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SEC. INVESTOR PROTECTION v. MORGAN, KENNEDY & CO.

No. 333, Docket 75-6066.

533 F.2d 1314 (1976)

SECURITIES INVESTOR PROTECTION CORPORATION, Applicant-Appellant, Securities and Exchange Commission, Plaintiff, v. MORGAN, KENNEDY & CO., INC., et al., Defendants-Appellees, Claim of Reading Body Works, Inc., Profit Sharing Plan Trust, Claimant-Appellee.

United States Court of Appeals, Second Circuit.

Decided January 23, 1976.

Attorney(s) appearing for the Case

Wilfred R. Caron, Associate Gen. Counsel, Washington, D. C. (Securities Investor Protection Corp., Theodore H. Focht, Gen. Counsel, Michael E. Don, Sr. Atty., Washington, D. C., of counsel), for applicant-appellant.

Roberta S. Karmel, New York City (Rogers & Wells, Laurence E. Cranch, New York City, of counsel), for defendants-appellees.

Charles M. Solomon, Philadelphia, Pa. (Fox, Rothschild, O'Brien & Frankel, John C. McNamara, Jr., Philadelphia, Pa., of counsel), for claimant-appellee.

Before MOORE and TIMBERS, Circuit Judges, and COFFRIN, District Judge.

MOORE, Circuit Judge:

In this appeal we are asked to determine whether the one hundred and eight employee-beneficiaries of a trust created under a profit-sharing plan qualify as "customers" of a bankrupt broker-dealer for the purpose of receiving compensation for losses available to such customers under the Securities Investor Protection Act of 1970 (SIPA), 15 U.S.C. § 78aaa et seq.1 The question was resolved in the beneficiaries...

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