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JAMES v. GERBER PRODUCTS COMPANY

No. 73-1022.

483 F.2d 944 (1973)

Sue Ellen Baker JAMES, Plaintiff-Appellant, v. GERBER PRODUCTS COMPANY, The Old State Bank of Fremont, et al., Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided September 5, 1973.

Attorney(s) appearing for the Case

John H. Schomer, Jackson, Mich., for plaintiff-appellant; Domke, Marcoux, Allen & Beaman, Jackson, Mich., of counsel.

Roger M. Clark and Joel E. Krissoff, Grand Rapids, Mich., for defendants-appellees; Warner, Norcross & Judd, Grand Rapids, Mich., on brief for Gerber Products Company, and others; Hillman, Baxter & Hammond by Douglas W. Hillman, Grand Rapids, Mich., on brief for Old State Bank of Fremont, and others.

Before PECK, MILLER and LIVELY, Circuit Judges.

JOHN W. PECK, Circuit Judge.

This appeal presents the difficult question as to whether a beneficiary of a testamentary trust from which securities are sold has proper standing to sue under Rule 10b-5 of the Securities and Exchange Commission, 17 C.F.R. § 240.10b-5. The District Court dismissed the action for lack of standing. We conclude that appellant possessed the requisite standing.

Plaintiff-appellant is the beneficiary of two trusts from which 15...

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