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PIANO REMITTANCE CORP. v. RELIANCE FINANCIAL SERV.

No. 84 Civ. 4248 (WCC).

618 F.Supp. 414 (1985)

PIANO REMITTANCE CORPORATION, Plaintiff, v. RELIANCE FINANCIAL SERVICES CORPORATION, and Walt Disney Productions Corporation, Defendants.

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

September 30, 1985.

Attorney(s) appearing for the Case

Mordecai Rosenfeld, and Milberg Weiss Bershad Specthrie & Lerach, New York City, for plaintiff; Richard M. Meyer, New York City, of counsel.

Willkie Farr & Gallagher, New York City, and Blair C. Fensterstock, New York City, for defendant Reliance Financial Services Corp.; Anthony F. Phillips, Gerald Kerner, Lawrence O. Kamin, Laurence H. Lenz, Jr., New York City, of counsel.

OPINION AND ORDER

WILLIAM C. CONNER, District Judge.

Plaintiff Piano Remittance Corporation ("PMC") brought this shareholder's derivative suit on behalf of Walt Disney Productions Corporation ("Disney") alleging that defendant Reliance Financial Services Corporation ("Reliance") is liable to Disney under § 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b) (1982), for profits it made on short-swing trading in Disney stock. Section...

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