Cleveland's wary old Cyrus S. Eaton had lost most of his battles with the Securities & Exchange Commission, but now it looked as if he might win the war.
The promise of victory came in a decision last week by Federal Judge James W. Morris in Washington. The court ruled that Eaton's lawyers did not have to answer the question: Had they, on Cyrus Eaton's orders, inspired the stockholder's suit which permitted his Otis & Co. to break off its $10 million underwriting contract with the Kaiser-Frazer Corp. last winter (TIME, Feb. 16 et seq.)? As evidence of "fraud and collusion,"...
To continue reading:
or
Log-In
