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REKANT v. DESSER

No. 25872.

425 F.2d 872 (1970)

Kenneth REKANT on behalf of himself as an individual, etc., Appellant, v. Arthur A. DESSER et al., Appellees.

United States Court of Appeals, Fifth Circuit.

April 20, 1970.

Attorney(s) appearing for the Case

Lawrence Feingold, Miami Beach, Fla., for appellant.

E. David Rosen, Miami, Fla., Moses Krislov, Cleveland, Ohio, Gerald M. Higier, Miami Beach, Fla., for appellees.

Philip A. Loomis, Jr., Gen. Counsel, SEC, Washington, D. C., as amicus curiae.

Before WISDOM and AINSWORTH, Circuit Judges, and JOHNSON, District Judge.

WISDOM, Circuit Judge.

The plaintiff appeals from the district court's dismissal of the complaint for failure to state a private right of action under Sections 10(b) and 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) and § 78o(d). We hold that the plaintiff has a derivative action under Section 10(b)1 and Rule 10b-52 against the president...

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