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NEWMARK v. RKO GENERAL, INC.

No. 612, Docket 34345.

425 F.2d 348 (1970)

Margot NEWMARK, Appellee, v. RKO GENERAL, INC., Appellant, and Frontier Airlines, Inc., Defendant.

United States Court of Appeals, Second Circuit.

Decided April 30, 1970.

Attorney(s) appearing for the Case

Marvin Schwartz, New York City (David L. McLean, Sullivan & Cromwell, and Regan, Goldfarb, Powell & Quinn, New York City, on the brief), for appellant.

Stanley L. Kaufman, New York City (Shephard S. Miller, Allan K. Peckel, and Kaufman, Taylor, Kimmel & Miller, New York City, on the brief), for appellee.

Before KAUFMAN and FEINBERG, Circuit Judges, and PALMIERI, District Judge.

IRVING R. KAUFMAN, Circuit Judge:

Section 16(b) of the Securities Exchange Act of 1934 is one of several provisions of the federal securities laws designed to deter insiders from trading on the basis of information unavailable to the general public.1 Commonly termed "a crude rule of thumb," the statute seeks to prevent insiders from realizing profits on securities held for short periods of time.2 It is not...

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