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ARNESEN v. SHAWMUT COUNTY BANK, N. A.

Civ. A. No. 79-1077-C.

504 F.Supp. 1077 (1980)

Kjell ARNESEN et al., Plaintiffs, v. SHAWMUT COUNTY BANK, N. A., Defendant, v. C. L. SYSTEMS, INC. et al., Third-Party Defendants.

United States District Court, D. Massachusetts.

December 31, 1980.

Attorney(s) appearing for the Case

Grover H. Nix, III, Parker, Coulter, Daley & White, Edmund Polubinski, Jr., Davis, Malm & D'Agostine, Robert Potters, Nix & Wendell, Boston, Mass., for plaintiffs.

James J. Marcellino, Gaston Snow & Ely Bartlett, Boston, Mass., for defendant.

Bernard J. Bonn, III, Boston, Mass., for third-party defendants.

MEMORANDUM

CAFFREY, Chief Judge.

This action, filed on June 1, 1979, alleges that the defendant Shawmut County Bank, N. A. (Shawmut) aided and abetted a securities violation under the Securities Exchange Act of 1934, 15 U.S.C. § 78j (Count II), and contributed to the breach of a fiduciary duty owed to the shareholders of a close corporation by two other principal individual shareholders. (Count III). Donahue v. Rodd Electro-Type,

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