Opinion
No. 263, Docket 31119.
Argued January 11, 1968.
Decided January 11, 1968.
Appeal from an order of the United States District Court for the Southern District of New York, Dudley B. Bonsal, J., denying defendant corporation's motion for an order directing plaintiff in a stockholder derivative action alleging a violation of the Securities Exchange Act of 1934 to post security for expenses pursuant to state law.
Jerome J. Londin, New York City (Carro, Spanbock Londin, Holtzmann, Wise Shepard, New York City, on the brief), for defendant-appellant.
Stanley L. Kaufman, New York City (Kaufman, Taylor, Kimmel Miller, Shephard S. Miller, New York City, on the brief), for plaintiff-appellee.
Before LUMBARD, Chief Judge, and SMITH and HAYS, Circuit Judges.
We affirm in open court the order of the Southern District denying a motion by Order to Show Cause by Solitron Devices, Inc., for an order directing plaintiff in a stockholder derivative action alleging violation of the Securities Exchange Act of 1934 to post security for expenses pursuant to Section 627 of the New York Business Corporation Law, McKinneys's Consol.Laws, c. 4, for the reasons stated in Judge Bonsal's opinion. Weitzen v. Kearns, 262 F. Supp. 931 (S.D.N.Y. 1966).