Gretta Grietham, a Michigan resident, purchased investment bonds from Lincoln Savings and Loan. Lincoln experienced some setbacks and has now been taken over by the Resolution Trust Corporation of the federal government. Gretta's bonds are now worthless
(she purchased $12,000 of the bonds). Gretta's attorney has advised her that she probably has a chance of recovery from the officers and directors for securities fraud under the 1934 Securities Exchange Act. Lincoln is a California corporation doing business in California with investors all over the country. Where and in what court could Gretta bring her suit?
Grietham has a federal statutory claim and could bring suit in federal district court. She need not have diversity nor the $75,000 for a right based on federal law.
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