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GREENE v. DIETZ

143 F.Supp. 464 (1956)

Frances B. GREENE and Myron L. Greene, as Executors under the Last Will and Testament of Louis A. Greene, deceased, stockholders of C.I.T. Financial Corporation, suing on behalf of themselves and all other stockholders similarly situated and on behalf of and in the right of C.I.T. Financial Corporation, Plaintiffs, v. Arthur O. DIETZ, George R. Urquhart, Leo H. Spanyol, C. John Kuhn, L. Walter Lundell, Fred Meissner and C.I.T. Financial Corporation, Defendants.

United States District Court S. D. New York.

July 16, 1956.

Attorney(s) appearing for the Case

Morris J. Levy, New York City, for plaintiffs.

Cravath, Swaine & Moore, New York City, for the individual defendants, Albert R. Connelly, New York City, of counsel.

Melbourne Bergerman, New York City, for C. I. T. Financial Corp.

DAWSON, District Judge.

This is an action under § 16(b) of the Securities Exchange Act of 1934 (hereinafter called the "Act"), 15 U.S.C.A. § 78p(b).

To eliminate "insider profits", the Act enables any listed corporation to recover from its directors and officers all profits they realize from a purchase and sale or sale and purchase, within less than six months, of such corporation's stock. The individual defendants have each realized a profit from...

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