Fridrich v. Bradford
United States Court of Appeals for the Sixth Circuit
542 F.2d 307 (1976)
- Written by Steven Pacht, JD
Facts
J. C. Bradford, Jr. (defendant) purchased shares of Old Line Life Insurance Company (Old Line) on the over-the-counter market based on material, nonpublic information. Bradford sold the shares two months later for a $13,000 profit. Certain owners of Old Line stock (Old Line shareholders) (plaintiffs) sued Bradford, alleging that his actions constituted unlawful insider trading under § 10(b) of the Securities Exchange Act of 1934 and Securities and Exchange Commission (SEC) Rule 10b-5. However, the Old Line shareholders neither sold any stock to Bradford nor sold to anyone else in the month Bradford engaged in the insider purchase. The district court entered judgment against Bradford and awarded more than $360,000 in damages to the Old Line shareholders, for which Bradford was jointly and severally liable. Bradford appealed.
Rule of Law
Issue
Holding and Reasoning (Engel, J.)
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