Securities Regulation Keyed to Coffee
Feder v. Martin Marietta Corp.
Facts
As chief executive and president of Martin Marietta Corp, Bunker was responsible for approving all of Marietta’s stock transactions. When Marietta’s directors learned that Marietta had a $10 million investment in Sperry Rand they permitted Bunker to become a director there. Once Bunker was a director at Sperry Rand, Marietta purchased over one hundred thousand extra shares of Sherry Rand and after the purchase transpired, Bunker resigned. His letter of resignation stated that he became a director at Sperry Rand due to Marietta owned a “substantial number” of Sperry Rand shares. Within six months of purchasing the additional shares, Marietta sold all of them for a profit. A shareholder of Sherry Rand, Feder, brought suit under § 16(b) in order to recover for Sperry Rand the profits from the sold shares on the idea that through its deputy Bunker, Marietta was actually a director of Sperry Rand when the shares were purchased. The action was dismissed by the lower court.
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