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CAPITAL MANAGEMENT SELECT FUND LTD. v. BENNETT

Docket Nos. 08-6166-cv (L), 08-6167-cv, 08-6230-cv.

680 F.3d 214 (2012)

CAPITAL MANAGEMENT SELECT FUND LTD., Investment & Development Finance Corporation, IDC Financial S.A., Global Management Worldwide Limited, individually and on behalf of all others similarly situated, Arbat Equity Arbitrage Fund Limited, Russian Investors Securities Limited, VR Global Partners, L.P., Paton Holdings, Ltd., VR Capital Group Ltd., and VR Argentina Recovery Fund Ltd., Plaintiffs-Appellants, v. Phillip R. BENNETT, Philip Silverman, Robert C. Trosten, Richard N. Outridge, Santo C. Maggio, Leo R. Breitman, Grant Thornton LLP, Tone N. Grant, and Refco Group Holdings, Inc., Defendants-Appellees, Joseph J. Murphy, Ronald O'Kelley, Nathan Gantcher, Dennis A. Klejna, Perry Rotkowitz, Credit Suisse Group, Credit Suisse First Boston, Goldman Sachs Group, Inc., Goldman Sachs & Co., Bank of America Securities, LLC, Bank of America Corp., Merrill Lynch & Co., Merrill Lynch Pierce, Fenner & Smith Incorporated, JP Morgan Chase & Co., JP Morgan Securities, Inc., Sandler O'Neil & Partners, L.P., HSBC Holdings, PLC, HSBC Securities [USA] Inc., William Blair & Company, LLC, Harris Nesbitt Corp., CMG Institutional Trading, LLC, Samuel A. Ramirez & Co., Inc., the Williams Capital Group, L.P., Utendahl Capital Partners, L.P., Refco Securities, LLC, THL Entities, Defendants, Bank Fur Arbeit Und Wirtschaft Und Osterreichische Postparkasse Aktiengesellsehaft, Gerald M. Sherer, William M. Sexton, Thomas H. Lee Partners, LP, Thomas H. Lee Advisors, LLC, THL Managers V, L.L.C., THL Equity Advisors V, LLP, Thomas H. Lee Equity Fund V, L.P., Thomas H. Lee Parallel Fund V, LP, Thomas H. Lee Equity (Cayman) Fund V, LP, Thomas H. Lee Investors Limited Partnership, 1997 Thomas H. Lee Nominee Trust, Thomas H. Lee, David V. Harkins, Scott L. Jaeckel, Scott A. Schoen, Consolidated-Defendants.

United States Court of Appeals, Second Circuit.

Decided: January 10, 2012.

Amended: March 6, 2012.

Attorney(s) appearing for the Case

Scott A. Edelman (Sander Bak & Michael Shepherd, on the brief), Milbank, Tweed, Hadley & McCloy LLP, Richard L. Stone ( Mark A. Strauss , on the brief), Kirby McInerney & Squire LLP, New York, NY, for Plaintiffs-Appellants; Co-Lead Counsel for Lead Plaintiffs and the Putative Class.

Claire P. Gutekunst , Jessica Mastrogiovanni , and Jed Friedman , Proskauer Rose, LLP, New York, NY, for Defendant-Appellee Richard N. Outridge.

Barbara Moses , Judith L. Mogul , and Rachel Korenblat , Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer, P.C., New York, NY, for Defendant-Appellee Robert C. Trosten.

Stuart I. Friedman , Ivan Kline , and Jonathan Daugherty , Friedman & Wittenstein P.C., New York, NY, for Defendant-Appellee William M. Sexton.

Linda T. Coberly and Bruce R. Braun , Winston & Strawn LLP, Chicago, IL, for Defendant-Appellee Grant Thornton LLP.

Laura E. Neish , Zuckerman Spaeder LLP, New York, NY, for Defendant-Appellee Tone N. Grant.

David V. Kirby , Krantz & Berman, LLP, New York, NY, for Defendant-Appellee Philip Silverman.

Susan S. McDonald , Jacob H. Stillman , Mark D. Cahn , and David M. Becker , Securities and Exchange Commission, Washington, D.C., for Amicus Curiae Securities and Exchange Commission.

Richard A. Rosen ( Walter Rieman , Paul, Weiss, Rifkind, Wharton & Garrison LLP; Greg A. Danilow , on the brief), Weil Gotshal & Manges LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Defendants THL Partners.

Before: WINTER and POOLER, Circuit Judges.

WINTER, Circuit Judge:

Former customers ("RCM Customers") of Refco Capital Markets, Ltd. ("RCM"), a subsidiary of the now-bankrupt Refco, Inc., appeal from Judge Lynch's dismissal of their Section 10(b) securities fraud claims against former corporate officers of Refco and Refco's former auditor, Grant Thornton LLP.1 Appellants claim that appellees breached the agreements with the RCM Customers...

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