Gabriel DiRIENZO; Alan Bilgore; Paul Blanchard; Robert Gans, IRA; Robert Gans; A. Carl Helwig; Barry Zemel; Gregory N. Mappus; Herb Sudzin; Vincent Ditrano; Bruce E. Toll, IRA; Bruce E. Toll; Jane Lanzo; Internet Capital Inc.; Deborah Mieczkowski; Joseph H. Misiewicz; Colin Low; Hazel M. O'Brien; Douglas Schmidt; Charles K. Fasold; Richard Greve; Grace Shum; Ronald Glotzer; Richard Hershey; Ronald McElroy; Charles Miller; Deborah S. Greve; Robert W. Hillger; Carol F. Brink Revocable Trust; William R. Brink, IRA; William R. Brink Revocable Trust; Walter Chompski; Bradwal Investments Ltd.; Local 138, 138A & 138B International Union of Operating Engineers Fringe Benefit Funds; Melvyn B. Fliegal; James Collins; Albert Solkov; Michael and Sophia Isaacs; Lee Pitman; Kenneth Hare; Thomas Leth; Levi Sabol; and Lawrence M. Siegel; on behalf of themselves and all others similarly situated, Plaintiffs-Appellants,
v.
PHILIP SERVICES CORPORATION; Allen Fracassi; Philip Fracassi; Marvin Boughton; Robert Waxman; John Woodcraft; Colin H. Soule; Norman Foster; Felix Pardo; Howard L. Beck; Ray Cairns; William E. Haynes; Robert L. Knauss; Derrick Rolfe; Herman Turkstra; Salomon Brothers, Inc.; Merrill Lynch, Pierce Fenner & Smith Incorporated; BT Alex. Brown Incorporated; Morgan Stanley & Co., Incorporated; CIBC Oppenheimer Corp.; Credit Suisse First Boston Corporation; Donaldson, Lufkin & Jenrette Securities Corporation; Lehman Brothers Inc.; Schroder & Co., Inc.; Smith Barney Inc.; Furman Selz LLC; Arnhold and S. Bleichroeder, Inc.; Blackford Securities Corp.; First Albany Corporation; McDonald & Company Securities, Inc.; Janney Montgomery Scott Inc.; Wm Smith Securities, Incorporated; Deloitte & Touche, Chartered Accountants, Defendants-Appellees.
In re Philip Services Corp. Securities Litigation This Document Concerns:
Noah Liff, as former shareholder of Steiner-Liff Iron and Metal Company, Shredders, Inc., McKinley Iron, Inc. and Southern Alloys & Metal Corp., Adam Liff, as former shareholder of Steiner-Liff Iron and Metal Company, Southern Alloys & Metal Corp. and Southeastern Scrap Trading, Inc., Daniel Liff, as former shareholder of Steiner-Liff Iron and Metal Company and Southeastern Scrap Trading, Inc., Darren Liff, as former shareholder of Southeastern Scrap Trading, Inc., Jan Liff, as former shareholder of Steiner-Liff Iron and Metal Company, Terence Liff, as former shareholder of Southeastern Scrap Trading, Inc., Zachary Liff, as former shareholder of Southeastern Scrap Trading, Inc., Robert H. Wilson, as former shareholder of Shredders, Inc. and Southeastern Scrap Trading, Inc., Herman Gellman, as former shareholder of McKinley Iron, Inc., Robert Gellman, as former shareholder of McKinley Iron, Inc., Daniel Shapiro, as former shareholder of McKinley Iron, Inc., Leonard Bierman, as former shareholder of McKinley Iron, Inc., Albert Baisley, as former shareholder of Southern Alloys & Metal Corp. and Elizabeth Baisley, as former shareholder of Southern Alloys & Metals Corp., Plaintiffs-Appellants,
v.
Peter Chodos, Allen Fracassi, Colin Soule, Howard Beck and Marvin D. Boughton, Defendants-Appellees.
United States Court of Appeals, Second Circuit, August Term, 1999.https://leagle.com/images/logo.png
Argued: March 13, 2000.
Decided: November 8, 2000.
Attorney(s) appearing for the Case
Neil L. Selinger, White Plains, New York (Jeanne F. D'Esposito, Lowey Dannenberg Bemporad & Selinger, P.C., White Plains, New York; Jeffrey C. Block, Michael T. Matraia, Berman, DeValerio & Pease LLP, Boston, Massachusetts, of counsel), for Plaintiffs-Appellants DiRienzo, et al.
Jack M. Weiss, New York, New York (John T. Behrendt, Marshall R. King, Gibson, Dunn & Crutcher LLP, New York, New York, of counsel), for Defendant-Appellee Deloitte & Touche.
Gerald A. Novack, New York, New York (David S. Versfelt, Kirkpatrick & Lockhart LLP, New York, New York; Stuart I. Shapiro, Michael I. Allen, Shapiro Forman & Allen LLP, New York, New York; Frederick P. Schaffer, Schulte Roth & Zabel LLP, New York, New York; Charles W. Schwartz, Vinson & Elkins LLP, Houston, Texas; Craig R. Smyser, Smyser Kaplan & Veselka LLP, Houston, Texas, of counsel), for Defendants-Appellees Director-Officers.
Brad S. Karp, New York, New York (Michael E. Gertzman, Amy B. Vernick, Paul, Weiss, Rifkind, Wharton & Garrison, New York, New York, of counsel), filed a brief for Defendants-Appellees Underwriter Defendants.
Allan A. Capute, Washington, D.C. (Harvey J. Goldschmid, David M. Becker, Eric Summergrad, Securities and Exchange Commission, Washington, D.C., of counsel), filed a brief for the Securities and Exchange Commission, Amicus Curiae, in support of Appellants.
Paul A. Alexis, Nashville, Tennessee (Boult, Cummings, Conners & Berry, PLC, Nashville, Tennessee, of counsel), for Plaintiffs-Appellants Liff, et al.
Gerald A. Novack, New York, New York (David S. Versfelt, Kirkpatrick & Lockhart LLP, New York, New York; Stuart L. Shapiro, Michael I. Allen, Shapiro Forman & Allen LLP, New York, New York, of counsel), for Defendants-Appellees Chodos, Fracassi, Soule, Boughton and Beck.
Before: CARDAMONE, CABRANES, Circuit Judges, and TRAGER, District Judge.
United States Court of Appeals, Second Circuit, August Term, 1999.
Judge JOSÉ A. CABRANES dissents in a separate opinion.
CARDAMONE, Circuit Judge:
Philip Services Corporation (Philip), a Canadian metal processing company, is alleged in the complaint in the instant action to have perpetrated a massive fraud upon its shareholders, the vast majority of whom are U.S. investors. Philip decided about eight years ago to become a dominant player in the metal recovery and processing industry in the United States. To that end...
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