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IIT v. CORNFELD

75 Civ. 3514 (GLG).

462 F.Supp. 209 (1978)

IIT, an International Investment Trust, and Georges Baden, Jacques Delvaux and Ernest Lecuit, as Liquidators for IIT, an International Investment Trust, Plaintiffs, v. Bernard CORNFELD, Carl Johan Bernadotte, Martin Brooke, C. Henry Buhl, III, Joop Melse, Erich Mende, Bert Notz, Pierre Rinfret, James Roosevelt, Melvin Rosen, Barry Sterling, Moritz von Hessen, Henry von Maur, Arthur Lipper Corporation, Arthur Lipper, III, Arthur Andersen & Co., James E. Bye, Stanley B. Hallman, James B. Kuhn, Lawrence Ocrant, E. Keene Wolcott, Adams & Peck, Bear, Stearns & Co., Burnham and Company, Emanuel Deetjen & Co., Irving Lundborg & Co., Burnham & Company, Incorporated, Drexel Burnham & Co., Inc. and Does 1 through 10, Defendants.

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

As Amended December 7, 1978.

Attorney(s) appearing for the Case

Anderson, Russell, Kill & Olick, P. C., New York City, for plaintiffs by Eugene R. Anderson, Neal J. Morse, New York City, of counsel.

Breed, Abbott & Morgan, New York City by Edward J. Ross, James R. Peterson, New York City, of counsel, Wilson & McIlvaine, Chicago, Ill. by Charles W. Boand, Chicago, Ill., of counsel for defendant, Arthur Andersen & Co.

Winthrop, Stimson, Putnam & Roberts, New York City, for defendants, Bear, Stearns & Co., Adams & Peck, Burnham & Co., Burnham & Co., Inc., and Drexel Burnham & Co., Inc. by Stephen A. Weiner, Robert J. Sussman, Stanley D. Davis, New York City, of counsel.

DiFalco, Field & Lomenzo, New York City, for defendants, Arthur Lipper Corp. and Arthur Lipper, III by Howard S. Klotz, New York City, of counsel.

OPINION

GOETTEL, District Judge:

This securities case raises novel questions about derivative actions under section 10(b) of the Securities Exchange Act of 1934 (the "1934 Act"), 15 U.S.C. § 78j(b), and Rule 10b-5, 15 C.F.R. § 240.10b-5, and subject matter jurisdiction under the federal securities laws. The case presents the general issue whether, or to what extent, foreign shareholders in foreign corporations may assert, in a United States court...

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