Sweeney v. Smith

167 F. 385 (1909)

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Sweeney v. Smith

United States District Court for the Eastern District of Pennsylvania
167 F. 385 (1909)

SH

Facts

An insolvent company (the company) entered into a contract with Sweeney (plaintiff), under which Sweeney was supposed to acquire a controlling interest in the company’s stock and bonds. There was no designated date of performance in the contract, and the controlling interest was never given over to Sweeney. Edward B. Smith & Co. (Smith) (defendant) was aware of the contract. At a later point, the company entered into a similar contract with Smith, and the interest was transferred to Smith. Sweeney filed suit against Smith, claiming that Smith had prior knowledge of the earlier contract and seeking to recover the profit that Smith had made by obtaining a controlling interest in the company. Sweeney did not claim that Smith had induced or persuaded the company to abandon its contract with Smith.

Rule of Law

Issue

Holding and Reasoning (McPherson, J.)

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