Human Resource Selection 9th Edition by Marianne Jennings

Exercise 3

The National Bank of Yugoslavia placed $71 million with Drexel Burnham Lambert, Inc., for short-term investment just months before Drexel's bankruptcy. In effect, the bank made a time deposit. Would the bank be able to proceed under a theory of securities laws violations? Would these time deposits be considered securities? [ National Bank of Yugoslavia v Drexel Burnham Lambert, Inc., 768 F.Supp. 1010 (S.D.N.Y 1991)]