Legal Opinion
Jefferson Lake Sulphur Co. v. Walet
District Court, E.D. Louisiana
Decided April 2, 1952No. Civ. A. 3104PublishedCited by 27 opinions
1Opinion of the Court
WRIGHT, District Judge.
Section 16(b) of the Securities & Exchange Act of 1934 1 provides that all profits realized by an officer or director of a corporation from short-term trading in its securities shall inure to the corporation. The purpose of the statute is to prevent in short-term trading .in its securities the unfair use of information which may have been obtained by an officer or director of the corporation by reason of his position.
The defendant is the President and a director of the plaintiff corporation. At all material times he was married and a resident of Louisiana, a community…
2Cases cited19 opinions
- Testa v. KattSupreme Court of the United States · 1947
- Wissner v. WissnerSupreme Court of the United States · 1950
- Smolowe v. Delendo CorporationCourt of Appeals for the Second Circuit · 1943
- Fernandez v. WienerSupreme Court of the United States · 1946
- Gratz v. ClaughtonCourt of Appeals for the Second Circuit · 1951
14 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Pellegrino v. NesbitCourt of Appeals for the Ninth Circuit · 1953
- Whittaker v. Whittaker Corp.Court of Appeals for the Ninth Circuit · 1981
- Walet v. CommissionerUnited States Tax Court · 1958
- Anne Goyne Mitchell v. Commissioner of Internal Revenue, Jane Isabell Goyne Sims v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1970
- Marquette Cement Manufacturing Co. v. AndreasDistrict Court, S.D. New York · 1965
22 more not listed; retrieve them via the Exa API.