Aleen CHABOT, Plaintiff-Appellant,
v.
EMPIRE TRUST COMPANY, Defendant-Appellee, and
National Securities & Research Corporation, Defendant.
Seymour SCHWARTZ, Plaintiff-Appellant,
v.
NATIONAL SECURITIES & RESEARCH CORPORATION, Defendant, and
Empire Trust Company, Defendant-Appellee.
United States Court of Appeals Second Circuit.https://leagle.com/images/logo.png
Argued February 13, 1962.
Decided March 28, 1962.
Attorney(s) appearing for the Case
William E. Haudek of Pomerantz, Levy & Haudek, New York City (Rosenfeld & Silverman, New York City, Albert Schlefer, Brooklyn, Rosenthal & Gurkin, New York City, on the brief), for plaintiff-appellant.
Roy W. McDonald of Donovan, Leisure, Newton & Irvine, New York City (Robert V. Dunn, New York City, of counsel, on the brief), for defendants-appellees.
Ellwood L. Englander, Sp. Counsel, Securities and Exchange Commission, Washington, D. C. (Peter A. Dammann, Gen. Counsel, Walter P. North, Asst. Gen. Counsel, Meyer Eisenberg, Washington, D. C., on the brief), for Securities and Exchange Commission, amicus curiae.
Before CLARK, SMITH and HAYS, Circuit Judges.
United States Court of Appeals Second Circuit.
HAYS, Circuit Judge.
The issue which we are called upon to decide is whether a trustee of an investment trust registered under the Investment Company Act of 19401 can protect itself from liability to shareholders of the fund by including in the trust indenture a provision requiring shareholders to provide "indemnity" for the costs and expenses of actions against the trustee. We hold that § 17(h) of the Act prevents the trustee from...
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