• United States. Court of Appeals (3rd Circuit)

• Board of Governors of the Federal Reserve System (U.S.), 1935-

ABSTRACT:

In June 1948 the Board of Governors issued a complaint against Transamerica Corporation, charging that the acquisition of certain banks in California, Oregon, Washington, Nevada, and Arizona by that corporation violated Section 7 of the Clayton Antitrust Act. That Section, enacted in 1914 and amended in certain particulars in 1950, prohibits any corporation from acquiring the stock of one or more corporations engaged in commerce where the effect may be substantially to lessen competition or to tend to create a monopoly. Authority to enforce compliance with this provision is vested in the Board of Governors where the statute is applicable to banks.


Hearings were held in Washington, D. C, and in San Francisco, California, over a period of several years and, after oral argument before the Board, the Board, on March 27, 1952, issued an order requiring Transamerica to divest itself of the stock of 47 of the banks named in the Board's complaint. Transamerica Corporation petitioned the United States Court of Appeals for the Third Circuit to review the Board's order, and on July 16, 1953, that court set aside the Board's order. (Summary from the Board of Governors' 1953 Annual Report)


The volumes in this title consist of materials related to the original hearings that were submitted as part of the 1953 appeals court case.