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MORALES v. FREUND

Docket Nos. 98-7597, 98-7647.

163 F.3d 763 (1999)

Richard MORALES, Plaintiff-Appellee-Cross-Appellant, v. Harry I. FREUND & Jay S. Goldsmith, Defendants-Appellants-Cross-Appellees, New Valley Corporation, Defendant-Cross-Appellee.

United States Court of Appeals, Second Circuit.

Decided January 12, 1999.

Attorney(s) appearing for the Case

David Lopez, Southhampton, NY, for Plaintiff-Appellee-Cross-Appellant (Albert D. Barnes, of counsel).

Jay G. Strum, Kaye, Scholer, Fierman, Hays & Handler, New York, NY, for Defendants-Appellants-Cross-Appellees.

Before: MESKILL and CALABRESI, Circuit Judges, and POLLACK, District Judge.

CALABRESI, Circuit Judge:

Defendants Freund and Goldsmith each earned nearly one million dollars trading in the stock of defendant New Valley Corporation between March and September of 1994. Plaintiff Morales, a shareholder in New Valley, brought suit against Freund and Goldsmith pursuant to § 16(b) of the Securities Exchange Act of 1934 (the "'34 Act"), 15 U.S.C. § 78p(b), which provides that beneficial owners of more than ten percent of any class of an...

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