ODETTE v. SHEARSON, HAMMILL & CO., INC.

Nos. 72 Civ. 4930, 72 Civ. 4779, 73 Civ. 1461 and 74 Civ. 1800.

394 F.Supp. 946 (1975)

Edward E. ODETTE, Plaintiff, v. SHEARSON, HAMMILL & CO., INCORPORATED, Defendant and Third-Party Plaintiff, v. NATIONAL BANK OF NORTH AMERICA, Third-Party Defendant. Renee SLADE, Plaintiff, v. SHEARSON, HAMMILL & CO., INCORPORATED, Defendant and Third-Party Plaintiff, v. NATIONAL BANK OF NORTH AMERICA, Third-Party Defendant. COMPASS BANK AND TRUST COMPANY, LIMITED and Northwestern National Bank of Minneapolis, Plaintiffs, v. SHEARSON, HAMMILL & CO., INCORPORATED, Defendant and Third-Party Plaintiff, v. NATIONAL BANK OF NORTH AMERICA, Third-Party Defendant. Stephen E. FELDMAN, Plaintiff, v. SHEARSON, HAMMILL & CO., INCORPORATED, Defendant and Third-Party Plaintiff, v. NATIONAL BANK OF NORTH AMERICA, Third-Party Defendant.

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

March 24, 1975.


Attorney(s) appearing for the Case

R. Alan Stotsenburg, New York City, for plaintiff Odette.

Mordecai Rosenfeld, New York City, for plaintiff Slade.

Cleary, Gottlieb, Steen & Hamilton by Edwin B. Mishkin, New York City, for plaintiffs Compass Bank & Trust Co., Ltd. and Northwestern National Bank of Minneapolis.

David B. S. Cohen, New York City, for plaintiff Feldman.

Dewey, Ballantine, Bushby, Palmer & Wood by Russel H. Beatie, Jr., New York City, for defendant Shearson, Hammill & Co., Inc.

Olwine, Connelly, Chase, O'Donnell & Weyher by John Logan O'Donnell, New York City, for third-party defendant National Bank of North America.


OPINION

ROBERT L. CARTER, District Judge.

Defendant Shearson, Hammill & Co., Inc. (Shearson) has filed third-party complaints for indemnification against National Bank of North America (NBNA) in the three class actions1 and the related individual action2 in which Shearson is alleged to have violated the fraud provisions of the federal securities laws. Third-party defendant NBNA has moved pursuant...

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