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VOLK v. ZLOTOFF

No. 67 Civ. 4076.

285 F.Supp. 650 (1968)

Betty VOLK, Plaintiff, v. Robert ZLOTOFF, Abraham M. Raboy, Alfred H. Juechter, and Yoo-Hoo Chocolate Beverage Corporation, Defendants.

United States District Court S. D. New York.

May 13, 1968.

Attorney(s) appearing for the Case

Sidney L. Garwin, New York City, for plaintiff, Sidney L. Garwin, Bertram Bronzaft, New York City, of counsel.

Martin Ozer, New York City, for defendants, Zlotoff, Raboy and Juechter.

Royall, Koegel, Rogers & Wells, New York City, for defendant, Yoo-Hoo Chocolate Beverage Corp.; Stuart A. Jackson, New York City, of counsel.

OPINION

HERLANDS, District Judge:

Defendants' motion for summary judgment presents a novel and important question under the "short-swing" profits provision of the Securities Exchange Act of 1934: whether a mutual rescission of the exercise of a stock purchase option may immunize a transaction against liability under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b).1 We hold that it does not.

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