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Business Organizations Keyed to Chasalow, 3rd Ed.
Gratz v. Claughton
Citation:
187 F.2d 46, cert. denied 341 U.S. 920, 71 S.Ct. 741, 95 L.Ed. 1353 (1951)Facts
Edward N. Claughton was a beneficial owner of more than 10% of the shares of the Missouri-Kansas-Texas Railroad Company. He engaged in numerous purchases and sales of the company’s securities within six-month periods. Stella Gratz, a shareholder of the company, brought an action under Section 16(b) of the Securities Exchange Act of 1934, which requires insiders to disgorge profits from short-swing trading to the corporation. The railroad company was initially named as a defendant but was later made a co-plaintiff. The United States intervened because Claughton challenged the constitutionality of the statute. The district court granted summary judgment on liability and referred the calculation of profits to a master, who determined that Claughton owed over $300,000 to the company.
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