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FATURIK v. WOODMERE SECURITIES, INC.

No. 77 Civ. 937 (LFM).

431 F.Supp. 894 (1977)

William FATURIK, Plaintiff, v. WOODMERE SECURITIES, INC., Richard Kahn and Bear Stearns & Co., Defendants.

United States District Court, S. D. New York.

May 19, 1977.

Attorney(s) appearing for the Case

Louis C. Pulvermacher, P. C. by Mark Grossman, New York City, for plaintiff.

Grandefeld & Goodman by Mortimer Goodman, New York City, for defendant.

MacMAHON, District Judge.

Defendant, Bear Stearns & Co. ("Bear Stearns"), moves to dismiss the complaint for failure to state a claim upon which relief can be granted, Rule 12(b)(6), Fed.R. Civ.P. We deny the motion.

The gravamen of this action is that the defendants violated the securities laws by "churning" plaintiff's trading account, that is, excessively buying and selling for his account, in a manner disproportionate to the size, character and objectives...

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