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BLAU v. LAMB

163 F.Supp. 528 (1958)

Isadore BLAU, a stockholder of Air-Way Industries, Inc., suing on behalf of himself and all other stockholders similarly situated and on behalf of and in the right of Air-Way Industries, Inc., Plaintiff, v. Edward LAMB, Frank C. Oswald, Edward Lamb Enterprises, Inc., Edward Lamb Foundation, Inc., and Air-Way Industries, Inc., Defendants.

United States District Court S. D. New York.

June 4, 1958.

Attorney(s) appearing for the Case

Morris J. Levy, New York City, for plaintiff.

Irving Mariash, New York City, J. Howard McGrath, Washington, D. C., Fred A. Smith, Toledo, Ohio, for defendants.

FREDERICK van PELT BRYAN, District Judge.

This case involves the construction and application of Section 16(b) of the Securities and Exchange Act of 1934, 15 U.S.C.A. § 78p(b), which provides that short-swing profits in the securities of a corporation made by "insiders" are recoverable for the benefit of the corporation.

Here a stockholder of Air-Way Industries, Inc., a Delaware corporation, hereafter referred to as "Air-Way", sues under Section 16(b...

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