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OLECK v. FISCHER

No. 496, Docket 79-7513.

623 F.2d 791 (1980)

Lawrence OLECK and Theodore Oleck, Plaintiffs-Appellants, v. Alan H. FISCHER, Robert D. Esskes, John W. Thomas, Hyman Kauff, Federated Answering Services, Inc., and Arthur Andersen & Co., Defendants, Arthur Andersen & Co., Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided June 4, 1980.

Attorney(s) appearing for the Case

Edward Labaton, New York City (Kass, Goodkind, Wechsler & Labaton, New York City, of counsel), for plaintiffs-appellants.

James D. Zirin, New York City (Breed, Abbott & Morgan, New York City, and Wilson & McIlvaine, Chicago, Ill., of counsel), for defendant-appellee.

Before MANSFIELD and WATERMAN, Circuit Judges, and LEVAL, District Judge.

LEVAL, District Judge:

Plaintiffs Lawrence and Theodore Oleck appeal from a judgment in favor of the defendant Arthur Andersen & Co. ("Andersen") following a bench trial before Judge Haight.

In March 1971, the plaintiffs sold their stock in Blue Circle Telephone Answering Service, Inc. ("Blue Circle") to Sherwood Diversified Services, Inc. ("Sherwood") in exchange for cash and promissory notes of Sherwood. In negotiating and concluding the transaction...

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