The United States District Court for the Northern District of Illinois has held that an employee's acquisition of an interest in a union's collectively bargained, defined-benefit pension plan, which was both involuntary and noncontributory, involved the sale of a security subject to the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Daniel v. International Brotherhood of Teamsters, 410 F. Supp. 541 (N.D. Ill. 1976).
Donald J. Harrell,
Securities Acts - Antifraud Provisions - Pension Plans - Sale of Security,
Duq. L. Rev.
Available at: https://dsc.duq.edu/dlr/vol15/iss2/15