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BLAU v. LEHMAN

No. 66.

368 U.S. 403 (1962)

BLAU v. LEHMAN ET AL.

Supreme Court of United States.

Decided January 22, 1962.

Attorney(s) appearing for the Case

Morris J. Levy argued the cause and filed briefs for petitioner.

Whitney North Seymour argued the cause for respondents other than Tide Water Associated Oil Company. With him on the briefs were Benjamin C. Milner and Robert S. Carlson.

Allan F. Conwill, by special leave of Court, argued the cause for the Securities and Exchange Commission, as amicus curiae, urging reversal. With him on the briefs were Solicitor General Cox, John F. Davis, Walter P. North, Ellwood L. Englander and David Ferber.

Bruce Bromley filed a brief for the American Society of Corporate Secretaries, Inc., as amicus curiae, urging affirmance.

MR. JUSTICE BLACK delivered the opinion of the Court.

The petitioner Blau, a stockholder in Tide Water Associated Oil Company, brought this action in a United States District Court on behalf of the company under § 16 (b)1 of the Securities Exchange Act of 1934 to recover with interest "short swing" profits, that is, profits earned within a six months' period by the purchase and sale of securities...

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