Anderson 1808) ("The reduction is a rescissory
action, by which deeds, services, decrees, or illegal acts by any body corporate may be rendered void.
See Siegel, supra note 50, at 104 (1995) ("The ability to seek an injunction or rescissory
damages significantly strengthens the minority's bargaining power.
117) Act Rescissory
1661 (Scot); Act of Restitution 1661 (Scot); Act Enforcing the Ecclesiastical Settlement 1663 (Scot) m (13 Charles II st 2 c 1); Order of Council Against Ejected Ministers 1663 (Scot); Assertory Act 1669 (Scot); Test Act 1681 (Scot).
29) The Supreme Court held that rescissory
damages also fall within [section] 28(a)'s mandate and that such award need not be reduced by any net tax benefit to plaintiffs.
The ruling reinstates Assured's demands for rescissory
and other damages and fees.
2002) ("Since Congress believes the rescissory
and, in some cases, their experts are liable for rescissory
7) Specifically, the plaintiffs argued that the forms violated TILA's disclosure requirements by failing to distinguish between the rescissory
rights of those refinancing loans procured from a different lender and those initially received from First Horizon.
In fact, the Supreme Court expressly stated that it was not considering whether courts could refuse to allow a rescissory
recovery under Section 10b of the '34 Act when the premium for expected tax benefits represented a large portion of the purchase price.
may determine that fairness requires rescissory
damages, defined as what
1981) (awarding the plaintiff rescissory
damages for the controlling shareholder's breach of fiduciary duty in a tender offer, rather than the appraisal damages typically awarded to minority shareholders injured in sales to controlling parties); see also GILSON & BLACK, supra note 1, at 1269 (discussing the option-like effect of differing damage standards in appraisal and entire fairness proceedings).
Most state securities acts provide for rescissory
damages when a sale involves fraud, deceit, or a material misrepresentation or omission of fact.