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Reliance Elec. Co. v. Emerson Elec. Co., 404 U.S. 418 (1972)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Reliance Elec. Co. v. Emerson Elec. Co., 404 U.S. 418 (1972)
Reliance Electric Co. v. Emerson Electric Co. No. 70-79 Argued November 111, 1971 Decided January 11, 1972 404 U.S. 418
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE EIGHTH CIRCUIT
Syllabus
Respondent, the owner of more than 10% of Dodge Mfg. Co.’s stock, within six months of the purchase thereof sold enough shares to a broker to reduce its holding to 9.96%, for the purpose of immunizing the disposal of the remainder from liability under § 16(b) of the Securities Exchange Act of 1934. Under that provision, a corporation may recover for itself the profits realized by an owner of more than 10% of its shares from a purchase and sale of its stock within any six-month period, provided the owner held more than 10% "both at the time of purchase and sale."
Held: Under the terms of § 16(b), respondent is not liable to petitioner (Dodge’s successor) for profits derived from the sale of the 9.96% to Dodge within six months of purchase. Pp. 422-427.
434 F.2d 918, affirmed.
STEWART, J., delivered the opinion of the Court, in which BURGER, C.J., and MARSHALL and BLACKMUN, JJ., joined. DOUGLAS, J., filed a dissenting opinion, in which BRENNAN and WHITE, JJ., joined, post, p. 427. POWELL and REHNQUIST, JJ., took no part in the consideration or decision of the case.
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Chicago: U.S. Supreme Court, "Syllabus," Reliance Elec. Co. v. Emerson Elec. Co., 404 U.S. 418 (1972) in 404 U.S. 418 404 U.S. 419. Original Sources, accessed November 24, 2024, http://originalsources.com/Document.aspx?DocID=4P4MW48HHXQQYPS.
MLA: U.S. Supreme Court. "Syllabus." Reliance Elec. Co. v. Emerson Elec. Co., 404 U.S. 418 (1972), in 404 U.S. 418, page 404 U.S. 419. Original Sources. 24 Nov. 2024. http://originalsources.com/Document.aspx?DocID=4P4MW48HHXQQYPS.
Harvard: U.S. Supreme Court, 'Syllabus' in Reliance Elec. Co. v. Emerson Elec. Co., 404 U.S. 418 (1972). cited in 1972, 404 U.S. 418, pp.404 U.S. 419. Original Sources, retrieved 24 November 2024, from http://originalsources.com/Document.aspx?DocID=4P4MW48HHXQQYPS.
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