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LEWIS v. VARNES

No. 65, Docket 74-1293.

505 F.2d 785 (1974)

Harry LEWIS, Plaintiff-Appellant, v. George L. VARNES, Defendant-Appellee, and Eli Lilly and Company, Defendant.

United States Court of Appeals, Second Circuit.

Decided October 30, 1974.

Attorney(s) appearing for the Case

Morris J. Levy, New York City, for plaintiff-appellant.

Merton Sarnoff, New York City (Shaw, Bernstein, Scheuer, Boyden & Sarnoff, New York City, on the brief), for defendant-appellee George L. Varnes.

L. Robert Fullem, New York City (Dewey, Ballantine, Bushby, Palmer & Wood, New York City, on the brief), for Eli Lilly and Co.

Before HAYS, ANDERSON and MANSFIELD, Circuit Judges.

ROBERT P. ANDERSON, Circuit Judge:

George L. Varnes, appellee, was for several years a director and officer of Eli Lilly and Company (Lilly); on January 31, 1971, he retired from these positions. It is undisputed that he has maintained no significant contact with Lilly since that date.

Prior to his retirement, Lilly had granted Varnes various options to purchase its common stock at stated per share prices, but, under...

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