RECAMAN v. BARISH

No. 73-1092.

408 F.Supp. 1189 (1975)

Isabel RECAMAN and Maria del Socorro Lopez, Plaintiffs, on their own behalf and on behalf of other members of the class v. Keith BARISH et al., Defendants.

United States District Court, E. D. Pennsylvania.

December 11, 1975.


Attorney(s) appearing for the Case

Mark Braverman, Stassen, Kostos & Mason, Philadelphia, Pa., for plaintiffs.

Harvey S. Kronfeld, Mesirov, Gelman, Jaffe & Levin, Philadelphia, Pa., and Barry H. Garfinkel, Skadden, Arps, Slate, Meagher & Flom, New York City, for Keith Barish Amprop.

Jerome J. Shestack, Ira P. Tiger, Schnader, Harrison, Segal & Lewis, Philadelphia, Pa., and Alvin K. Hellerstein, Stroock & Stroock & Lavan, New York City, for Gramco Management, Ltd., Gramco Finance Co., Ltd., James O'Brien, Joseph Jordan and Ricardo Nunez.

Perry S. Bechtle, Cohen, Shapiro, Polisher, Schiekman and Cohen, Philadelphia, Pa., for U.S.I.F. Real Estate.

Mark H. Plafker, John O. J. Shellenberger, III, Stradley, Ronon, Stevens & Young, Philadelphia, Pa., for Trust Corp. of Bahamas Ltd.

John H. Lewis, Jr., Thomas M. Kittredge, Morgan, Lewis & Bockius, Philadelphia, Pa., for Park B. Dilks, Jr.

Franklin Poul, Judith R. Cohn, Wolf, Block, Schorr and Solis-Cohen, Philadelphia, Pa., and Arthur M. Handler, Golenbock & Barell, New York City, for Arlen Realty & Development Corp., Arlen Bahamas (Management), Ltd., Arlen Realty Management, Inc., Imperial Ins. Agency, Inc., and Coral Limited.

Gilbert Stein, Leonard Dubin, Gilbert Newman, Blank, Rome, Klaus & Comisky, Philadelphia, Pa., for Public National Bank of Washington, D. C.

Paul D. Sulman, and Robert M. Taylor, Philadelphia, Pa., for Bank of Nova Scotia.

Patrick T. Ryan, Drinker, Biddle & Reath, Philadelphia, Pa., and Robert B. Fiske, Jr., Sheila T. McMeen, Davis, Polk & Wardwell, New York City, for Morgan Guaranty Trust Co.

John G. Harkins, Jr., Jeffrey Charles Hayes, Patricia L. Freeland, Pepper, Hamilton & Scheetz, Philadelphia, Pa., for The Fidelity Bank.

John G. Harkins, Jr., Jeffery Charles Hayes, Patricia L. Freeland, Pepper, Hamilton & Scheetz, Philadelphia, Pa., and J. Donald McLeod, Dahlberg, Mallender & Gawne, Detroit, Mich., for Bank of the Commonwealth Union Commerce Bank.

John G. Harkins, Jr., Jeffery Charles Hayes, Patricia L. Freeland, Pepper, Hamilton & Scheetz, Philadelphia, Pa., and Peter J. Armstrong, Varnum, Riddering, Wierengo & Christenson, Grand Rapids, Mich., for First State Bank of Greenville.

John G. Harkins, Jr., Jeffery Charles Hayes, Patricia L. Freeland, Pepper, Hamilton & Scheetz, Philadelphia, Pa., and William D. Parsley, Snyder, Loomis, Ewert, Ederer & Parsley, Lansing, Mich., for Bank of Lansing.

John G. Harkins, Jr., Jeffery Charles Hayes, Patricia L. Freeland, Pepper, Hamilton & Scheetz, Philadelphia, Pa., and Richard Ford, Fischer, Franklin & Ford, Detroit, Mich., for Peoples Bank of Port Huron.

John G. Harkins, Jr., Philadelphia, Pa., and Ralph L. McAfee, Cravath, Swain & Moore, New York City, for Bank of Providence Limited.

John G. Harkins, Jr., Jeffery Charles Hayes, Patricia L. Freeland, Pepper, Hamilton & Scheetz, Philadelphia, Pa., and Bernard W. Nussbaum, Allan A. Martin, Wachtell, Lipton, Rosen & Katz, New York City, for E. D. Sassoon Banking International Limited, W. M. Brandt's & Sons Co., Ltd.

John G. Harkins, Jr., Jeffery Charles Hayes, Patricia L. Freeland, Pepper, Hamilton & Scheetz, Philadelphia, Pa., for Banco Fiduciario de Panama, S.A. (Panama Bank & Trust Co., Inc.).

John G. Harkins, Jr., Jeffery Charles Hayes, Patricia L. Freeland, Pepper, Hamilton & Scheetz, Philadelphia, Pa., and Stanley Oswald Anthony Isaacs, Isaacs, Johnson & Thompson, Nassau, Bahamas, for Lee Wah Bank Limited.

No appearances for: Gramco International, S.A., Banco Mercantil de Panama S.A., Rafael G. Navarro, Jacques S. Boral, Lewis M. Kaplan, Fred M. Oppenheimer and Pierre Salinger


MEMORANDUM AND ORDER

BRODERICK, District Judge.

Plaintiffs Recaman and Lopez, citizens of Columbia, South America, seek substantial compensatory and punitive damages in this action which was commenced on May 15, 1973 on behalf of themselves and all who purchased, for cash or on margin, shares of United States Investment Fund on or before October 7, 1960.1 The gravamen of their complaint is that the prospectus and oral statements...

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