Mauricio ADATO and Ana and Samuel Cikrovich, Plaintiffs-Appellants, and
All persons listed on Schedules A, B and C attached to Amended Complaint, Plaintiffs-Intervenors-Appellants,
v.
Saul KAGAN, Abraham Feinberg, Leslie Geiger, Stanley Kreitman, Jose Klein, Alexander Szasz, Arthur Vare, Martin Wolf, Francisco Klein, Thomas J. Klutznick, Torleaf H. Benestad, Jean L. Wolf, Fabio Bohorquez, Robert Migatz, Edmund A. Fleckenstein, Juan Graiver, Enrique Brodsky, Continental Trade Bank, American B & T Corporation and Lydia Graiver, as Administratrix of the Estate of David Graiver, Defendants-Appellants.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued April 7, 1978.
Finally Submitted June 18, 1978.
Decided January 29, 1979.
Attorney(s) appearing for the Case
Stephen Lowey, New York City (Lipper, Lowey & Dannenberg and Burton L. Knapp, New York City, Richard B. Dannenberg, New York City, of counsel), for plaintiffs-appellants.
Peter H. Morrison, New York City (Morrison, Paul & Beiley, New York City, Benjamin Zelermyer, Gerald G. Paul and Bobbe A. Brown, New York City, of counsel), for appellee Kagan.
David C. Birdoff, New York City (Reavis & McGrath, New York City, Stephen R. Steinberg, Andrew C. Freedman and John A. Lowe, New York City, of counsel), for appellee Feinberg.
Geoffrey D. C. Best, New York City (LeBoeuf, Lamb, Leiby & MacRae, New York City), for appellee Continental Trade Bank.
Robert Cohen, New York City (Lans, Feinberg & Cohen, New York City), for appellee Migatz.
Paul, Weiss, Rifkind, Wharton & Garrison, New York City, filed a brief, for appellee Klutznick.
Lawrence M. Saiewitz, New York City, filed a brief, for appellee Fleckenstein.
Harvey L. Pitt, Gen. Counsel, James H. Schropp, Asst. Gen. Counsel, Washington, D. C., and Ralph A. Siciliano, Atty., Securities and Exchange Commission, New York City, filed a brief, for the SEC, amicus curiae.
Reford J. Wedel, Acting Gen. Counsel, Werner Goldman, Counsel, Arthur L. Beamon, Senior Atty. and Linda G. Davenport, Federal Deposit Ins. Corp., Washington, D. C., filed a brief, for the FDIC, amicus curiae.
Before WATERMAN, TIMBERS and VAN GRAAFEILAND, Circuit Judges.
United States Court of Appeals, Second Circuit.
VAN GRAAFEILAND, Circuit Judge:
Fifty-nine foreign nationals appeal from orders of the United States District Court for the Southern District of New York dismissing their complaint against appellees under Federal Rule of Civil Procedure 12(b)(6) for failure to state claims under either the federal securities laws or banking laws.1 We reverse as to all claims except those predicated upon alleged violations of section 11(m) of the Federal...
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