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HIRSH v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.

No. 68 Civ. 5183.

311 F.Supp. 1283 (1970)

Sol HIRSH and Sol Magezis Kagan, Executors under the Last Will and Testament of Ray Hirsh, Deceased, Plaintiffs, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., Investors Management Co., Inc., Madison Fund, Inc., J. M. Hartwell & Co., J. M. Hartwell & Co., Inc., Hartwell Associates, Park Westlake Associates, Van Strum & Towne, Inc., Fleschner Becker Associates, A. W. Jones & Co., A. W. Jones Associates, City Associates, Fairfield Partners, Burden & Co., the Dreyfus Corporation, Anchor Corporation and McDonnell Douglas Corporation, Defendants.

United States District Court, S. D. New York.

March 20, 1970.

Attorney(s) appearing for the Case

Abraham I. Markowitz, New York City, for plaintiffs.

Brown, Wood, Fuller, Caldwell & Ivey, New York City, for defendant Merrill Lynch, Pierce, Fenner & Smith Inc.

Shearman & Sterling, New York City, for defendant City Associates.

Coudert Brothers, New York City, for defendants J. M. Hartwell & Co., J. M. Hartwell & Co., Inc., Hartwell and Associates and Park Westlake Associates.

Milbank, Tweed, Hadley & McCloy, New York City, for defendant Van Strum & Towne, Inc.

Seward & Kissel, New York City, for defendants A. W. Jones & Co. and A. W. Jones Associates.

Debevoise, Plimpton, Lyons & Gates, New York City, for defendants Burden Investors Services, Inc. and William A. M. Burden & Co.

Royall, Koegel & Wells, New York City, for defendant The Dreyfus Corp.

Oliver C. Biddle, Philadelphia, Pa., Baker, Nelson, Williams & Mitchell, New York City, for defendant Madison Fund, Inc.

Sullivan & Cromwell, New York City, for defendant Fleschner Becker Associates.

OPINION

COOPER, District Judge.

Defendants move, pursuant to Rule 12(b) (6), F.R.Civ.P., to dismiss the complaint for failure to state a claim upon which relief can be granted.

This suit arises out of alleged fraudulent transactions of McDonnell Douglas Corp., ("Douglas") Merrill Lynch, Pierce, Fenner and Smith, Inc. ("Merrill Lynch") and a group of tippees ("the selling defendants") involving the sale of Douglas stock during June 20, 1966 to June...

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