NOONAN, Circuit Judge:
This case involves principally the narrow question of whether the district court has personal jurisdiction over Vincent R. Kemendo in a suit brought by San Mateo County Transit District (SamTrans) under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq. The district court held that it lacked personal jurisdiction of Kemendo and entered a Rule 54(b) judgment dismissing the action against him. We reverse and remand for trial.
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