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COLAN v. MONUMENTAL CORP.

No. 83-1204.

713 F.2d 330 (1983)

David COLAN, Plaintiff-Appellant, v. MONUMENTAL CORPORATION, Kaufman and Broad, Inc., Sun Life Group, Inc., and Sun Life Insurance Company of America, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided August 4, 1983.

Attorney(s) appearing for the Case

Seymour A. Oliff, Chicago, Ill., for plaintiff-appellant.

Michael W. Schwartz, Wachtell, Lipton, Rosen & Katz, New York City, for defendants-appellees.

Before PELL and BAUER, Circuit Judges, and DUMBAULD, Senior District Judge.

PELL, Circuit Judge.

Plaintiff filed this derivative action on behalf of nominal defendant Monumental Corporation to recover short-swing profits allegedly made by the remaining defendants (K & B defendants) in violation of § 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b). The district court, in a thorough written opinion, granted the K & B defendants' motion for summary judgment.

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