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KLAMBERG v. ROTH

No. 75 Civ. 1507 (JMC).

425 F.Supp. 440 (1976)

Louis KLAMBERG, Individually and on behalf of all other persons who were beneficiaries of the Sandler of Boston Profit-Sharing Retirement Plan and Trust after April 1, 1969, Plaintiffs, v. Chester ROTH et al., Defendants.

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

October 20, 1976.

Attorney(s) appearing for the Case

Herrick, Feinstein, Mendelson & Abramson, New York City, by Edward M. Abramson, New York City, for plaintiff.

D'Amato Costello & Shea, New York City, by Robert E. Meshel, New York City, for defendants Chester Roth, Albert P. Slaner, Norman A. Jackson, Harold Glasser and Robert H. Zimring.

Paul, Weiss, Rifkind, Wharton & Garrison, New York City, by John M. Delehanty, New York City, for defendant Kayser-Roth Corp.

MEMORANDUM OPINION

CANNELLA, District Judge:

Motion to dismiss the complaint, for failure to state a claim upon which relief can be granted and for lack of subject matter jurisdiction, is denied.

Plaintiff, as beneficiary of a trust, has standing to bring an action based on § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5 of the Securities and Exchange Commission, 17 C.F.R. § 240.10b-5, against the...

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