Word: eisen
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...Parties. The suit was filed by a New York wholesale shoe salesman named Morton Eisen, who felt that he had been charged excessive brokerage fees for odd lots (less than 100 shares) of stock he had bought and sold. Nearly 99% of all U.S. odd-lot transactions go through two Wall Street firms, so Eisen had a convenient target for his suit. The firms were also vulnerable because the Securities and Exchange Commission had disclosed in 1963 that their virtual monopoly on odd-lot trading had led to abuses. Claiming that the abuses amounted to illegal price fixing, Eisen sued...
...spread out the legal costs of the suit, Eisen brought it as a class action on behalf of all investors who have dealt in odd lots between 1960 and 1966 (the period covered by the statute of limitations). Since huge numbers of investors deal in odd lots, the number of potential parties to Eisen's suit was an estimated...
...class action are bound by the results unless they make a timely request not to be included. Courts therefore take careful precautions to be sure that the individual in the case will adequately represent the general cause and that his interests clearly parallel those of the entire class. Eisen's case was the first major Court of Appeals test of the new rules, and the Second Circuit held that the district judge erred in refusing to accept Eisen's suit as a class action. In so doing, the court emphasized that the rules should be interpreted as liberally...
...BILL EISEN, '70 Amherst College Amherst, Mass...
...intra-party battles for the GOP nomination, this dealer, with a careful eye and a million contacts, has always been a winner, switching over the ideological fence from time to time: through the middle 1950's he worked for the Dewey-Eisen-hower contingents (instead of for Taft, the conservative) and then he shifted to Nixon in 1960 and Goldwater...