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TOUCHE ROSS & CO. v. SECURITIES & EXCH. COM'N

No. 155, Docket 78-6095.

609 F.2d 570 (1979)

TOUCHE ROSS & CO., Edwin Heft, James M. Lynch and Armin J. Frankel, Plaintiffs-Appellants, v. SECURITIES AND EXCHANGE COMMISSION, Roderick M. Hills, John R. Evans, Philip A. Loomis, Jr., and Irving M. Pollack, Members of the Securities and Exchange Commission, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided May 10, 1979.

Attorney(s) appearing for the Case

John M. Mahoney, Asst. Gen. Counsel, Securities and Exchange Commission, Washington, D.C. (Harvey L. Pitt, Gen. Counsel, Paul Gonson, Associate Gen. Counsel, Frederic Townsend, Atty., Securities and Exchange Commission, Washington, D.C., on the brief), for defendants-appellees.

Milton V. Freeman, Washington, D.C. (Werner Kronstein, and Arnold & Porter, Washington, D.C.; Richard H. Murray, Milton S. Gould, Leon P. Gold, Ronald H. Alenstein, and Shea Gould Climenko & Casey, New York City; Karl Hirshman, James Pollock, and Sherburne Powers & Needham, Boston, Mass.; David R. Herwitz, Cambridge, Mass.; Sanford A. Bell and Lillian S. Weigert, New York City, on the brief), for plaintiffs-appellants.

Before KAUFMAN, Chief Judge, and TIMBERS and GURFEIN, Circuit Judges.

TIMBERS, Circuit Judge:

One of the most urgent problems of our day is the responsibility of the courts and other government bodies to prescribe high standards of conduct for their members and for those who practice before them. An indispensable corollary of this responsibility is the right—indeed, the duty—to discipline those who fail to conform to the high standards of conduct which have been prescribed.

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