ELLERIN v. MASSACHUSETTS MUTUAL LIFE INSURANCE CO.


167 F.Supp. 71 (1958)

Sol J. ELLERIN, a stockholder of The General Tire & Rubber Company, suing on behalf of himself and all other stockholders similarly situated, and on behalf and in the right of The General Tire & Rubber Company, Plaintiff, v. MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, and The General Tire & Rubber Company, Defendants.

United States District Court S. D. New York.

August 1, 1958.


Attorney(s) appearing for the Case

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

Tanner, Friend, Kinnan & Post, New York City, and Rowland H. Long, Springfield, Mass., for defendant Massachusetts Mut. Life Ins. Co. Edward T. Post, New York City, of counsel.

Sullivan & Cromwell, New York City, for defendant The General Tire & Rubber Co., John F. Dooling, Jr., New York City, of counsel.


HERLANDS, District Judge.

On defendant Massachusetts Mutual Life Insurance Company's motion and plaintiff's cross-motion for summary judgment, the dispositive question of law is whether a particular issue of preferred stock constitutes a "class" of stock as distinguished from a "series" of stock. This question of the distinction between "class" and "series" is a matter of novel impression under the "insider's profit" provision of the Securities Exchange Act of 1934...

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