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GROSSMAN v. YOUNG

72 F.Supp. 375 (1947)

GROSSMAN et al. v. YOUNG et al.

District Court, S. D. New York.

July 3, 1947.

Attorney(s) appearing for the Case

Silver & Saperstein, of New York City (Isaac M. Barnett, of New York City, of counsel), for plaintiffs.

Sullivan & Cromwell, of NewYork City, and Cook, Smith, Jacobs & Beake, of Detroit, Mich. (Inzer B. Wyatt, of New York City, Bethel B. Kelley, of Detroit, Mich., and Bruce A. Hecker, of New York City, of counsel), for defendant.

Roger S. Foster, of Philadelphia, Pa., amicus curiae, for Securities and Exchange Commission.

RIFKIND, District Judge.

By his motion under Federal Rules of Civil Procedure, Rule 12(b) (6), 28 U.S. C.A. following section 723c, defendant Leonard A. Young seeks an order dismissing the complaint for its failure to state a claim upon which relief can be granted. Thereby he raises two questions of statutory construction heretofore unanswered. The action is brought under Sec. 16(b) of the Securities Exchange Act of 1934...

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