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PROVIDENT SECURITIES CO. v. FOREMOST-McKESSON, INC.

No. 71-2965.

506 F.2d 601 (1974)

PROVIDENT SECURITIES COMPANY, a California corporation, Plaintiff-Appellee, v. FOREMOST-McKESSON, INC., a Maryland corporation, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Certiorari Granted February 18, 1975.

Attorney(s) appearing for the Case

Morton Moskin, New York City, N.Y., (argued) of Landels, Ripley & Diamond, San Francisco, Cal., for defendant-appellant.

Walter R. Allan (argued) of Pillsbury, Madison & Sutro, San Francisco, Cal., for plaintiff-appellee.

Before ELY, TRASK and WALLACE, Circuit Judges.

Certiorari Granted February 18, 1975. See 95 S.Ct. 1117.

OPINION

WALLACE, Circuit Judge:

Provident Securities Company (Provident) filed this action, seeking a declaration of nonliability for short-swing profits under section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b). Foremost-McKesson, Inc. (Foremost) counterclaimed, seeking a declaration of liability and recovery of the profits. Both parties moved for summary judgment...

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