JACOBI v. BACHE & CO., INC.

No. 70 Civ. 3152.

377 F.Supp. 86 (1974)

L. John JACOBI and Eugene Geisz, Individually, on behalf of the members of the American Association of Securities Representatives, and on behalf of all other securities representatives similarly situated, Plaintiffs, v. BACHE & CO., INC., et al., Defendants.

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

June 3, 1974.


Attorney(s) appearing for the Case

Abraham E. Freedman, New York City, for plaintiffs; Charles Sovel, Edward M. Katz, New York City, of counsel.

Milbank, Tweed, Hadley & McCloy, New York City, for defendant New York Stock Exchange, Inc.; William E. Jackson, Russell E. Brooks, Mark L. Davidson, New York City, of counsel.

Sullivan & Cromwell, New York City, for defendants Bache & Co., Inc., Kidder, Peabody & Co., Inc., Dean Witter & Co., Inc., Smith Barney & Co., Inc., Dominick Int'l. Corp.; Marvin Schwartz, James H. Carter, Jr., Richard J. Urowsky, New York City, of counsel.

Seward & Kissel, New York City, for defendant Rauscher Pierce Securities Corp.; Anthony R. Mansfield, Kenneth J. Kelly, New York City, of counsel.

Simpson, Thacher & Bartlett, New York City, for defendants Lehman Bros., Tucker, Anthony & R. L. Day; Lindsay A. Lovejoy, Jr., New York City, of counsel.

Winthrop, Stimson, Putnam & Roberts, New York City, for defendants Bear, Stearns & Co., R. W. Pressprich & Co., Inc.; Stephen A. Wiener, Theodore M. Weitz, New York City, of counsel.

A. George Saks, New York City, for defendant Newburger, Loeb & Co.

Gifford, Woody, Carter & Hays, New York City, for defendant Harris, Upham & Co., Inc.; L. Mifflin Hayes, Louis R. Proyect, New York City, of counsel.

E. Michael Growney, Jr., New York City, for defendant Spencer Trask & Co.

Shearman & Sterling, New York City, for defendant W. E. Hutton; Lansing R. Palmer, George J. Wade, New York City, of counsel.

Hall, McNicol, Marrett & Hamilton, New York City, for defendant Thomson & McKinnon Auchincloss, Inc.; William C. Bieluch, Jr., New York City, of counsel.

Breed Abbott & Morgan, New York City, for defendant Walston & Co., Inc.; Joseph P. Dailey, New York City, of counsel.

Nathan Leventon, New York City, for defendant Steiner Rouse & Co., Inc.

Moses & Singer, New York City, for defendant L. F. Rothschild & Co.; Joseph L. Fishman, New York City, of counsel.

Spear & Hill, New York City, for defendant Reynolds & Co.; Eliot H. Lumbard, Laurence M. Grosberg, New York City, of counsel.

Bressler, Meislin, Tauber & Lipsitz, New York City, for defendant Pressman, Frohlich & Frost, Inc.; Steven H. Lipsitz, New York City, of counsel.

Beekman & Bogue, New York City, for defendants Hornblower-Weeks, Hemphill, Noyes, Paine, Webber, Jackson & Curtis; Milton Weiss, New York City, of counsel.

Brown, Wood, Fuller, Caldwell & Ivey, New York City, for defendant Goodbody & Co.; Roger J. Hawke, Thomas J. Mullaney, New York City, of counsel.

Cahill, Gordon & Reindel, New York City, for defendant Loeb, Rhoades & Co.; David R. Hyde, George Wailand, New York City, of counsel.

Fried, Frank, Harris, Shriver & Jacobson, New York City, for defendant Halle & Stieglitz, Inc.; Leslie A. Blau, New York City, of counsel.

Finley, Kumble, Heine, Underberg & Grutman, New York City, for defendant Newburger, Loeb & Co.; Herbert F. Roth, New York City, of counsel.

Guggenheimer & Untermyer, New York City, for defendant Oppenheimer & Co.; Marvin E. Pollock, New York City, of counsel.


OPINION

ROBERT L. WARD, District Judge.

This is an antitrust action brought by two former registered representatives of member organizations of the New York Stock Exchange, Inc. ("the Exchange") against the Exchange and twenty-seven of its member brokerage firms ("the firms"). Plaintiffs claim to represent the class of all registered representatives employed by the firms from April 2, 1970 through July 25, 1971 who were compensated at least in part by commissions...

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