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HIBERNIA SAV. BANK v. BALLARINO

No. 89-1431.

891 F.2d 370 (1989)

The HIBERNIA SAVINGS BANK, Plaintiff, Appellant, v. Robert J. BALLARINO, William F. French, Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided December 11, 1989.

Attorney(s) appearing for the Case

Joel M. Sowalsky, with whom Michael T. Putziger, Anne H. Stossel, and Roche, Carens & DeGiacomo, Boston, Mass., was on brief for plaintiff, appellant.

John B. Miller, with whom Daniel J. Kelly and Gadsby & Hannah, Boston, Mass., was on brief for defendants, appellees.

Before TORRUELLA, Circuit Judge, ALDRICH and GIBSON, Senior Circuit Judges.

TORRUELLA, Circuit Judge.

The Hibernia Savings Bank ("HSB") brings this action appealing from a decision granting summary judgment. At issue are the timeliness and actual disclosure of information concerning shares of HSB stock purchased by defendants Robert Ballarino and William French. Before reaching the facts, we review some statutory background.

STATUTORY BACKGROUND

The Securities Exchange Act of 1934, 15 U.S.C. § 781(i), vests the Federal...

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