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JANNES v. MICROWAVE COMMUNICATIONS, INC.

No. 71-1369.

461 F.2d 525 (1972)

Nicholas JANNES et al., Plaintiffs-Appellants, v. MICROWAVE COMMUNICATIONS, INC., et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided May 1, 1972.

Rehearing Denied May 24, 1972.

Attorney(s) appearing for the Case

Tasso H. Coin, Donald C. Nord, Charles A. Bane, Donald J. McLachlan, Chicago, Ill., for plaintiffs-appellants; Isham, Lincoln & Beale, Chicago, Ill., of counsel.

Reuben L. Hedlund, Alan I. Becker, Francis J. Higgins, Clarold L. Britton, Jay Erens, John P. Scotellaro, Chicago, Ill., for defendants-appellees; Jenner & Block, Levy & Erens, Kirkland, Ellis, Hodson, Chaffetz & Masters, Bell, Boyd, Lloyd, Haddad & Burns, Chicago, Ill., of counsel.

Before KILEY, PELL and SPRECHER, Circuit Judges.

SPRECHER, Circuit Judge.

We are required to evaluate the effect of Superintendent of Insurance v. Bankers Life and Casualty Co., 404 U.S. 6, 92 S.Ct. 165, 30 L.Ed.2d 128 (1971), upon the earlier dismissal of this Rule 10b-5 case, which was pending here on appeal when Bankers Life was announced by the Supreme Court.

The plaintiffs, shareholders of Microwave Communications, Inc., an Illinois corporation ("MCI"), brought...

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