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  5. 67 N.Y.2d 709 (1986)
 

ALLEN & CO. INC. v. SHEARSON LOEB RHOADES, INC.

67 N.Y.2d 709 (1986)

Allen & Company Incorporated, Respondent, v. Shearson Loeb Rhoades, Inc., Appellant.

Court of Appeals of the State of New York.

Decided February 11, 1986.

Attorney(s) appearing for the Case

Gerald Kerner and Susan E. Amron for appellant.

David J. Freeman, David R. Foley and Mark H. Moore for respondent.

Chief Judge WACHTLER and Judges MEYER, SIMONS, KAYE, ALEXANDER and TITONE concur; Judge HANCOCK, JR., taking no part.

MEMORANDUM.

The order of the Appellate Division should be affirmed, with costs.

As of August 15, 1980 plaintiff, Allen & Company, owned approximately 300,000 common shares of Pancontinental Mining Limited, an Australian company. The shares were held on Allen's behalf by defendant, Shearson Loeb Rhoades, Inc., in a foreign depository account in the name of ANZ Nominees, in Australia. By letter dated August 15,...

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