STIRLING v. CHEMICAL BANK

Nos. 72 Civ. 4476, 74 Civ. 64-74 Civ. 66.

382 F.Supp. 1146 (1974)

David STIRLING, Jr., and William G. Stirling, Plaintiffs, v. CHEMICAL BANK et al., Defendants. David STIRLING, Jr., and William G. Stirling, Plaintiffs, v. FIRST NATIONAL STATE BANK OF NEW JERSEY et al., Defendants. David STIRLING, Jr., and William G. Stirling, Plaintiffs, v. FIRST NATIONAL BANK OF CHICAGO et al., Defendants. David STIRLING, Jr., and William G. Stirling, Plaintiffs, v. UNION PLANTERS NATIONAL BANK et al., Defendants.

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

September 30, 1974.


Attorney(s) appearing for the Case

Feldshuh & Frank, New York City, for plaintiffs; Sidney Feldshuh, Robert Bartels, Richard M. Kraver, New York City, of counsel.

Cravath, Swaine & Moore, New York City, for defendants Chemical Bank, Frank Beattie, John J. Irish and Paavo Prima; Ralph L. McAfee, Richard S. Simmons, Andrew P. Tashman, Lawrence R. Samuels, New York City, of counsel.

Milbank, Tweed, Hadley & McCloy, New York City, for defendants The Chase Manhattan Bank, N. A. and First National State Bank of N. J.; Adlai S. Hardin, Jr., New York City, Raff & Scheider, Newark, N. J., of counsel.

Phillips, Lytle, Hitchcock, Blaine & Huber, Buffalo, N. Y., Bleakley, Platt, Schmidt, Hart & Fritz, New York City, for defendants Marine Midland Bank-Western and Marine Midland Bank — Rochester; Alexander C. Cordes, Frank J. Laski, Harry S. Colburn, Jr., Buffalo, N. Y., of counsel.

Nixon, Hargrave, Devans & Doyle, Rochester, N. Y., for defendant Lincoln First Bank of Rochester; Edward J. Burns, William D. Eggers, Rochester, N. Y., of counsel.

Debevoise, Plimpton, Lyons & Gates, New York City, for defendants Union Commerce Bank and Union Planters National Bank; Samuel E. Gates, Bernard J. Bonn, III, New York City, William S. Solmson, Canada, Russell & Turner, Memphis, Tenn., of counsel.

Townley, Updike, Carter & Rodgers, New York City, Kirkland & Ellis, Chicago, Ill., for defendant First National Bank of Chicago; Joseph DuCoeur, Chicago, Ill., of counsel.


OPINION

BONSAL, District Judge.

Plaintiffs, David and William Stirling, owners of some 40% of the common stock of Stirling Homex Corporation ("Homex"),1 are suing nine banks and certain officers and employees of these banks, on behalf of themselves and "all persons who owned, purchased or sold securities of Stirling Homex between March 11th, 1972 and July 10th, 1972 ...." By Order...

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