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  5. 37 N.Y.2d 211 (1975)
 

NEWIN CORP. v. HARTFORD ACC.

37 N.Y.2d 211 (1975)

Newin Corporation et al., Respondents, v. Hartford Accident and Indemnity Company et al., Defendants, and Continental Insurance Company et al., Appellants.

Court of Appeals of the State of New York.

Decided June 16, 1975.

Attorney(s) appearing for the Case

Covington Hardee, Joseph J. Santora, Robert B. McKay and Jeffrey C. Ingber for appellants.

John A. Stichter, Charles L. Stewart and William M. Bradner, Jr. for respondents.

Chief Judge BREITEL and Judges GABRIELLI, JONES, WACHTLER and COOKE concur with Judge FUCHSBERG; Judge JASEN dissents and votes to reverse in a separate opinion.

FUCHSBERG, J.

This action arises out of the infamous "salad oil swindle" of 1963, involving the collapse of the Allied Crude Vegetable Oil Refining Corporation, which had, among other effects, the bankruptcy of Ira Haupt & Co. (Haupt), a member firm of plaintiff New York Stock Exchange, Inc. (Stock Exchange).

The complaint alleges seven causes of action. The first two, which seek recovery on an excess...

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