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TARASI v. PITTSBURGH NAT. BANK

No. 76-1834.

555 F.2d 1152 (1977)

William TARASI, George Sampas and Virginia R. Harrigan, Appellants, v. PITTSBURGH NATIONAL BANK and S. Robert Mialki.

United States Court of Appeals, Third Circuit.

Decided May 9, 1977.

As Amended June 15, 1977.

Attorney(s) appearing for the Case

Louis M. Tarasi, Jr., Philip A. Faix, Jr., John Alan Conte, Conte, Courtney & Tarasi, Pittsburgh, Pa., for appellants.

B. A. Karlowitz, Orlando R. Sodini, Donald L. Very, Tucker Arensberg & Ferguson, Pittsburgh, Pa., for appellee, Pittsburgh National Bank.

Carl W. Brueck, Brueck & Houck, Pittsburgh, Pa., for appellee, S. Robert Mialki.

Before ADAMS, KALODNER and HUNTER, Circuit Judges.

OPINION OF THE COURT

ADAMS, Circuit Judge.

At issue in this appeal is whether the defense of in pari delicto stands as a bar to a lawsuit brought by "tippees" against a "tipper"1 pursuant to section 10(b) of the Securities Exchange Act of 19342 and rule 10b-53 promulgated thereunder.

I.

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