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Business Associations Keyed to Coffee, 9th Ed.
Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Livingston
Citation:
566 F.2d 1119 (1978)Facts
From 1951 to 1972, William Livingston worked as a securities salesman for Merrill Lynch with the title of “Account Executive.” In January 1972, Merrill Lynch began an “Account Executive Recognition Program” to reward outstanding sales records, awarding Livingston and 47 other Account Executives the title “Vice President.” Despite this new title, Livingston’s duties remained exactly the same. He never attended meetings of the Board of Directors or Executive Committee, acquired no executive or policy-making duties, and received the same kind of information about the company as he did before receiving the title. In November and December 1972, Livingston sold 1,000 shares of Merrill Lynch stock and repurchased 1,000 shares in March 1973, realizing a profit of $14,836.37. Merrill Lynch sought to recover this profit under Section 16(b) of the Securities Exchange Act.
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