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Securities/Antitrust Treatment of Charitable GiftAnnuities: Richie v. American Council on Gift Annuities, Inc. (CRS Report for Congress)

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Release Date June 6, 1997
Report Number 97-597
Report Type Report
Authors Janice E. Rubin and Michael V. Seitzinger, American Law Division
Source Agency Congressional Research Service
Summary:

A lawsuit challenged, on both securities and antitrust grounds, the right of charitable organizations to issue so-called charitable annuities. Federal and state legislation to protect the charities was enacted. However, the Fifth Circuit has recently declined to review a district court's refusal to dismiss the case. This report summarizes the theory of the lawsuit, the federal and state legislation which was enacted, and the recent decision by the Fifth Circuit.