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SAMINSKY v. ABBOTT

185 A.2d 765 (1961)

Hyman SAMINSKY and Betty Siegel, Trustee for Joan Siegel, Plaintiffs, v. Charles C. ABBOTT, Wilfred Godfrey, J. Lee Potter, Ora C. Roehl, Erwin H. Schell, Sidney L. Sholley, Cameron S. Thompson, Keystone Custodian Funds, Inc., Keystone Custodian Funds, Inc., as Trustee and The Keystone Company of Boston, Defendants.

Court of Chancery of Delaware, New Castle.

September 18, 1961.

Attorney(s) appearing for the Case

William E. Taylor, Jr., Wilmington, Abraham L. Pomerantz and William E. Haudek, of Pomerantz, Levy & Haudek, New York City, and Irving Bizar, of Rosenfeld & Silverman, New York City, for plaintiffs.

James M. Tunnell, Jr., William S. Megonigal, Jr., and Harvey S. Kronfeld, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Frank B. Wallis, of Goodwin, Procter & Hoar, Boston, Mass., for defendants.

SEITZ, Chancellor.

Plaintiffs brought this action in the latter part of 1960. They are suing representatively as investors in six common-law trust funds known, together with four others, as the Keystone Custodian Funds. (Reference herein to "Funds" will embrace only the six trusts here involved.) Neither of the plaintiffs was a stockholder prior to November 1957. The Funds are registered under the Investment Company Act of 1940 (15 U.S.C.A. § 80a-1 et seq.) as...

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