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ST. LOUIS U. TRUST CO. v. MERRILL LYNCH, ETC.

No. 76-1447.

562 F.2d 1040 (1977)

ST. LOUIS UNION TRUST COMPANY, a corporation, Kenneth H. Bitting, Jr., William C. Bitting and George C. Bitting, as Executors of the Last Will of Kenneth H. Bitting, Deceased, Plaintiffs-Appellees, v. MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, a corporation, Donald T. Regan, Ned B. Ball and George L. Shinn, Defendants-Appellants.

United States Court of Appeals, Eighth Circuit.

Decided August 26, 1977.

Rehearing and Rehearing Denied October 27, 1977.

Attorney(s) appearing for the Case

William P. Rogers (argued and made rebuttal), and Stanley Godofsky, James N. Benedict, New York City, Ernest L. Folk, III, Charlottesville, Va., James B. May and Roger J. Hawke, New York City, and John J. Cole, St. Louis, Mo., on brief and reply brief for defendants-appellants.

Veryl L. Riddle (argued), and Thomas C. Walsh, Daniel R. O'Neill and John J. Hennelly, Jr., St. Louis, Mo., on brief for plaintiffs-appellees.

Before HEANEY, ROSS and STEPHENSON, Circuit Judges.

Rehearing and Rehearing En Banc Denied October 27, 1977.

ROSS, Circuit Judge.

This appeal raises substantial questions concerning the validity of an option held by Merrill Lynch, Pierce, Fenner & Smith, Inc. (hereinafter Merrill Lynch) to repurchase its own stock from a deceased shareholder's executors. The district court found violations of the securities fraud provisions of § 10(b) of the Securities Exchange Act of 19341

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