WHITING v. DOW CHEMICAL COMPANY

No. 1025, Docket 75-7106.

523 F.2d 680 (1975)

Macauley WHITING, Plaintiff-Appellant, v. The DOW CHEMICAL COMPANY, Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided September 22, 1975.


Attorney(s) appearing for the Case

Russel H. Beatie, Jr., New York City (Dewey, Ballantine, Bushby, Palmer & Wood and Brendan P. Bovaird, New York City, of counsel), for plaintiff-appellant.

Arthur F. Mathews, Washington, D. C. (Wilmer, Cutler & Pickering and Stephen F. Black, Washington, D. C., and Paul R. Grand and Poletti Friedin Prashker Feldman & Gartner, New York City, of counsel), for defendant-appellee.

Before GIBBONS, GURFEIN and MESKILL, Circuit Judges.


GURFEIN, Circuit Judge:

This appeal presents a difficult and important question of first impression in this court concerning the interpretation of § 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b), as it applies to the matching transactions of a corporate insider and his spouse. The issue is whether a corporate director may be held to have "realized profit" within the meaning of § 16(b) as a result of a matching of his wife's sales...

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