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FERSHTMAN v. SCHECTMAN

No. 107, Docket 71-1572.

450 F.2d 1357 (1971)

Jacob FERSHTMAN et al., Plaintiffs-Appellants, v. Herman J. SCHECTMAN et al., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided November 3, 1971.

Attorney(s) appearing for the Case

Samuel Kalmanash, New York City, for appellants.

William G. Mulligan, New York City (Mulligan & Jacobson, New York City, of counsel), for appellees, Schectman, et al.

P. B. Konrad Knake, New York City (David Hartfield, Jr., and White & Case, New York City, of counsel), for appellee, Arthur Young & Co.

Before FRIENDLY, Chief Judge, WATERMAN and SMITH, Circuit Judges.

FRIENDLY, Chief Judge:

This case represents another attempt to invoke the antifraud provisions of federal securities legislation and the SEC's Rule 10b-5 to confer federal jurisdiction in a situation to which the statutes and rule do not apply.

Plaintiffs-appellants are nine of forty-seven limited partners in Penn Associates (Penn) suing both individually and derivatively. Defendants are the general partners of Penn, Arthur Young & Company (Penn's accountants...

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