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Am. Bank v. City of Menasha, 10-1963

By FindLaw Staff | Last updated on

Stay of plaintiff's request for inspection of a city's records in class action suit for violation of federal securities law reversed

Am. Bank v. City of Menasha, 10-1963, concerned a class action suit against a city claiming that it had violated federal securities law by failing to disclose to prospective buyers of bonds material information about a project to convert an electric plant owned by the city to a steam-generating plant.

In reversing the district court's grant of the city's request for a stay of a state court's order commanding the city to comply with plaintiff's request to inspect records relating to the conversion project, the court held that inspecting public records pursuant to a state statute is not discovery within the meaning of the stay provision, and thus a stay of such inspection is an injunction against enforcement of a state law and appealable as such.

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