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CITY OF PHILADELPHIA v. S. E. C.

Civ. A. No. 76-2396.

434 F.Supp. 281 (1977)

CITY OF PHILADELPHIA and Lennox L. Moak, as Director of Finance, Individually and as representatives of the class, Plaintiffs, v. SECURITIES AND EXCHANGE COMMISSION, Roderick M. Hills, Chairman, Philip A. Loomis, Jr., Commissioner, John R. Evans, Commissioner, Irving M. Pollack, Commissioner, Paul F. Leonard, Administrator of Region 9, Thomas H. Monahan, Assistant Regional Administrator, Defendants.

United States District Court, E. D. Pennsylvania.

May 19, 1977.

Attorney(s) appearing for the Case

Sheldon L. Albert, City Sol. for the City of Philadelphia, Edwin P. Rome, Neal Steinman and Jeanne P. Wrobleski of Blank, Rome, Klaus & Comisky, Robert W. Sayre, Joseph B. Sturgis and John C. S. Kepner of Saul, Ewing, Remick & Saul, Philadelphia, Pa., for plaintiffs.

Edward S. Ellers, Philadelphia Pa., Harvey L. Pitt, Gen. Counsel, Paul Gonson, Associate Gen. Counsel, Kathryn B. McGrath, Asst. Gen. Counsel, Glynn L. Mays, Sammy S. Knight, John P. Sweeney, and Sue E. Auerbach of Securities and Exchange Commission, Washington, D. C., for defendants.

Before SEITZ, Chief Judge, and NEWCOMER and CAHN, District Judges.

OPINION OF THE COURT

SEITZ, Chief Judge.

This case arises out of an SEC "preliminary investigation" into the offer, sale, and resale of securities of the City of Philadelphia during the last half of 1975. The City and its Director of Finance, Lennox L. Moak, brought this action to halt the investigation on their own behalf, and purportedly on behalf of a class of Pennsylvania political subdivisions and officials.

Defendants, who are the SEC and officials...

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