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CPC INTL. v. McKESSON CORP.

120 A.D.2d 221 (1986)

CPC International Inc., Respondent-Appellant, v. McKesson Corporation et al., Appellants-Respondents

Appellate Division of the Supreme Court of the State of New York, First Department.

November 13, 1986

Attorney(s) appearing for the Case

Moses Silverman of counsel (Arthur Liman, Stuart Robinowitz and Abby L. Jennis with him on the brief; Paul, Weiss, Rifkind, Wharton & Garrison, attorneys), for McKesson Corporation and others, appellants-respondents.

Lewis B. Kaden of counsel (Jayne S. Robinson, Lisa Huestis and Karoly Gutman with him on the brief; Davis Polk & Wardwell, attorneys), for Morgan Stanley & Co. Incorporated, appellant-respondent.

Stephen Rackow Kaye (Claire P. Gutekunst, Mary C. Mone, Catherine McGrath and William S. Wells, with him on the brief; Proskauer Rose Goetz & Mendelsohn, attorneys), for respondent-appellant.

MURPHY, P. J., KUPFERMAN and LYNCH, JJ., concur.

ROSS, J.

In these two appeals and cross appeal, we are presented with an issue that apparently has not been decided by an appellate court in this State, to wit: is there a private right of action under Martin Act § 352-c (General Business Law art 23-A). The general objective of the Martin Act "is to prevent all kinds of fraud in connection with the sale of securities and commodities and to defeat all unsubstantial...

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