A group of retired women in Beardstown, Illinois, formed an investment club that eventually claimed a 10-year average investment return of 23.4 percent. The statements also appeared in the publications themselves. Russell Keimer sued the publishers for false advertising and unfair business practices. The trial court sustained the publishers' demurrers without leave to amend. The Court of Appeal reversed.
Commercial speech enjoys less protection under the First Amendment than non-commercial speech.
The state may regulate and restrict it in the pursuit of legitimate state interests. The statements identified in the lawsuit were commercial speech, because their purpose was to sell the publications. The restrictions directly advance that interest. There was no claim that the restrictions were overbroad. The publishers argued for greater protection, because the statements also appeared in the publications themselves.