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LIBERTY NAT. INS. HOLDING CO. v. CHARTER CO.

No. 82-7260.

734 F.2d 545 (1984)

LIBERTY NATIONAL INSURANCE HOLDING COMPANY, Plaintiff-Appellant, v. The CHARTER COMPANY, et al., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

June 1, 1984.

Attorney(s) appearing for the Case

Ira L. Burleson, Ralph B. Tate, Birmingham, Ala., Shereff, Friedman, Hoffman & Goodman, Barry Lloyd Katz, Martin Nussbaum, Robert Jeffrey Jossen, New York City, for plaintiff-appellant.

Samuel H. Franklin, C. Larimore Whitaker, Hobart A. McWhorter, Jr., Birmingham, Ala., for defendants-appellees.

David A. Sirignano, S.E.C., Washington, D.C., amicus curiae S.E.C.

Before TJOFLAT and VANCE, Circuit Judges, and MORGAN, Senior Circuit Judge.

TJOFLAT, Circuit Judge:

In this securities case, we are called upon to decide whether an issuer can bring suit under sections 10(b), 13(d), and 14(d) and (e) of the Securities and Exchange Act of 19341 (the Exchange Act) to require a shareholder to divest himself of his stock holdings in the issuer. None of these sections expressly authorizes such a suit. We hold that none of these sections impliedly authorizes such a suit. The district...

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