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This section contains the nature of the case and procedural background.

Cowdin, a director of Curtiss-Wright Corp. and who was also associated with Cady, Roberts & Co. (D), attended a Curtiss board meeting. A decision was made to cut dividends. Cowdin left the meeting and called D to inform them of the dividend cut before the information was released to the public. D immediately sold Curtiss stock in the accounts of its customers and also sold short. The issue was the liability of the D for trading on the inside information.

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