NEW YORK STOCK EXCHANGE, INC. v. SMITH

Civ. A. No. 74-1405.

404 F.Supp. 1091 (1975)

NEW YORK STOCK EXCHANGE, INC., and Investment Company Institute, Plaintiffs, v. James E. SMITH, Comptroller of the Currency, the Department of the Treasury, Defendant.

United States District Court, District of Columbia.

December 5, 1975.


Attorney(s) appearing for the Case

John E. Nolan, Jr., Michael D. Sandler, Washington, D. C., for New York Stock Exchange.

Richard A. Goldstein, G. Duane Vieth, Arnold & Porter, Washington, D. C., for Investment Co. Institute.

David C. Shonka and Nicholas Diacou, Attys., Dept. of Justice, Gen. Litigation Section, Civ. Div., Washington, D. C., for defendant.


MEMORANDUM OPINION

FLANNERY, District Judge.

Plaintiffs seek a judgment declaring invalid a ruling of the Comptroller of the Currency holding that automatic stock purchasing services offered by national banks did not violate sections 16 and 21 of the Glass-Steagall Act, 12 U.S.C. §§ 24, 378 (1970). The matter is now before the court on cross motions for summary judgment, pursuant to rule 56 of the Federal Rules of Civil Procedure. Defendant also...

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