Securities Investor Prot. Corp. v. Continental Capital Inv. Servs. (In re Continental Capital Inv. Servs.)

Pre 2005-Act: 
Pre 2005-Act
Ruling: 
Claim against debtor investment service disallowed where creditor was not a "customer" entitled to protection under Securities Investor Protection Act.
Procedural posture: 
Plaintiff, the Securities Investor Protection Corporation (SIPC), filed an action against defendant debtor, resulting in appointment of a trustee for debtors' liquidation. A customer of debtor (claimant) filed two claims, which were denied by the trustee. The claimant filed a timely objection to the trustee's determination. The claims were before the court on the motion for summary judgment filed by the SIPC and the trustee.
Issue: 
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Commercial case opionion summary, case decided on November 04,2008, LexisNexis #0909-030