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FOLEY v. BLAIR & CO.

No. 72-1154.

414 U.S. 212 (1973)

94 S.Ct. 405

38 L.Ed.2d 422

FOLEY ET AL. v. BLAIR & CO., INC., ET AL.

Supreme Court of United States.

Decided December 5, 1973.

Attorney(s) appearing for the Case

Leo H. Raines argued the cause and filed a brief for petitioners.

Harvey R. Miller argued the cause for respondents. With him on the brief were Charles Seligson, Michael L. Cook, and Donald J. Zoeller.

PER CURIAM.

Blair & Co., Inc., was a member of the New York Stock Exchange, engaged in the general brokerage and commission business. In the early summer of 1970, as the result of operating losses and a shrinkage of capital, Blair began a program of self-liquidation, which involved the transfer of customer accounts to other broker-dealers and the delivery of securities to customers so requesting. Blair apparently believed...

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