MacKETHAN v. PEAT, MARWICK, MITCHELL & CO.

Civ. A. No. 74-0013-R.

439 F.Supp. 1090 (1977)

Edwin R. MacKETHAN, Receiver of the Norfolk Savings and Loan Corp., Plaintiff, v. PEAT, MARWICK, MITCHELL & CO., et al., Defendants.

United States District Court, E. D. Virginia, Richmond Division.

October 5, 1977.


Attorney(s) appearing for the Case

Jordan A. Pugh, III, Norfolk, Va., Oren R. Lewis, Jr., Gary R. Sheehan, Arlington, Va., J. Vernon Patrick, Jr., Michael L. Edwards, Birmingham, Ala., John E. Fricker, Arlington, Va., for plaintiff.

James L. Sanderlin and R. Gordon Smith, Robert H. Patterson, Jr., McGuire, Woods & Battle, Richmond, Va., Gordon E. Campbell, Campbell, Lustig & Hancock, Norfolk, Va., for defendants.

Leonard P. Novello, Peat, Marwick, Mitchell & Co., New York City, Kenneth H. Lambert, Jr., Williams, Worrell, Kelly & Greer, Norfolk, Va., William H. King, Jr., Wellford L. Sanders, Jr., McGuire, Woods & Battle, Richmond, Va., for Peat, Marwick, Mitchell & Co.

Robert A. Holmes, Norfolk, Va., for A. Page Ware, Jr.

John B. King, Jr., Vandeventer, Black, Meredith & Martin, Norfolk, Va., for Charles H. McCoy, Jr.

Ransom W. Etheridge, Virginia Beach, Va., for F. Littleton Powell.


MEMORANDUM

MERHIGE, District Judge.

Norfolk Savings and Loan Corporation (NS&L), a state-chartered industrial loan association, was closed on January 2, 1973. Thousands of persons, including those who had purchased Norfolk Savings and Loan "certificates of investment" (CI's) suffered immediate monetary loss. Certain of the NS&L officers were subsequently convicted in Federal Court of mail fraud and other crimes in connection with the operation of...

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