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ERLING v. POWELL

No. 19780.

429 F.2d 795 (1970)

E. F. ERLING, Individually and on Behalf of All Other Similarly Situated Former Shareholders of the National Life of America, Appellant, v. F. C. POWELL, D. D. Powell, H. H. Helgerson and Stockman National Life Insurance Company, a Corporation, Appellees.

United States Court of Appeals, Eighth Circuit.

July 29, 1970.

Attorney(s) appearing for the Case

George A. Bangs, of Bangs, McCullen, Butler, Foye & Simmons, Rapid City, S. D., for appellant; Chandler L. Beach, of Benson, Beach & Fingerson, Huron, S. D., on the brief.

Robert C. Heege and Lawrence L. Piersol, Davenport, Evans, Hurwitz & Smith, Sioux Falls, S. D., for appellees.

Before MEHAFFY, HEANEY and BRIGHT, Circuit Judges.

BRIGHT, Circuit Judge.

Plaintiff Erling, individually and as representative of other minority shareholders, filed an action for damages under § 10(b) of the Securities and Exchange Act of 1934, 15 U.S.C. § 78j(b) and SEC Rule 10(b)-5, 17 CFR § 240.10(b) (5),1 claiming that the defendants, F. C. Powell, D. D. Powell, and H. H. Helgerson (the Powells) defrauded minority shareholders of National Life of America (National Life...

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