In re JIFFY LUBE SECURITIES LITIGATION.
Joseph E. KOVACS; Robert Cook; Joseph A. Paglia; Helen P. Paglia; Aubrey C. Gordon, Jr., on his own behalf and on behalf of all those similarly situated; David Berman; Libby Berman, on their own behalf and on behalf of all those similarly situated; Rodney Shields, on behalf of himself and on behalf of all those similarly situated; Frank Aloise; Anne Aloise; Charles J. Mackler; Harvey A. Harris; Kenneth Wiseman, Trustees for the Dr. Harvey A. Harris Limited, Defined Benefits Pension Plan, Plaintiffs-Appellees, and
Larry Kamanitz; Evelyn Kamanitz, Plaintiffs,
v.
ERNST & YOUNG, Defendant-Appellant,
Jiffy Lube International, Inc.; W. James Hindman; Shearson Lehman Brothers, Inc., individually, and as representative of a defendant underwriter class; Edward F. Kelley, III; Eleanor C. Harding; Alex. Brown & Sons Incorporated, Individually and as representative of class underwriter defendants, Defendants-Appellees.
United States Court of Appeals, Fourth Circuit.https://leagle.com/images/logo.png
Argued December 6, 1990.
Decided February 26, 1991.
As Amended March 18, 1991.
As Amended June 3, 1991.
Attorney(s) appearing for the Case
Wilbur Day Preston, Jr., Whiteford, Taylor & Preston, Baltimore, Md., argued (Fenton L. Martin, William F. Ryan, Jr., Albert J. Matricciani, Jr., Katherine L. Taylor, Whiteford, Taylor & Preston, Baltimore, Md., Richard McLaren, Ernst & Young, Cleveland, Ohio, on the brief), for defendants-appellants.
Steven J. Toll, Cohen, Milstein, Hausfeld & Toll, Washington, D.C., Eric S. Hutner, Wilkie, Farr & Gallagher, New York City, argued (Andrew N. Friedman, Cohen, Milstein, Hausfeld & Toll, Washington, D.C., Stephen W. Greiner, Wilkie, Farr & Gallagher, Bruce E. Gerstein, Ellen G. Makofsky, Garwin, Bronzaft, Gerstein & Fisher, New York City, Elwood Simon, Matthew M. Neumeier, Schlussel, Lifton, Simon, Rands, Galvin & Jackier, Southfield, Mich., John Henry Lewin, Jr., Venable, Baetjer & Howard, Baltimore, Md., Terence P. Quinn, Steptoe & Johnson, Washington, D.C., John Bucher Isbister, William C. Sammons, Tydings & Rosenberg, Baltimore, Md., Eugene A. Spector & Associates, Philadelphia, Pa., Bruce G. Murphy, P.C., Virginia Beach, Va., Rudolph, Seidner, Goldstein, Rochestie & Salmon, P.C., Philadelphia, Pa., Cohan & Haldenstein, Adler, Freeman & Herz, New York City, Schoengold & Sporn, New York City; Levin, Fishbein, Sedran & Berman, Philadelphia, Pa., Martiss V. Anderson, Goodkind, Labaton & Rudoff, Rabin & Sirota, Wolf, Popper, Ross, Wolf & Jones, New York City, Bruce K. Cohen, Meredith & Cohen, P.C., Philadelphia, Pa., Michael J. Freed, Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C., Chicago, Ill., Charles Samuel Fax, Shapiro & Olander, P.A., Baltimore, Md., on the brief), for plaintiffs-appellees.
Before ERVIN, Chief Judge, RUSSELL, Circuit Judge, and MICHAEL, United States District Judge for the Western District of Virginia, sitting by designation.
United States Court of Appeals, Fourth Circuit.
ERVIN, Chief Judge:
This appeal presents an issue raised for the first time in this Circuit: whether, in a federal securities class action suit, a partial settlement between plaintiffs and most defendants which grants the non-settling defendants a right of setoff, in exchange for barring them from claims of contribution or indemnity in suits against the settling defendants, may be approved when the settlement agreement provides that the method for calculating that...
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