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FEDER v. FROST

Docket No. 99-7478.

220 F.3d 29 (2000)

Mark FEDER, Derivatively on behalf of Ivax Corporation, Plaintiff-Appellant, v. Philip FROST, Frost-Nevada, Limited Partnership, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: August 7, 2000.

Attorney(s) appearing for the Case

Jeffrey S. Abraham, Law Offices of Jeffrey S. Abraham (Mitchell M.Z. Twersky, Fruchter & Twersky, of counsel), New York, New York, for Plaintiff-Appellant.

Gary W. Kubek, Debevoise & Plimpton, New York, New York (Peter W. Homer, Homer, Bonner & Delgado, P.A., Miami, Florida, of counsel, for Defendant-Appellee Frost-Nevada, Limited Partnership), for Defendants-Appellees.

David M. Becker, General Counsel, Jacob H. Stillman, Solicitor, Susan S. McDonald, Senior Litigation Counsel, Angel Yang, Attorney (Meyer Eisenberg, Deputy General Counsel, of counsel), Securities and Exchange Commission, Washington, D.C., filed an amicus curiae brief on behalf of the Securities and Exchange Commission.

Before: WINTER, Chief Judge, CARDAMONE, and STRAUB, Circuit Judges.

WINTER, Chief Judge:

Mark Feder appeals from Judge Owen's dismissal of his complaint, which alleged a violation of Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b). Feder is a shareholder of IVAX Corporation and brought the suit derivatively on its behalf. His complaint alleged that appellee Philip Frost is a statutory insider of IVAX and that Frost and Frost-Nevada Limited Partnership ("FNLP"), a firm controlled by Frost, are controlling...

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