RATTNER v. LEHMAN

No. 112, Docket 22170.

193 F.2d 564 (1952)

RATTNER et al. v. LEHMAN et al.

United States Court of Appeals Second Circuit.

Decided January 10, 1952.


Attorney(s) appearing for the Case

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

Sullivan & Cromwell, New York City (Eustace Seligman and Inzer B. Wyatt, New York City, of counsel), for appellees.

Roger S. Foster, Gen. Counsel and Myer Feldman, Securities and Exchange Commission, Washington, D. C., amicus curiae.

Before SWAN, Chief Judge, and L. HAND and AUGUSTUS N. HAND, Circuit Judges.


SWAN, Chief Judge.

Between November 1948 and April 1949, Lehman Brothers, a partnership, purchased and sold 5,000 shares of the common stock of Consolidated Vultee Aircraft Corporation, whose stock was duly registered on the New York Stock Exchange. From such "short swing" transactions the partnership realized a profit of some $15,000. One of the partners, John D. Hertz, was a director of the Aircraft Corporation. His share of the partnership's profits from the said...

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