Philip and Dorothy KORWEK, Marty Finkelstein, William L. Cohn, and James G. Williams, Plaintiffs-Appellants,
v.
Nelson Bunker HUNT, William Herbert Hunt, Lamar Hunt, International Metals Investment Co., Ltd., Sheik Mohammet Aboud Al-Amoudi, Sheik Ali Bin Mussalem, Faisal Ben Abdullah Al Saoud, Mahmoud Fustok, Naji Robert Nahas, Bache Halsey Stuart Shields, Inc., Bache Group, Inc. (Prudential Bache Securities, Inc.), Merrill Lynch, Pierce Fenner & Smith Inc., ContiCommodity Services, Inc., ContiCapital Management, Inc., ContiCapital Ltd., Norton Waltuch, Melvin Schnell, Gilion Financial, Inc., Banque Populaire Suisse, Advicorp Advisory and Financial Corporation, S.A., Commodity Exchange, Inc., the Board of Trade of the City of Chicago, Donaldson, Lufkin & Jenrette ACLI Futures, Inc., formerly ACLI International Commodity Services, Inc., Litardex Traders, S.A., Walter Goldschmidt, and Continental Grain Co., Defendants-Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued May 11, 1987.
Decided August 26, 1987.
Attorney(s) appearing for the Case
Georgene M. Vairo, New York City (Herbert I. Deutsch, Robert E. Frey, Vincent R. Coffey, Ganine Gambale, Deutsch and Frey, New York City of counsel), for plaintiffs-appellants.
Richard A. Rosen, New York City (Arthur L. Liman, Adina Schwartz, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, of counsel), for defendants-appellees ContiCommodity Services, Inc., ContiCapital Management, Inc. and ContiCapital, Ltd.
David T. Pritikin, Sidley & Austin, Chicago, Ill., of counsel, for defendant-appellee Continental Grain Co.
(Jack C. Auspitz, Parker, Auspitz, Neesemann & Delehanty, P.C., New York City, of counsel), for defendant-appellee Walter Goldschmidt.
Robert Everett Wolin, Shank, Irwin & Conant, Dallas, Tex., of counsel, for defendants-appellees Nelson Bunker Hunt, William Herbert Hunt and Lamar Hunt.
Erskine Henderson, Skadden, Arps, Slate, Meagher & Flom, New York City, of counsel, for defendant-appellee Melvin Schnell.
Richard H. Klapper, Sullivan & Cromwell, New York City, of counsel, for defendant-appellee Bache Halsey Stuart Shields, Inc.
William R. Glendon, Susan A. Garcia, Rogers & Wells, New York City, of counsel, for defendants-appellees Merrill Lynch, Pierce, Fenner & Smith, Inc. and ACLI Intern. Commodity Services, Inc.
Steven J. Glassman, Menachem Z. Rosensaft, Kaye, Scholer, Fierman, Hays & Handler, New York City, of counsel, for defendant-appellee Norton Waltuch.
John P. Wintrol, Robert E. Pokusa, Finley, Kumble, Wagner, Heine, Underberg, Manley & Casey, Washington, D.C., of counsel, for defendant-appellee Intern. Metals Inv. Co., Ltd.
Before LUMBARD, PRATT and ALTIMARI, Circuit Judges.
United States Court of Appeals, Second Circuit.
ALTIMARI, Circuit Judge:
This appeal involves the interplay between the filing of class action suits and the rules for tolling statutes of limitations, and contraposes two time-tested and fundamental policies: the policy favoring the rigid application of statutes of repose and the policy disfavoring the dilution of the potent procedural device established by Federal Rule of Civil Procedure 23.
The events relevant to this appeal began on March 4, 1982, with...
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