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B. T. BABBITT, INC. v. LACHNER

No. 438, Docket 28756.

332 F.2d 255 (1964)

B.T. BABBITT, INC., Plaintiff-Appellee, v. Marshall S. LACHNER, Defendant-Appellant.

United States Court of Appeals Second Circuit.

Decided May 19, 1964.

Attorney(s) appearing for the Case

Marshall C. Berger, of Weil, Gotshal & Manges, New York City (Gabriel Kaslow, New York City, of counsel), for plaintiff-appellee.

Patricia Hatry, of Davis, Gilbert, Levine & Schwartz, New York City (Joshua Levine, of counsel), for defendant-appellant.

Before WATERMAN, KAUFMAN and MARSHALL, Circuit Judges.

KAUFMAN, Circuit Judge.

The primary issues involved in this appeal relate to the computation of "short-swing" profits recoverable by plaintiff B. T. Babbitt, Inc., in an action brought under § 16(b) of the Securities Exchange Act against its former president and director, Marshall S. Lachner. After a trial without a jury, the District Court awarded Babbitt profits of $30,194.12, with interest. For reasons to be explained shortly, we find this amount to be excessive...

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