Bershad v. Bernard P. McDonough & Cudahy Co.

MEMORANDUM OPINION

Cross-Motions for Summary Judgment

MAROVITZ, District Judge.

Pursuant to Section 16(b) of the Securities Exchange Act of 1934 (“Act”), 15 U.S.C. § 78 p(b), this action is brought by John Bershad, owner of certain of the common stock of defendant Cudahy Company (Cudahy) to recover for the benefit of Cudahy the purported “short swing” profits accruing to the defendant Bernard P. McDonough from the alleged purchase by him and sale to United States Smelting, Refining and Mining Company (Smelting) of 272,000 shares of the common stock of Cudahy within a period of less than six…