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GREENE v. DIETZ

No. 121, Docket 24259.

247 F.2d 689 (1957)

Frances B. GREENE and Myron L. Greene, as Executors under the Last Will and Testament of Louis A. Greene, deceased, stockholders of C. I. T. Financial Corporation, suing on behalf of themselves and all other stockholders similarly situated and on behalf of and in the right of C. I. T. Financial Corporation, Plaintiffs-Appellants, v. Arthur O. DIETZ, George R. Urquhart, Leo H. Spanyol, C. John Kuhn, L. Walter Lundell, Fred Meissner and C. I. T. Financial Corporation, Defendants-Appellees.

United States Court of Appeals Second Circuit.

Decided June 7, 1957.

Rehearing Denied August 12, 1957.

Attorney(s) appearing for the Case

Morris J. Levy, New York City, for plaintiffs-appellants.

Thomas G. Meeker, Gen. Counsel, David Ferber and Irving M. Pollack, Asst. Gen. Counsel, Ellwood L. Englander, Atty., Securities and Exchange Commission, Washington, D. C., for petitioner amicus curiae.

Cravath, Swaine & Moore, New York City (Albert R. Connelly, New York City, of counsel), for individual defendants-appellees.

Before CLARK, Chief Judge, and LUMBARD and WATERMAN, Circuit Judges.

WATERMAN, Circuit Judge.

The appellants, who are stockholders of the C. I. T. Financial Corporation, brought this action under section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78p(b), to recover on behalf of that corporation profits alleged to have been realized in the purchase and sale of C. I. T. stock by the individual defendants, each of whom is a director and a regular salaried employee of C. I. T. The action was tried without a jury before...

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