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LILLY v. STATE TEACHERS RETIREMENT SYSTEM, ETC.

No. 1150, Docket 79-7217.

608 F.2d 55 (1979)

Leo and Loyce LILLY, Plaintiffs-Appellants, v. The STATE TEACHERS RETIREMENT SYSTEM OF OHIO PENSION FUND and Lehman Brothers Incorporated, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided October 5, 1979.

Attorney(s) appearing for the Case

Ronald Litowitz, Kreindler & Kreindler, New York City (Edward A. Grossman, New York City, of counsel), for plaintiffs-appellants.

James J. Hagan, Simpson, Thacher & Bartlett, New York City (Nancy F. McKenna, New York City, of counsel), for defendant-appellee Lehman Bros. Inc.

Russell A. Kelm, Schwartz, Remsen, Shapiro & Kelm, Columbus, Ohio (Nelson E. Genshaft, Columbus, Ohio, of counsel), for defendant-appellee The State Teachers Retirement System of Ohio Pension Fund.

Before OAKES and MESKILL, Circuit Judges, and SIFTON, District Judge.

SIFTON, District Judge:

This appeal arises from allegations that a real estate investment trust, or REIT, with approximately $400,000,000 in assets, known as Guardian Mortgage Investors, or GMI, on the eve of the issuance of its annual audit results in the spring of 1974, disclosed to one of its principal financial advisors, Lehman Brothers Incorporated, that the REIT's "problem loans" had increased in the three months since its last public statement on the subject...

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