INDIANA NAT. CORP. v. RICH

No. 83-1038.

712 F.2d 1180 (1983)

INDIANA NATIONAL CORP., Plaintiff-Appellant, v. Martin D. RICH, Norman Rich, Herbert M. Spector, Solomon Weisgal, Morris Polack, Jack Polack, MR Investment Associates, NR Investment Associates and Rich Investments, Inc., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided July 19, 1983.

As Corrected July 21 and October 5, 1983.


Attorney(s) appearing for the Case

Roy L. Reardon, Simpson, Thacher & Bartlett, New York City, David A. Sirignano, S.E.C., Washington, D.C., for plaintiff-appellant.

Steven L. Bashwiner, Friedman & Koven, Chicago, Ill., for defendants-appellees.

Before CUDAHY and ESCHBACH, Circuit Judges, and GRAY, Senior District Judge.


CUDAHY, Circuit Judge.

This case requires us to decide whether there is an implied private right of action for an issuer corporation to seek injunctive relief under Section 13(d) of the Securities Exchange Act (the "Act"), 15 U.S.C. § 78m(d) (1976). Section 13(d) requires any person acquiring more than 5% of a class of registered securities of a corporation to send to the issuer and to file with the S.E.C. a statement disclosing certain information about the...

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