Legal Opinion
Fed. Sec. L. Rep. P 98,729 Cbi Industries, Inc. v. John T. Horton
Court of Appeals for the Seventh Circuit
Decided June 25, 1982No. 82-1262PublishedCited by 13 opinions
1Opinion of the Court
POSNER, Circuit Judge.
Section 16(b) of the Securities Exchange Act of 1934,15 U.S.C. § 78p(b), provides, so far as is immediately relevant here, that if a corporate director sells shares in his company and then, within six months, buys shares in the company, “any profit realized by him” shall be recoverable in a suit by the company. Thus, if a director sold 1000 shares in his company for $60 a share and within six months bought 1000 shares for $40, the company could sue him for $20,000, his “profit” on the transaction (more realistically, the loss he averted by selling when he did). We have…
2Cases cited10 opinions
- Blau v. LehmanSupreme Court of the United States · 1962
- Whittaker v. Whittaker Corp.Court of Appeals for the Ninth Circuit · 1981
- Marquette Cement Manufacturing Co. v. AndreasDistrict Court, S.D. New York · 1965
- Walet v. Jefferson Lake Sulphur Co.Court of Appeals for the Fifth Circuit · 1953
- Waldron v. WaldronAppellate Court of Illinois · 1973
5 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Donna Shondel and Mark J. McKechnie v. Thomas M. McDermott Individually and as Mayor of the City of Hammond, IndianaCourt of Appeals for the Seventh Circuit · 1985
- In the Matter of National Union Fire Insurance Company of Pittsburgh, Pennsylvania, and Allstate Insurance CompanyCourt of Appeals for the Seventh Circuit · 1988
- In the Matter of William W. Wagner, Debtor-AppellantCourt of Appeals for the Seventh Circuit · 1986
- National Labor Relations Board, and Teamsters General Local No. 200, Intervening-Petitioner v. Advertisers Manufacturing CompanyCourt of Appeals for the Seventh Circuit · 1987
- Mayer v. Chesapeake Insurance Company LimitedCourt of Appeals for the Second Circuit · 1989
8 more not listed; retrieve them via the Exa API.