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HERRMANN ON BEHALF OF W. DISNEY PROD. v. STEINBERG

Nos. 78, 241, Dockets 86-7368, 86-7404.

812 F.2d 63 (1987)

Jeffrey W. HERRMANN and Linda J. Herrmann, on Behalf of WALT DISNEY PRODUCTIONS, Plaintiffs-Appellees, Cross-Appellants, v. Saul P. STEINBERG, Reliance Group Holdings, Inc., a Delaware corporation, and Reliance Insurance Company, A Pennsylvania corporation, Defendants-Appellants, Cross-Appellees.

United States Court of Appeals, Second Circuit.

Decided February 18, 1987.

Attorney(s) appearing for the Case

Gary R. Goldman, Hartsdale, N.Y. (Goldman & Fleisher, P.C., Hartsdale, N.Y., on the brief), for plaintiffs-appellees and cross-appellants.

Lewis A. Kaplan, New York City (Paul, Weiss, Rifkind, Wharton & Garrison, Blair C. Fensterstock, New York City, on the brief), for defendants-appellants and cross-appellees.

Before KEARSE and ALTIMARI, Circuit Judges, and STEWART, District Judge.

STEWART, District Judge:

The cross-appeals before us concern a new variable in the calculation of short swing profit subject to section 16(b) of the Securities and Exchange Act of 1934, 15 U.S.C. § 78p(b) (1985). "For the purpose of preventing the unfair use of [inside] information," section 16(b) dictates that profit realized by a corporate insider on any purchase and sale (or sale and purchase) of securities completed...

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