No. 125, Docket 29008.

339 F.2d 764 (1964)

Robert J. O'NEILL, Plaintiff-Appellant, v. Lewis B. MAYTAG, Jr., Dudley Swim, Pan American World Airways, Inc., G. T. Baker, A. G. McNeese, Jr., Alton Ochsner, David Packard, G. Robert Truex, Jr., Albert C. Wedemeyer, G. R. Woody, and National Airlines, Incorporated, Defendants-Appellees.

United States Court of Appeals Second Circuit.

Decided December 29, 1964.

Attorney(s) appearing for the Case

Stanley L. Kaufman, New York City, (Shephard S. Miller and Kaufman, Taylor & Kimmel, New York City, on the brief), for plaintiff-appellant.

William Piel, Jr., New York City (David S. Henkel, John E. Donnelly and Sullivan & Cromwell, New York City on the brief), for defendants-appellees.

Philip A. Loomis, Jr., Gen. Counsel, David Ferber, Sol., John A. Dudley, Sp. Counsel, Michael Joseph, Atty., Securities and Exchange Commission, Washington, D. C., for Securities and Exchange Commission, amicus curiæ.

Before LUMBARD, Chief Judge, and HAYS and MARSHALL, Circuit Judges.

LUMBARD, Chief Judge:

This appeal presents questions of the existence and scope of private remedies under federal law for alleged violation of the provisions of two federal regulatory statutes: § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j (b) (1958), and § 409(b) of the Federal Aviation Act, 49 U.S.C. § 1379(b). Plaintiff, a shareholder of National Airlines, brought a derivative action in the District Court for the Southern District...


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