BLAU v. LEHMAN

No. 51, Docket 25846.

286 F.2d 786 (1960)

Isadore BLAU, a stockholder of Tide Water Associated Oil Company, suing on behalf of himself and all other stockholders similarly situated and on behalf of and in the right of Tide Water Associated Oil Company, Plaintiff-Appellant-Appellee, v. Robert LEHMAN, Allan S. Lehman, John Hertz, John M. Hancock, Monroe C. Gutman, Paul M. Mazur, William J. Hammerslough, Francis A. Callery, Frederick L. Ehrman, John R. Fell, William S. Glazier, Philip H. Isles, Herman H. Kahn, Edwin L. Kennedy, Frank J. Manheim, Paul E. Manheim, Morris Natelson, Harold J. Szold and Joseph A. Thomas, a co-partnership, doing business under the firm name and style of Lehman Brothers, Defendants-Appellees, Joseph A. Thomas, Defendant-Appellee-Appellant, and Tide Water Associated Oil Company, Defendant-Appellee.

United States Court of Appeals Second Circuit.

Decided December 20, 1960.

Rehearing Denied February 21, 1961.


Attorney(s) appearing for the Case

Morris J. Levy, New York City, for plaintiff-appellant-appellee.

Cyrus R. Vance, New York City (Robert S. Carlson and Simpson Thacher & Bartlett, New York City, on the brief), for defendants-appellees (other than Tide Water Associated Oil Company) and Joseph A. Thomas, defendant-appellee-appellant.

Walter P. North, Gen. Counsel, Securities & Exchange Commission, Washington, D. C., for Securities and Exchange Commission.

Before SWAN, CLARK and MEDINA, Circuit Judges.


Rehearing Denied in Banc February 21, 1961.

MEDINA, Circuit Judge.

In this action by a stockholder of Tide Water Associated Oil Company brought under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78p (b),1 to recover on Tide Water's behalf short swing profits alleged to have been realized by Joseph A. Thomas, a director of Tide Water, and by Lehman Brothers,...

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