KUSNER v. FIRST PENNSYLVANIA CORPORATION

Civ. A. No. 74-1552.

395 F.Supp. 276 (1975)

David B. KUSNER v. FIRST PENNSYLVANIA CORPORATION et al.

United States District Court, E. D. Pennsylvania.

April 8, 1975.


Attorney(s) appearing for the Case

Kramer & Salus by Mitchell A. Kramer, Philadelphia, Pa., for plaintiff.

Dilworth, Paxson, Kalish, Levy & Coleman by William T. Coleman, Jr., and Edward F. Mannino, Philadelphia, Pa., for defendants First Pennsylvania Corp., The First Pennsylvania Banking & Trust Co., Associated Mortgage Companies, Inc., Associated Advisers, Inc., John R. Bunting, Philip Zinman and Ralph W. Ervin.

Duane, Morris & Heckscher by Henry T. Reath, and Jane D. Elliott, Philadelphia, Pa., for Edmund N. Bacon, Richard W. Baker, Jr., M. Todd Cooke and Kenneth S. Sweet, Jr.

Drinker, Biddle & Reath by Robert S. Ryan, Philadelphia, Pa., and Thomas V. Urmy, Jr., Boston, Mass., for First Pennsylvania Mortgage Trust.


OPINION

HIGGINBOTHAM, District Judge.

This action is a derivative and class suit for damages and equitable relief instituted by a convertible debenture holder in The First Pennsylvania Mortgage Trust (hereinafter "Trust"). The suit was instituted against Trust, its eight trustees, and certain related corporations for alleged violations of the securities laws and the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq. The defendants have...

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