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IN RE U. S. FINANCIAL SECURITIES LITIGATION

Nos. 77-2993 to 77-2995, 77-3063, 77-3064, 77-3093, 77-3099, 77-3121, 77-3122, 77-3333, 77-3344 and 77-3345.

609 F.2d 411 (1979)

In re U. S. FINANCIAL SECURITIES LITIGATION. Michael FABRIKANT and Milton Binswanger, Petitioners-Appellants, v. BACHE & CO., Basle Securities Corp. et al., Respondents/Appellees. FIRST NATIONAL BANK OF TOLEDO, etc. et al., Petitioners/Appellants, v. R. H. WALTER, J. B. Halverson, R. G. Steward et al., Respondents/Appellees. MELLON BANK, N. A., ("Mellon") et al., Petitioners/Appellants, v. U. S. FINANCIAL, Salmon Bros. et al., Respondents/Appellees. Petition of Charles D. PRUTZMAN, Jr. Petition of UNION BANK. Petition of TOUCHE ROSS AND COMPANY. Petition of Angelo ADAMS. Petition of BROWN, Wood, Ivey, Mitchell & Petty. Petition of SOCIETE GENERALE DE BANQUE, RENTINVEST, et al. COLONIAL GROWTH SHARES, INC., Petitioner/Appellant, v. TOUCHE ROSS & CO. et al., Respondents/Appellees. Michael FABRIKANT and Milton Binswanger, Plaintiffs/Appellees, v. Philip HAMPTON, Philip D. Reed et al., Defendants/Appellants. Michael FABRIKANT and Milton Biswanger, Plaintiff/Appellees, v. John WEINBERG, etc. et al., Defendants/Appellants.

United States Court of Appeals, Ninth Circuit.

December 10, 1979.

Attorney(s) appearing for the Case

Mitchell L. Lathrop, Los Angeles, Cal., for Richard Gant & V. Frank Asaro.

Charles D. Siegal, Los Angeles, Cal., for Charles D. Prutzman.

James W. Colbert, III, Los Angeles, Cal., for Union Bank.

Robert F. Brown, for Crosby, Fox, et al.

Stephen D. Miller, Beverly Hills, Cal., for Angelo Adams.

James M. Shaughnessy, New York City, for Societe Generale de Banque etc.

J. Asa Rountree, New York City, for Philip Hampton, Philip D. Reed, et al.

Winthrop J. Allegaert, New York City, for Colonial Growth Shares, etc.

Irwin F. Woodland, Los Angeles, Cal., for Touche Ross & Co.

Before KILKENNY and ANDERSON, Circuit Judges, and BYRNE, District Judge.

J. BLAINE ANDERSON, Circuit Judge:

This appeal presents a challenge which strikes at the heart of this country's system of jurisprudence. Simply stated, we are asked to decide whether there is a "complexity" exception to the Seventh Amendment right to a jury trial in civil cases. We answer this question in the negative and reverse the decision of the district court.

I. PROCEEDINGS BELOW

U.S. Financial (USF) was a high-flying real estate development...

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