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LEHIGH VAL. TRUST CO. v. CENTRAL NAT. BANK OF JACKSONVILLE

No. 26444.

409 F.2d 989 (1969)

LEHIGH VALLEY TRUST COMPANY, Plaintiff-Appellee, v. CENTRAL NATIONAL BANK OF JACKSONVILLE, Defendant-Appellant.

United States Court of Appeals Fifth Circuit.

April 3, 1969.

Attorney(s) appearing for the Case

John E. Mathews, Jr., James E. Cobb, Norman P. Freedman, Jacksonville, Fla., for appellant; Mathews, Osborne & Ehrlich, Jacksonville, Fla., of counsel.

C. Harris Dittmar, Charles P. Pillans, Jacksonville, Fla., Dechert, Price & Rhoads, Philadelphia, Pa., for appellee; Bedell, Bedell, Dittmar & Smith, Jacksonville, Fla., of counsel.

Before JOHN R. BROWN, Chief Judge, and GEWIN and GOLDBERG, Circuit Judges.

GOLDBERG, Circuit Judge:

This is another securities fraud case brought under Rule 10b-5 of the Securities and Exchange Commission. The appellant, Central National Bank of Jacksonville (Central Bank) sold to the appellee, Lehigh Valley Trust Company (Lehigh Trust), a participation interest in a loan originated by Central Bank. When this loan became uncollectible, Lehigh Trust sued Central Bank for damages on the grounds that Central Bank, in selling the loan participation...

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