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BUTTERWORTH v. INTEGRATED RESOURCES EQUITY CORP.

Civ. A. No. 87-0426.

680 F.Supp. 784 (1988)

Thomas R. BUTTERWORTH, Jr., et al. Plaintiffs, v. INTEGRATED RESOURCES EQUITY CORP., et al. Defendants.

United States District Court, E.D. Virginia, Richmond Division.

March 2, 1988.

Attorney(s) appearing for the Case

Channing J. Martin, James J. Burns, Sarah Hopkins Finley, Williams, Mullen, Christian & Dobbins, Richmond, Va., for plaintiffs.

Andrew J. Ellis, Jr., Robert D. Seabolt, Mays & Valentine, Richmond, Va., Lionel E. Pashkoff, Lawrence Barcella, Laxalt, Washington, Perito and Dubuc, Washington, D.C., Thomas F. Eubank, Spinella, Owings & Shaia, P.C., Richmond, Va., for defendants.

MEMORANDUM OPINION

RICHARD L. WILLIAMS, District Judge.

This matter is before the Court on Integrated's motion for summary judgment pursuant to Rule 56(b), Fed.R.Civ.P. Integrated argues that the plaintiffs lack standing to pursue a cause of action under § 10(b) of the Securities Exchange Act of 1934 on four grounds: (1) the "in connection with" language of § 10(b) requires the actual purchase or sale of securities; (2) there was no contract to...

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