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HARRISON v. ORLEANS

No. 89 Civ. 3141 (RO).

755 F.Supp. 592 (1991)

David C. HARRISON and Herbert Ide, in the name of and on behalf of FPA Corporation, Plaintiffs, v. Jeffrey P. ORLEANS, Defendant.

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

January 17, 1991.

Attorney(s) appearing for the Case

Robinson Brog Leinwand Reich Genovese & Gluck, New York City (Richard W. Cohen, Laura J. Kaplan, of counsel), for plaintiffs.

Morvillo, Abramowitz & Grand, New York City (Michael C. Silberberg, of counsel), Cohen, Shapiro, Polisher, Shiekman & Cohen, Philadelphia, Pa. (Judah I. Labovitz, Linda Jacobs, of counsel), for defendant.

OPINION AND ORDER

OWEN, District Judge:

Plaintiffs, shareholders of FPA Corporation, bring this derivative claim on behalf of the corporation to recover so-called "short swing profits" under section 16(b) of the Securities Exchange Act of 1934 from defendant Jeffrey Orleans, CEO and Chairman of the Board of FPA. Plaintiffs claim that defendant's conduct gave rise to 16(b) liability when, within a seventeen-day time frame, a creditor of defendant's repossessed...

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