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Federal — Masel v. Villareal, No. 18-40499, decided May 15, 2019. The U.S. Court of Appeals, Fifth Circuit held that the plaintiff, an investor in limited partnership interests, successfully alleged that the interests were securities. Although the investors set up and controlled the limited partnerships, they were induced into investing due to promises of profits that would be generated due to a special algorithm created by one of the defendants, and thus were relying on the efforts of others.