STANLEY COMPANY, INC. v. PACIFIC MUTUAL LIFE INS

James W.B. Benkard argued the cause for petitions. With him on the briefs were James D. Liss, Vincent T. Chang, Hannah Berkowitz, James L. Truitt, Robert B. Mazur, Ernest E. Figari, Jr., Theodore Edelman, Fletcher L. Yarbrough, Robert G. Cohen, Kathryn A. Oberly, and Morton L. Susman. Richard G. Taranto argued the cause for respondent Pacific Mutual Life Ins. Co. With him on the brief were H. Bartow Farr III and Stewart M. Weltman. Michael R. Dreeben argued the cause for the United States. With him on the brief were Solicitor General Days, Assistant Attorney General Hunger, Deputy Solicitor General Kneedler, Barbara C. Biddle, Paul Gonson, and Jacob H. Stillman. James M. Finberg and Paul J. Mishkin filed a brief for the National Association of Securities and Commercial Law Attorneys as amicus curiae urging affirmance. Barbara B. Edelman and Barry Friedman filed a brief for Spendthrift Farm, Inc., et al. as amici curiea.