Fed. Sec. L. Rep. P 98,703 Thomas M. Trecker v. Dane T. Scag, Wisconsin Marine, Inc., and Ransomes, Sims and Jefferies, Ltd.

CUMMINGS, Chief Judge.

On August 30,1979, Thomas Trecker filed a lawsuit under Section 10(b) of the 1934 Securities Exchange Act (15 U.S.C. § 78j(b)) and SEC Rule 10b-5 (17 C.F.R. *704§ 240.10b-5). The defendants in the action were Dane T. Scag, Trecker’s erstwhile business partner; Wisconsin Marine, Inc. (“WMI”), the business Trecker and Scag had founded together; and Ransomes, Sims and Jefferies, Ltd. (“Ransomes”), a British corporation that purchased a sizable interest in WMI in the summer of 1978.1 The gravamen of Trecker’s suit was that these defendants had first failed to disclose, and later…