GOLDBERG v. FIRST DEVONSHIRE CORPORATION

No. 70 Civ. 4503.

320 F.Supp. 780 (1970)

Elliot GOLDBERG, Selwyn Cohen, Samuel Ochlis, Justie Hutnick and Solomon M. Feldman, on behalf of themselves and all others similarly situated, Plaintiffs, v. FIRST DEVONSHIRE CORPORATION et al., Defendants.

United States District Court, S. D. New York.

December 7, 1970.


Attorney(s) appearing for the Case

Rabin & Silverman, New York City, for plaintiffs; I. Stephen Rabin, Kresge & Cohen, Donald M. Kresge, New York City, of counsel.

Milbank, Tweed, Hadley & McCloy, New York City, for defendants New York Stock Exchange, Bernard J. Lasker, Robert W. Haack, Benjamin E. Billings, Joseph H. Brown, Ralph D. DeNunzio, John J. Flanagan, Robert J. Fraiman, Harry A. Jacobs, Jr., Solomon Litt, Dan W. Lufkin, Allan H. McAlpin, Jr., William J. Nammack, Stephen M. Peck, Robert C. Picoli, Felix G. Rohatyn, William R. Salomon, Robert L. Stott, Jr., Maurice F. Summers and Albert B. Tompane; William E. Jackson, Russell E. Brooks, New York City, of counsel.


OPINION

EDWARD WEINFELD, District Judge.

This is a class action brought by plaintiffs on behalf of themselves and other customers of First Devonshire Corporation (Devonshire), a brokerdealer, whose customers' accounts were frozen so that their securities and cash cannot be withdrawn or transferred. Devonshire is a suspended member organization of the defendant New York Stock Exchange (the Exchange). The action is primarily directed against the Exchange and...

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