After nine months of investigation, the Securities & Exchange Commission shelved its attempt to revoke the securities trading license of Cyrus Eaton's Otis & Co. SEC had little choice. It had hoped to prove that Otis & Co. had fraudulently wriggled out of a deal to underwrite a $10 million issue of Kaiser-Frazer stock. But the only way it could do so.was by proving that Otis & Co. had put Lawyer James Masterson up to filing the suit against K-F which had enabled Otis to call off the deal. Last month, a U.S. district court ruled that Eaton's lawyers did not...
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