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C.R.A. Realty Corp. v. Crotty
United States Court of Appeals for the Second Circuit
878 F.2d 562 (1989)
Joseph Crotty (defendant) was a vice president of United Artists Communications, Inc. (United Artists), a film-distribution company. Before being elected a vice president, Crotty was the head film buyer for United Artists’ western division. In that role, Crotty managed a staff and was given substantial autonomy over what films to purchase for distribution, but he did not have access to inside information about United Artists’ finances or operations. Crotty’s duties remained unchanged after his election as a vice president, and he received no increase in pay. While a vice president, Crotty engaged in short-swing trading of United Artists stock for a large profit. C.R.A. Realty Corporation (CRA) (plaintiff) sued Crotty to recover his short-swing trading profits, claiming that they violated § 16(b) of the Securities Exchange Act of 1934 (Exchange Act). The district court dismissed the case, finding that Crotty was not an officer within the meaning of § 16(b). CRA appealed.
Rule of Law
Holding and Reasoning (Timbers, J.)
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