Allen v. Mainway Financial Corp.

MEMORANDUM OPINION

MAROVITZ, Senior District Judge.

Motion for Partial Summary Judgment

Plaintiff Raymond J. Allen (“Allen”) initiated this action against the named defendants alleging that the defendants engaged in a conspiracy violative of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78a et seq., in connection with the sale to plaintiff of subordinated debenture notes and stock of Mainway Financial Corporation in June, 1972 and January, 1973.

Allen has now filed an amendment to his complaint which asserts a new Count' II against defendant North Bank alone.

Count II alleges, inter alia, that…