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Elkind v. Liggett & Myers, Inc.

United States Court of Appeals for the Second Circuit
635 F.2d 156 (1980)


Arnold Elkind (plaintiff) was the lead plaintiff in a class-action suit against Liggett & Myers, Inc. (defendant). The lawsuit alleged, among other things, that Liggett had engaged in insider trading by providing material nonpublic information to financial analysts, which led to the sale of Liggett stock by investors who learned of the information. The plaintiff classmembers were uninformed purchasers of Liggett stock who bought their stock between the time of the first insider tip to the analysts and the subsequent public disclosure of the information. The district court ruled in favor of Elkind and the plaintiffs and calculated damages in the same manner as other federal securities-law cases in which an investor is persuaded to purchase a security due to fraud. Specifically, the court awarded damages based on the difference between the price the plaintiff classmembers had paid for their Liggett stock and the price for which the stock sold after the information was disclosed. Liggett appealed to the United States Court of Appeals for the Second Circuit.

Rule of Law


Holding and Reasoning (Mansfield, J.)

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