Bancorp Ltd. Even though plaintiff contends that “the business of the parties was to buy, develop, and market banks and bank services” and the underlying transaction was the purchase and sale of a bank, since plaintiff’s unfair trade practices claim is based on allegations that defendants deceived him into buying securities, plaintiff’s claim is not based on activities “in or affecting commerce” within the meaning of the Unfair and Deceptive Trade Practices Act. Defendants’ motion to dismiss is granted.
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Published: August 17, 2011
Time posted: 9:21 am
Tags: Banks & Banking, Securities, Unfair Trade Practices, ‘In or Affecting Commerce’