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NORTE & CO. v. HUFFINES

Nos. 545, 546, Docket 32892, 32893.

416 F.2d 1189 (1969)

NORTE & CO., Plaintiff-Appellee, v. R. L. HUFFINES, Jr. and Victor Muscat, Defendants-Appellants, and L. F. Serrick, Alfred O'Gara, Edward Krock and Defiance Industries, Inc., Defendants.

United States Court of Appeals Second Circuit.

Decided September 16, 1969.

On Rehearing October 14, 1969.

Attorney(s) appearing for the Case

Milton Paulson, New York City, for plaintiff-appellee.

Murray I. Gurfein, New York City (Goldstein, Gurfein, Shames & Hyde, New York City, on the brief), for defendant-appellant, Victor Muscat.

William R. Glendon, New York City (Royall, Koegel & Wells, New York City, on the brief), for defendant-appellant, R. L. Huffines, Jr.

Before LUMBARD, Chief Judge, ANDERSON, Circuit Judge, and WYATT, District Judge.

LUMBARD, Chief Judge.

The defendants appeal from a judgment of the Southern District of New York against them in the sum of $4.355,595 in favor of plaintiff in a diversity stockholders' action brought for the benefit of Defiance Industries, Inc.

Judge Mansfield found defendants liable for damages because they had breached their fiduciary duties, as the controlling persons in Defiance, in causing Defiance to issue its stock, on July 12, 1962, at a valuation...

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