The transfer of securities between defendant-parent corporation and its wholly owned subsidiary did not involve the "sale" or "purchase" of securities, and the underlying action challenging that transfer therefore did not arise out of a securities transaction under the unambiguous terms of the insurance policy issued to defendant; the summary judgment for plaintiff in this declaratory judgment action, finding that it had no duty under the policy to defend or indemnify defendant, is affirmed.
November 14, 2005 at 12:00 AM
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