Eugene W. LANDY, Appellant in 72-1202, et al.,
v.
FEDERAL DEPOSIT INSURANCE CORPORATION, Appellant in 72-1203, Receiver for the Eatontown National Bank, et al.
Appeal of Gloria LANDY et al., Appellants in No. 72-1204.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued January 16, 1973.
Decided July 30, 1973.
Attorney(s) appearing for the Case
Eugene W. Landy, pro se, Richard M. Phillips, Alan J. Berkeley, Cherif Sedky, Hill, Christopher & Phillips, Washington, D. C., Daniel O'Hern, Abramoff, Apy & O'Hern, Red Bank, N. J., of counsel, for appellants in 72-1202 and 72-1204 and as cross-appellees in 72-1203.
John Warren, Jr., Parsons, Canzona, Blair & Warren, Red Bank, N. J., for F. D. I. C. as appellee in Nos. 72-1202 and 72-1204 and cross-appellant in 72-1203.
George J. Koelzer, Lum, Biunno & Tompkins, Newark, N. J., for Merrill, Lynch, Pierce, Fenner & Smith, Inc.
Peter N. Perretti, Jr., Riker, Danzig, Scherer & Brown, Newark, N. J., for Bache & Co., Inc.
Walter F. Waldau, Stryker, Tams & Dill, Newark, N. J., for New York Stock Exchange.
Mark F. Hughes, Jr., Kraft & Hughes, Newark, N. J., for Cowen & Co.
Ronald M. Sturtz, Hannoch, Weisman, Stern & Besser, Newark, N. J., for Edward R. Burt & Co., Halle & Stieglitz, and Stern, Lauer & Co.
Allan H. Klinger, Calissi, Klinger, Cuccio & Baldino, Hackensack, N. J., Lewis A. Kaplan, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for Filor, Bullard & Smyth, a partnership.
William D. Hardin, Pitney, Hardin & Kipp, Newark, N. J., for National State Bank of Elizabeth.
Samuel Kaufman, Kaufman, Kaufman & Kaufman, Newark, N. J., Stephen R. Steinberg, Reavis & McGrath, New York City, for TPO Inc.
Irving J. Rosenberg, Newark, N. J., for Thomson & McKinnon Auchincloss, Inc.
Gary L. Falkin, Perth Amboy, N. J., Beckerman, Franzblau & Cohen, Newark, N. J., for James Perry.
Bernard A. Schwarz, Union City, N. J., for Spingarn, Heine & Co. and Max Heine.
James A. Hession, Schumann, Hession, Kennelly & Dorment, Jersey City, N. J., Denis McInerney, Cahill, Gordon, Sonnett, Reindel & Ohl, New York City, for Federal Reserve Bank of New York.
Before KALODNER, ADAMS, and ROSENN, Circuit Judges.
United States Court of Appeals, Third Circuit.
OPINION OF THE COURT
ROSENN, Circuit Judge.
An incredible misuse of funds in stock market speculation1 by Douglas Schotte, president of the Eatontown National Bank (ENB), rapidly culminated in its financial collapse. This appeal involves a series of complex issues spawned by that catastrophe. The appellants, four named plaintiffs in the district court, brought suit in the District of New Jersey under the federal securities laws...
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