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Corporations Keyed to Hazen
Smolowe v. Delendo Corp.
Citation:
136 F.2d 231 (2d Cir. 1943)Facts
The issue is one of the construction and constitutionality of section 16(b) of the Securities and Exchange Act of 1934, rendering directors, officers, and principal stockholders liable to their corporation for profits realized from security tradings within any ix months’ period. The controversy as to the construction of the statute involves both the matter of substantive liability and the method of computing such profit. The first turns primarily upon the preamble, viz., “For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to the issuer.” Defendants would make it the controlling grant and limitation of authority of the entire section, and liability would result only for profits from a proved unfair use of inside information.
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Topic Resources
2m 27sTopic Outline 