Plaintiff Allen & Company, Incorporated, a New York corporation, is engaged in the business of investment banking. Defendant Shearson Loeb Rhoades, Inc., a Delaware corporation, is authorized to do business in New York as a broker-dealer of securities.
Sometime in 1979, plaintiff became a customer of defendant. In or about August 1980, the plaintiff had in its account with defendant, among other holdings, approximately 298,569 shares of stock issued by Pancontinental...
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