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HIRSCH v. du PONT

No. 622, Docket 76-7428.

553 F.2d 750 (1977)

Howard C. HIRSCH et al., Plaintiffs-Appellants, v. Edmond du PONT et al., Defendants, and Haskins & Sells and New York Stock Exchange, Inc., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided April 7, 1977.

Attorney(s) appearing for the Case

Sheldon D. Camhy, New York City (Richard L. Spinogatti and Shea, Gould, Climenko & Casey, New York City, of counsel), for plaintiffs-appellants.

David R. Hyde, New York City (James P. Tracy and Cahill, Gordon & Reindel, New York City, of counsel), for defendant-appellee Haskins & Sells.

Russell E. Brooks, New York City (Samuel H. Gillespie, III, Toni C. Lichstein and Milbank, Tweed, Hadley & McCloy, New York City, of counsel), for defendant-appellee New York Stock Exchange, Inc.

Before KAUFMAN, Chief Judge, and SMITH and MULLIGAN, Circuit Judges.

IRVING R. KAUFMAN, Chief Judge:

In the late 1960's and early 1970's the collapse of the securities market threatened the very structure of the securities industry.1 Such highly respected firms as Hayden, Stone, Goodbody & Co., and F.I. du Pont found themselves on the brink of insolvency. Some succumbed, and others saved themselves by providential mergers or emergency transfusions of capital...

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