MOTT v. TRI-CONTINENTAL FINANCIAL CORPORATION

No. 309, Docket 28577.

330 F.2d 468 (1964)

Charles S. MOTT, Plaintiff-Appellant, v. TRI-CONTINENTAL FINANCIAL CORPORATION, Defendant-Appellee.

United States Court of Appeals Second Circuit.

Decided April 16, 1964.


Attorney(s) appearing for the Case

David B. Landis, New York City (Arthur N. Abbey, Duke & Landis, New York City, on the brief), for plaintiff-appellant.

John R. Hupper, New York City (Charles G. Moerdler, Cravath, Swaine & Moore, New York City, on the brief), for defendant-appellee.

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


LUMBARD, Chief Judge:

May a purchaser secure rescission of a sale of stock on the ground of fraudulent misrepresentations when he cannot show that he suffered any pecuniary damage and when he no longer owns any of the stock purchased? We agree with the district court that, under the governing law of New York, such an action may not be maintained and accordingly we affirm the judgment of the United States District Court for the Southern District of New York dismissing...

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