Cosmopolitan Credit & Investment Corp. v. Blyth Eastman Dillon & Co.

MEMORANDUM OPINION AND ORDER GRANTING SUMMARY JUDGMENT

SPELLMAN, District Judge.

THIS IS an action for damages arising from the transfer of two Government National Mortgage Association certificates [hereinafter “GNMA’s”]. Plaintiff, Cosmopolitan Credit and Investment Corporation [hereinafter “Cosmopolitan”], has asserted that the Defendant, Blyth Eastman Dillon and Co., Inc. [hereinafter “BEDCO”], converted the two GNMA certificates through its transactions with Legel, Braswell Government Securities Corporation [hereinafter “Legel”], in violation of Rule 10b-5 of the Securities Exchange Act of…