Edward Serzysko v. The Chase Manhattan Bank

In 1965, appellant Serzysko brought an action against appellee Chase Manhattan Bank in the District Court for the Southern District of New York to recover damages allegedly resulting from violations of Federal Reserve Regulation U, which controls margin requirements for loans made for the pur pose of carrying or purchasing registered securities, in conjunction with certain loans made to him. In a meticulous opinion dismissing the complaint after trial without a jury, the district judge found that none of appellee’s officers had been aware of the falsity of appellant’s representations to them…