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BERSHAD v. McDONOUGH

No. 17810.

428 F.2d 693 (1970)

John BERSHAD, Plaintiff-Appellee, v. Bernard P. McDONOUGH, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Rehearing Denied August 5, 1970.

Attorney(s) appearing for the Case

Herbert Underwood, Clarksburg, W. Va., R. V. Houpt, Chicago, Ill., Thomas E. Walsh, Washington, D. C., Peer Pedersen, Chicago, Ill., for appellant.

Jerome H. Stein, Chicago, Ill., Lawrence Milberg, Great Neck, N. Y., Melvyn I. Weiss, David J. Bershad, New York City, of counsel for appellee.

Before SWYGERT, Chief Judge, CUMMINGS, Circuit Judge, and GRANT, District Judge.

CUMMINGS, Circuit Judge.

This appeal is from a summary judgment in favor of the plaintiff, a common stockholder in the Cudahy Company of Phoenix, Arizona. Plaintiff brought this action under Section 16(b) of the Securities Exchange Act of 1934 (15 U.S.C. § 78p(b)) to recover for Cudahy's benefit the "short-swing" profits coming to defendant from his and his wife's purchase and sale of 272,000 shares of Cudahy common...

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