Reece Corp. v. Walco National Corp.

OPINION

GRIESA, District Judge.

This is an action under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b). Plaintiff The Reece Corporation, whose stock is publicly traded on the New York Stock Exchange, seeks to recover alleged short-swing profits realized by defendant Walco National Corporation in connection with the latter’s transactions in Reece stock.

Walco moves for summary judgment dismissing the complaint. Reece cross-moves for summary judgment in its favor. Walco’s motion is denied. Reece’s cross-motion is granted on the issue of liability under § 16(b), subject to…