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TRUNCALE v. BLUMBERG

83 F.Supp. 628 (1949)

TRUNCALE v. BLUMBERG et al.

United States District Court S. D. New York.

January 21, 1949.

Attorney(s) appearing for the Case

Millard & Greene, of New York City, for plaintiff.

Mudge, Stern, Williams & Tucker, of New York City, for defendant.

RIFKIND, District Judge.

The defendant's motion for summary judgment and plaintiff's cross-motion for the same relief raise substantially but one question: Where the donee of a director of a corporation sells the gift securities within six months from the time they were acquired by the donor, is the donor-director liable for the profits realized under Sec. 16(b), Securities Exchange Act of 1934, 15 U.S.C.A. § 78 p(b)? All other aspects of the motion have been...

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