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LANZA v. DREXEL & CO.

No. 382, Docket 35794.

479 F.2d 1277 (1973)

Frank LANZA, Jr., et al., Plaintiffs-Appellants, v. DREXEL & CO. et al., Defendants-Appellees, Theodore J. Kircher and Christie F. Vitolo, Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Argument November 1, 1972.

Decided April 26, 1973.

Attorney(s) appearing for the Case

Franklin S. Bonem, New York City (Bonnie P. Winawer and London, Buttenwieser & Chalif, New York City, of counsel), for plaintiffs-appellants Frank Lanza, Jr., Vincent Sharbo, Marie Lanza Sharbo and Clara Lanza Stefano.

James J. Higginson, New York City (Appleton, Rice & Perrin, New York City, of counsel), for defendant-appellant Theodore J. Kircher.

Ralph M. Carson, New York City (Wallace Gossett, Richard M. Berman and Davis, Polk & Wardwell, New York City, of counsel), for defendants-appellees Drexel & Co., John Ames Ballard and Bertram D. Coleman.

Krause, Hirsch & Gross, New York City, for defendant-appellant Christie F. Vitolo and defendant-appellee Leborio Pugliese.

The Securities and Exchange Commission, Washington, D. C. (Walter P. North, Acting Gen. Counsel, Theodore Sonde, Asst. Gen. Counsel, and Frederic T. Spindel, Atty., Washington, D. C.), as amicus curiae.

Before FRIENDLY, Chief Judge, and MOORE, SMITH, KAUFMAN, HAYS, FEINBERG, MANSFIELD, MULLIGAN, OAKES and TIMBERS, Circuit Judges.

Argument before the Court en banc November 1, 1972.

MOORE, Circuit Judge:

We sit en banc to decide a question important to the course of evolution of the law relating to corporate directors' liabilities largely spawned by Securities and Exchange Commission (SEC) Rule 10b-5: To what extent does a director of corporation A, (1) who does not know that officers or directors of the corporation on whose board he sits have made false representations to, or...

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