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BARNES v. PEAT, MARWICK, MITCHELL

42 A.D.2d 15 (1973)

Esther Barnes et al., Respondents, v. Peat, Marwick, Mitchell & Co. et al., Appellants, et al., Defendants

Appellate Division of the Supreme Court of the State of New York, First Department.

June 7, 1973.

Attorney(s) appearing for the Case

William E. Hegarty of counsel (David R. Hyde, Mathias E. Mone, Miles M. Tepper, John Logan O'Donnell, Charles M. McCaghey, Martin Kleinbard and Selvyn Seidel with him on the brief; Cahill, Gordon, Sonnett, Reindel & Ohl, attorneys for Peat, Marwick, Mitchell & Co.; Olwine, Connelly, Chase, O'Donnell & Weyher, attorneys for National Student Marketing Corporation; and Paul, Weiss, Rifkind, Wharton & Garrison, attorneys for Arthur B. Frommer), for appellants.

Max Rosner of counsel (Sidney O. Raphael and Benjamin Gassman with him on the brief; Raphael, Searles, Vischi, Scher, Glover & D'Elia, attorneys), for respondents.

MARKEWICH, J. P., KUPFERMAN, LANE and STEUER, JJ., concur in Per Curiam opinion; CAPOZZOLI, J., dissents in an opinion.

Per Curiam.

This is an action for damages resulting from the purchase by plaintiffs of stock of National Student Marketing Corporation. Liability of the defendants is based upon alleged violations of subdivision (a) of section 17 of the Securities Act of 1933 (U. S. Code, tit. 15, § 77q) and of the New York General Business Law (§§ 339-a and 352-c).

The complaint alleges purchases by some 31 different persons and each purchase was a distinct...

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